H1 Review (Trying to get this out before the Q3 update)

The Good

• QoQ revenue growth of 34% to $20.7m and $36.2m for the half. Annualised out to $72.4m which is above the increased guidance range of $60m-65m. Original IP increased 68% QoQ to 11.1m. This is likely going to be lower in future quarters based on the FY24 guidance.

• Quarterly EBITDA of $8.0m which is ~39% of revenue. Guidance for FY24 is $11-$13m on $60m which works out at ~ 20% of revenue.
• Even though staff expenses have increased, overall they have decreased as an % of overall revenue.

• Increase in cash position to$38.3m which is allowing playside to take on larger projects like the WB IP deal.

• Playside Publishing now has three titles in the works with the first scheduled for release this FY

The Not So Good

• Both Age of Darkness and Beanland appear to be on limited resources to reach a final release, with no target dates for either in the recent updates. This has been discussed in other straws, but so far, Playside has not had a commercially successful PC release and has relied heavily on DWTD franchise.
• Kill Knight release trailer meant to be released in Feb. Still no updates.

Watch Status: 

Valuation Status:

Increase to bull case. Valuation upgrade.

What To Watch

• New mobile title coming out currently in early release -  Wedding Planner - Match 3 Title (Target 4-6 Titles per year)

• Warner Bros IP to be announced in Q4
• Thrive - HLTC - Release target Q4 (Publishing)
• Dynasty of the Sands - Release target H1FY25 (Publishing)
• Project Phoenix announced as Kill Knight - Release targeted for H1FY25
• DWTD Netflix Title - Dumb Ways To Survive

https://www.youtube.com/watch?v=E4cT_PRRDRo

• DWTD PC / Console title - CY25
• Mouse - CY25 (Publishing)
• Updates on Beanland and Age of Darkness