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Flexion Q4 Report – 31 December 2021

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Flexion produces record results: 52% growth in revenue, 63% growth in gross profit and 163% growth in EBITDA

October 2021 to December 2021 performance

  • Total revenue increased by 52% to GBP 10.5m (GBP 6.9m)*
  • Gross profit increased by 63% to GBP 1.5m (GBP 0.9m)
  • Adjusted EBITDA‡ increased by 163% to GBP 0.33m (GBP 0.13m)
  • Operating profit increased to GBP 0.63m (GBP 0.06m)
  • Earnings per share amounted to GBP 1.28 pence (GBP 0.13 pence)
  • Cash amounted to GBP 14.5m (GBP 12.4m)

April 2021 to December 2021 performance

  • Total revenue increased by 46% to GBP 26.1m (GBP 17.9m)*
  • Gross profit increased by 43% to GBP 3.4m (GBP 2.4m)
  • Adjusted EBITDA‡ increased by 68% to GBP 0.43m (GBP 0.25m)
  • Operating result increased by 734% to GBP 0.56m (GBP 0.07m)

Important events during the quarter

  • Launch of Evony: The King’s Return from Top Games Inc.
  • Launch of The Ants: Underground Kingdom from StarUnion
  • Launch of Puzzles & Survival from 37Games
  • Signing of Mahjong Treasure Quest from Vizor

Important events after the quarter

  • Strategic investment in mobile game influencer, Liteup Media UG
  • Alignment of the financial year with the calendar year by closing the current financial year after 9 months in December 2021

* Comparable number for the same quarter of the previous financial year in brackets
‡ The Company defines adjusted EBITDA as earnings before interest, tax, depreciation, amortisation, finance costs, impairment losses and other income. Adjusted EBITDA (adjusting operating profit for several non-cash items) is used by the Company for internal performance analysis to assess the execution of our strategies. Management believe that this adjusted measure is a more appropriate metric to understand the underlying performance of the Company

Notes from the CEO

What a great quarter we had – our best so far! We entered the 4th quarter with three new top titles leading up to the important Christmas period and I am really pleased that we managed to launch all of them and benefit from store promotions during the festive season.

Evony: The King’s Return, The Ants: Underground Kingdom and Puzzles and Survival are some of the biggest titles in the market and generated more than USD 40m in Google Play during December. These are now part of our portfolio and contributed to our strong performance in Q4. We experienced 52% growth in quarterly revenue compared with the same period last year and an increase of 46% for the whole year, which was in line with our guidance. The strong performance can also be seen in gross profit and EBITDA, up 63% and 163% respectively.

In 2021, we reached critical mass on the platform, and that’s why we now see a positive effect on our EBITDA for each new game we launch. I am also very happy that we generated GBP 0.6m in net profit for the period partly thanks to the recovery of GBP 0.4m from the impairment write-down we made in March 2020. These titles performed better than expected and are now generating positive contribution.

We added one more leading developer during the quarter, Vizor Games, and we are preparing to launch their title Mahjong Treasure Quest. On the back of our current strong performance and growing portfolio, we are actively phasing out low performing titles. This will help us improve the overall portfolio’s performance and increase the average revenue per game. Our top-tier monthly average has improved from USD 560K in Q3 to USD 730K. This can be seen in our KPI section on page 12.

We have now started to invest in new strategic initiatives within paid user-acquisition, with focus on influencer marketing and performance marketing to support our core business and to expand our footprint into the game services market as previously announced. The plan involves acquisition of talent through investments and acquisitions, but we are also strengthening our development and product teams to support these new initiatives. Our first step into influencer marketing was the investment made in January 2022 in Liteup Media. Liteup Media is a promising German start-up that has set out to disrupt influencer marketing and make it more mainstream and accessible to mobile game advertisers. This investment is attractive to us as we get a foot in the door in influencer marketing, while we have the option to acquire the company.

Looking at the wider market, we can see some clear market trends in favour of new services such as influencer marketing. This is partly due to privacy changes such as deprecation of IDFA by Apple, which makes it more difficult to target and track users. Google have also announced that it will make similar changes adding to the problems for traditional performance marketing. In parallel, we are seeing new demand for influencer marketing from blockchain-based games and NFTs. New marketplaces outside the traditional app stores are evolving for these games, adding to more market fragmentation. This in turn will drive new trends in user acquisition which we want to capitalise on. Other interesting recent moves that will expand our market is Microsoft’s support for Android on Windows 11, through their Amazon Appstore partnership. This project is now publicly launched by Microsoft, and Flexion is already supporting it. In addition, Netflix has entered the overall games market principally to support their core business and recently announced it stepped up its push into gaming by acquiring Next Games, a NASDAQ First North listed game developer.

We are now entering a new financial year and the traditionally weaker Q1 period. Our performance has so far been in line with expectations, we are focusing on growing revenue and audiences for our new top titles. On the back of our strong momentum coming into the new year, we expect our annual revenue to grow with 40-60% and our staff cost by 8-12% during 2022. This growth is driven by our core strategy, while new initiatives are ramping up during 2022. Overall, it should set us up for another strong and exciting year.

I would also like to comment on Flexion’s exposure to the terrible events happening in Ukraine and our thoughts are with all those affected. As a company with business in global markets, we have to date not seen any political events where mobile games have been sanctioned and we do not foresee that happening here either. We are very fortunate that our staff have not been exposed to the region, none of our developer contracts are with Russian companies and our settlement structure is relatively well protected against payment freezes or delays. The risks we see lie within the highly volatile Russian Ruble and the ability of our channel partners to transfer funds out of Russia. So far, the effects on Flexion have been limited and in February less than 10% of our global revenue was generated in the Russian market. The situation is very fluid, and we are monitoring it closely.

Finally, I would like to thank all Flexion staff for a fantastic year and welcome our new colleagues at Liteup Media to the Flexion Group.

Jens Lauritzson – CEO

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Take Aim at Mega Wins: ELA Games Unleashes Chaos With New Shooter Game “Shoot Happens”

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2 days ago

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August 4, 2025

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A chaotic jungle journey with big, bad foes and insane riches.

Welcome to the jungle, where Shoot Happens! Face your opponent, take aim, and fire your way to riches.

ELA Games unveils its boldest title to date, a combination of decision-making and narrative progression where every shot counts.

In Shoot Happens, you’re not just a player. You’re the main character who has to fend off waves of increasingly dangerous (and valuable) monsters. Armed with 3 shots per round, you’ll need precision and calm nerves to take down the reward and add it to your Winpot. Hit the target for riches. Miss… and it’s back to the beginning.

The Choice Is Yours

Each round is in the hands of the player. Do you cash out now? Or keep slashing through the jungle for bigger and better rewards? Decision-making, timing, and a whole load of guts go a long way.

Expect the Unexpected

Random projectile bonuses can appear in any round, boosting your rewards massively. And just when you thought your journey through the treacherous jungle was over, the final boss appears. While the other monsters may have been a piece of cake, he doesn’t stay down. Each time you defeat him, he respawns for juicier and recurring payouts. Keep going as long as you can handle it, and you might walk out as the top dog of the jungle.

Marharyta Yerina, ELA Games’ Managing Director, commented on the game’s release, “With Shoot Happens, the team ventured outside of conventional game formats, and we wanted to give players a super engaging experience where they’re in control. This title is a bold approach to game design in this industry, as we’re empowering players with choice and enriching the gameplay experience with strong visuals, narratives, and plenty of replayability.”

Play how you want. The Winpot is yours

Shoot Happens is the perfect blend of fast-paced action, bold decision-making, and interactive gameplay. Whether you’re a cautious player or a complete daredevil, the game is an enticing experience for all.

How deep into the jungle are you willing to go?

The post Take Aim at Mega Wins: ELA Games Unleashes Chaos With New Shooter Game “Shoot Happens” appeared first on European Gaming Industry News.

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Evo Looks Forward to France and the Return of Evo Awards

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2 days ago

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August 4, 2025

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The Evolution Championship Series (known as Evo) concluded its flagship event in Las Vegas presented by Chipotle tonight, crowning 16 champions while celebrating the Fighting Game Community and its culture with the biggest and most immersive three-day festival of the year. Representing the largest and longest-running fighting game tournaments on Earth, Evo welcomed tens of thousands over the weekend with millions of fans who tuned in globally.

Next up, Evo will make its European debut at the Palais des Expos in Nice, France, on October 10-12, 2025, which will become the largest fighting game festival in EU history. Registration is still open at https://evo.gg/events/2025-france. Evo also announced it will return to Japan on May 1-3, 2026 and Las Vegas on June 26-28, 2026 along with the second annual Evo Awards in 2026 with more details to be unveiled later this year. Evo Singapore is now scheduled for early 2027.

“We feel strongly about the future of Evo after Japan became the largest in-person tournament in the history of the country earlier this year and now Las Vegas as our most immersive event ever,” said Stuart Saw, CEO for RTS, who co-owns and manages Evo along with Sony Interactive Entertainment. “Our team is focused on delivering unforgettable experiences for our diverse and passionate fighting game community, and we can’t wait to reveal our evolution in France.”

Evo Las Vegas packed a punch for everyone over the weekend, anchored by competitors from 60+ countries across the eight Arena Finals and eight Extended Lineup Finals. The Evo Arena on Sunday sold out, hosting 10,000 fans who enjoyed the newly redesigned space with larger screens to not miss a punch. On Saturday, SonicFox won their eighth Evo championship, only second all-time to fighting game legend Justin Wong’s nine Evo victories. Arslan Ash won his sixth Evo championship tonight in dramatic fashion along with his third consecutive Evo Las Vegas title and second-straight TEKKEN 8 championship. MenaRD became the first Street Fighter 6 champion to win Evo Japan and Evo Las Vegas in the same year and now owns three Evo titles.

Fans were also treated to the opportunity to play unreleased major gaming titles for the first time, including Quarter Up’s (Skybound Entertainment) Invincible VS and Arc System Works’ Marvel Tōkon: Fighting Souls along with new characters in Street Fighter 6, 2XKO and Fatal Fury: City of Wolves.

“Las Vegas is Evo’s flagship event, so we worked meticulously to refine and improve it this year with curated experiences that celebrate competitive fighting games,” said Rick Thiher, General Manager of Evo. “Every year what I love most about Evo is seeing the first timers explore, while at the same time, welcoming back generations of fans who grew up with the community.”

Major publishers surprised fans tonight during the Arena Finals with new announcements for Invincible VS, Guilty Gear -Strive-, Marvel Tōkon: Fighting Souls, Virtua Fighter, Fatal Fury: City of the Wolves, TEKKEN 8, UNDER NIGHT IN-BIRTH II Sys:Celes, and Street Fighter 6.

ARENA FINALS CHAMPIONS

Street Fighter 6 – Capcom

Dominican Saul Leonardo “MenaRD” Mena II stormed through the bracket for his third Evo title after sweeping “Kakeru” from Japan in the Winners Final and the Grand Final in a rematch of Evo Japan from last year.

TEKKEN 8 – Bandai Namco Entertainment

In a 2024 rematch, Pakistan’s Arslan “Arslan Ash” Ash became a six-time Evo champion after defeating fellow countryman Atif “ATIF” Butt in a thrilling 3-1 Grand Final Reset battle. ATIF swept Arslan Ash in the Grand Final 3-0 before falling in the reset. This marked the third-straight year Arslan Ash has won in Evo Las Vegas.

Fatal Fury: City of the Wolves – SNK’s

Japanese competitor from Osaka, Goichi “GO1” Kishida faced off against Lin “ET” Chiahung of Taiwan three times in a thrilling competition as Kishida scored a victory, 3-2, in the Grand Final Reset. GO1 became the first Evo champion of Fatal Fury: City of the Wolves.

Guilty Gear -Strive- – Arc System Works

American Kyle “Kshuewhatdamoo” Shumate from Dublin, Ohio., took home the title in his first-ever Evo by knocking off fellow American Nathan “RedDitto” Chen of Monterey Park, Calif., 3-0. “Kshuewhatdamoo” dropped his match in the Grand Final, 3-0, before sweeping his opponent in the Grand Final Reset.

Granblue Fantasy Versus: Rising – Cygames

American Matthieu “Kojicoco” Fardet who currently lives in Japan, defeated Matthew “Zane” Wanders from Trabuco Canyon, Calif., in a Grand Final Reset victory, 3-1, showcasing an incredible run from the Losers bracket. In 2024, Kojicoco finished in third place, marking the second consecutive year with a top three finish at Evo in Las Vegas.

MARVEL vs. CAPCOM 2 – Capcom

American Ken “Khaos” Villalobos from Los Angeles, Calif., knocked off fellow American Andy “Vigga” Nguyen from Seattle, Wash., for his first Evo championship in another thrilling contest, 3-2.

Under Night In-Birth II Sys:Celes – Arc System Works

American Jaden “Defiant” E., from Jacksonville, Fla., who finished fourth in Evo 2024, took home the title after defeating fellow Florida native from Palm Bay, Izayah “BigBlack” Davis, 3-2. Defiant came from the Losers bracket and knocked off “BigBlack” in the Grand Final and then again in the Grand Final Reset to become a first time Evo champion.

Mortal Kombat 1 – Warner Bros. Games

American Dominique “SonicFox” McLean from Seattle, Wash., made Evo history winning their eighth overall Evo title, moving second overall to Justin Wong. They pulled out a thriller 3-2 over Nicolás “NicoLas” Martínez from Chile in a rematch from 2024.

EXTENDED LINEUP CHAMPIONS

The King of Fighters XV – SNK

Taiwan’s Lin “ET” Chiahung found redemption tonight after losing the Fatal Fury: City of the Wolves Grand Final earlier in the day to capture his third Evo championship after beating Kofero “Layec” Honesto of Mexico, 3-1. ET is considered to be one of the best The King of Fighters players of all time.

BlazBlue: Central Fiction – Arc System Works

American Ryane “XCaliburBladez” Jimenez from New York defeated “J-Anson” from Japan in the Grand Final, 3-2, to take the BlazBlue: Central Fiction title back to the Big Apple.

Virtua Fighter 5 R.E.V.O – SEGA

Fellow Japanese competitors faced off as the top seed “Akani Shiwapo” defeated “Itabashi Zangief” 3-1 in the Grand Final.

Killer Instinct – Xbox Game Studios

Roman “Roman22s” Gilbert from Phoenix, Ariz., made an astonishing comeback from the Losers bracket by winning six-straight games over the defending champion Anthony “DaaChronicle” Garcia from Kerman, Calif. This was Gilbert’s first-career Evo title in his fourth Evo appearance.

Rivals of Aether II – offbrand games & Aether Studios

American Justin “Plup” McGrath from Orlando, Fla., knocked off countrymate Nick “Stango” Stanton of Philadelphia, Pa., 3-1. It was a dominating performance throughout the tournament from McGrath, who only dropped a single game earning his first Evo championship.

Samurai Shodown – SNK

Brad “Scrub Saibot” Hanasyk, from Edmonton, Canada, defeated “Watanabe Shachou” from Japan in a Grand Final Reset in a winner-take-all game five. This is Scrub Saibot’s first Evo championship and solidified his position as the top Samurai Shodown player in the world.

Capcom vs. SNK 2 – Capcom

Ryo “BAS” Yoshida from Japan won his third Evo championship winning 2-0 over American John “ChoiBoi” Choi from San Jose, Calif., a 2025 Evo Hall of Fame inductee during the Evo Awards in February and who has competed in every Evo.

Guilty Gear Xrd REV 2 – Arc System Works

American TJ “Vogue” Huckabee from Lake Forest, Calif., won his first Evo championship 3-2 defeating American Bennett “KTP” Gerlach from Nashville, Tenn., who competed in his first Evo.

Evo produced its most immersive festival yet to unite the fighting game community. Major brands connected with fans at Evo including Chipotle (headlined with the foiled-wrapped Burrito Bus welcoming fans all weekend with free rides to a nearby Chipotle location to satisfy their cravings), AT&T, PlayStation, Qiddiya Gaming, Nacon, Zenni, Red Bull, White Claw Zero Proof, Under Armour, Voodoo Ranger IPA, and Grand Archive TCG.

The Evo Arcade Controller Museum truly came into its own this year with a history of fighting game controllers by PlayStation that channeled the life and soul of the arcade era. The museum also featured an exhibit recreating Evo Moment #37, and its Icons Art Exhibition with guest artists including Shinkiro and jbstyle honoring characters that transcend the experiences found within the games themselves.

At the center of the festival, the Evo Arcade offered fans the opportunity to play for free 300+ classic cabinet games spanning nearly the half of a football field and anchored by the Voodoo Ranger IPA Pop-Up Bar.

The expanded Evo Showcase featured new announcements, collaborations with publishers, and legends including six-time Evo champion Arslan Ash and Japanese influencer Betty facing off against nine-time Evo champion Justin Wong.

Other notable interactive experiences during Evo included the Artist Alley to purchase curated fighting game art at Evo, the Cosplay Contest with Steff Von Schweetz from Las Vegas, Nev., capturing the crown as Cagliostro from the Granblue Fantasy universe and winning an all-expense trip to a future Evo event globally, the BYOC (Bring Your Own Console) community-led area for fighting games, and the new Indie Dev Gallery featuring 14 up-and-coming fighting game publishers for fans to explore.

The post Evo Looks Forward to France and the Return of Evo Awards appeared first on Gaming and Gambling Industry in the Americas.

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Meet Dodo: The New Home for Crash Gaming Fans

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6 days ago

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July 31, 2025

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Dodo, the newest player in the iGaming space, officially launches as a dedicated network built entirely around the fast-rising crash and instant games. Created to meet rising player demand, it offers top game reviews, trusted casino listings, and free demo play—all in one place.

Dodo answers a clear market need: a centralized destination designed specifically for crash gaming enthusiasts. Dodo network spans 8 specialized verticals: CrashDodo, WheelDodo, CoinflipDodo, DiceDodo, HiloDodo, LimboDodo, MinesDodo, and PlinkoDodo—each dedicated to a specific instant game format.

“We created Dodo because it was time for a site that treats crash games as a category of their own — not a subgenre or a passing trend. With the format’s rise in popularity, players need a dedicated space where they can explore, compare, and play,” said Ethan Thompson, content lead at Dodo.

Dodo also reflects a wider trend—the growing intersection of crash mechanics and crypto gambling. As localisation and hybrid formats expand, Dodo steps in as a natural platform for discovery, guidance and connection between players and operators.

Dodo’s Key Features:

• Curated crash and instant game selections with a free play option

• Game reviews, expert tips, and easy-to-follow player guides

• Trusted casino listings tailored for crash games fans

• Designed with crypto players in mind, offers crypto-related insights.

The post Meet Dodo: The New Home for Crash Gaming Fans appeared first on European Gaming Industry News.

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