Growth Driven by Revenue Acceleration of Cheech & Chong Bud Farm
VANCOUVER, BC / ACCESSWIRE / July 7, 2020 / LEAF Mobile Inc. (TSXV:LEAF), a leading creator and publisher of counter culture mobile games, had continued revenue growth in May 2020, building on April’s record results. The results are post-completion of its previously announced qualifying transaction where, on April 17, 2020, Leaf Mobile completed the acquisition of LDRLY (Technologies) Inc., assets, including titles such as Bud Farm Idle Tycoon. Leaf Mobile is now the parent company of LDRLY (Technologies) Inc.
*All figures in $CAD
- May 2020 topline game operating revenues of $3.6M, an increase of $0.6M or 20% month-over-month based on April topline of $3.0M.
- 7th consecutive month of top line revenue growth across our game portfolio.
- May 2020 income from operations of $0.38M vs $0.36M in April.
- YTD income from game operations of $1.1M.
- Cheech & Chong Bud Farm was the primary driver of month‐over‐month revenue growth of 490% vs April, achieving $0.6M in monthly revenue and $0.2M net operating income.
Darcy Taylor, Chief Executive Officer, stated, “We continue to build top line business momentum with May delivering $3.6M in game operating revenue. The strength of the past 2 months builds on our record Q1 2020 revenue of $5.6M, resulting in achievements as of May of $12.3M in revenue, surpassing our FY 2019 record revenue performance of $8.5M in the first 5 months of this year. The velocity of monthly revenue growth is driven by the first full month results of our newest title Cheech & Chong Bud Farm strong reception progressing ahead of expectations. We also acknowledge the post qualifying transaction phase of LEAF welcomes a financial results communication cadence simplicity as we go forward.”
Game Title Portfolio May 2020 Results
- Bud Farm Idle Tycoon achieved a monthly revenue of $2.7M and $0.2M in net operating income. This was driven by continued investment in player acquisition and strong total monthly ARPDAU* of $1.18.
- Cheech & Chong Bud Farm achieved a monthly revenue of $0.6M and $0.2M net operating income, with first full month of revenue post 4.20 launch. Supported by increased organic daily installs and investment in player acquisition driving DAU (Daily Active User) growth month-over-month of 365% and total monthly ARPDAU of $0.75.
*ARPDAU: Average Revenue Per Daily Active User
- Bud Farm 420 and Bud Farm Grass Roots continued to show robust revenue of $0.30M and net operating income of $0.15M driven exclusively by combined stable organic installs and daily active user trend.
About the Company
LEAF Mobile Inc. (TSX.V: LEAF) is a leading creator of counterculture mobile games. Headquartered in Vancouver, with a premier development studio, LDRLY based in Nanaimo, BC, the company is highly skilled in intellectual property, mobile game development, marketing and publishing. LEAF’s culture is anchored in creativity, data insights and execution, delivering highly engaging games that produce enduring player enjoyment. With over a decade of experience in game development and marketing, LEAF has consistently delivered high-grossing original and licensed IP titles that include, Cheech & Chong Bud Farm, Bud Farm Idle Tycoon, Bud Farm Grass Roots and Bud Farm 420. Our game titles are available worldwide on the App Store and Google Play. LEAF leverages successes in platform, IP, marketing, development and data analysis to maximize value for our global network of constituents, from players to talent to shareholders and beyond.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The preliminary monthly financial results set forth in this release are based on information currently available to us prior to platform partners reconciliation. While we believe these results are meaningful, they could differ from the actual amounts that we ultimately report in our Quarterly Report for the quarter ended June 30, 2020. We do not intend to update these estimates prior to filing our Quarterly Report.
This news release contains “forward-looking information” within the meaning of applicable securities laws. Although the Company believes – considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate – that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them as the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this news release are made as of the date of this release. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE: Leaf Mobile Inc.
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