本網站使用瀏覽器紀錄 (Cookies) 來提供您最好的使用體驗，我們使用的 Cookie 也包括了第三方 Cookie。相關資訊請訪問我們的隱私權與 Cookie 政策。如果您選擇繼續瀏覽或關閉這個提示，便表示您已接受我們的網站使用條款。 關閉
Mod projects, New Maps, and Game Modes transforming ASA CULVER CITY, Calif., Jan. 17, 2024 (GLOBE NEWSWIRE) -- Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, is excited to share groundbreaking updates and expansions for ARK Survival Ascended (“ASA”). These developments will provide an enhanced gaming experience for ARK enthusiasts and demonstrate progress towards creating sustained value for the ARK franchise. In the realm of creativity and player engagement, ARK: Survival Ascended’s Mod Program has thrived with over 1200 active mod projects and 79 million mod downloads since launch. This vibrant community-driven initiative led by over 550 authors continues to flourish averaging 1 million daily mod downloads. ASA’s Mod program highlights the immense creativity and dedication of ARK players and reflects a commitment to providing Survivors with a dynamic and ever-evolving gaming environment. Building on the excitement for new content from the ARK Survival Ascended fanbase, Snail announced the release of The Center, a highly anticipated free DLC coming soon. This expansion introduces an immersive map featuring all the biomes from The Island, with the exciting addition of the Lava Biome. From lava caverns and giant waterfalls to ocean systems, ice caverns, Ancient Ruins, cave systems, and a floating island, The Center offers a visually stunning and environmentally diverse playground for Survivors. The release of The Center will also feature an early introduction of the Gigantoraptor, a new creature chosen by the community through a recent vote. This further exemplifies Snail’s commitment to involving the player community in shaping the ARK universe. Snail also recently launched The Survival of the Fittest (The SOTF), a battle royale game mode within the ARK Ascended property. Redesigned from the ground up with enhanced mechanics, SOTF pits up to 60 Survivors against each other in a fast-paced, action-packed struggle for survival. Survivors must navigate challenging environments, leading their Dinosaur Armies into an epic final showdown, making for an exhilarating and intense gaming experience. "As we introduce these updates and expansions, we are not only enhancing the gaming experience for our dedicated players but also strategically positioning the ARK franchise for anticipated continued growth and success." Jim Tsai, Chief Executive Officer of Snail. About Snail, Inc. Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful, including the launch of ARK: Survival Ascended, ARK: The Animated Series and ARK 2; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other game developers and publishers and both large and small, public and private Internet companies; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, the Apple App Store, the Google Play Store, My Nintendo Store and the Amazon Appstore; expectations for future growth and performance; and assumptions underlying any of the foregoing. Contacts: Investors:investors@snail.com Press:media@snail.com
CULVER CITY, Calif., June 28, 2024 /PRNewswire/ -- Snail, Inc. (Nasdaq: SNAL) ("Snail Games" or the "Company"), a leading global independent developer and publisher of interactive digital entertainment, celebrates over half a million units dropped of ARK: Survival Ascended's ARK x POWER RANGERS Premium Mod within the first week of its reveal. ASA's active player base and its partnership with the world's largest repository of mods and addons for video games, CurseForge, a division of Overwolf, significantly extends the reach of modders and expands the diversity of experience for players across platforms "We have been blown away by the ARK community's positive response to the ARK X POWER RANGER Premium Mod," commented Uri Marchand, Overwolf CEO and Co-founder. "This successful collaboration reaffirms our belief that brands integrating directly in-game through UGC is the future of the games industry." ARK: Survival Ascended's revenue-sharing model offers creators an industry-leading 50% share of the revenue generated from mod sales. By providing modders with the opportunity to monetize their work, the company fosters innovation and creativity within the ARK Universe. The ARK x POWER RANGERS Premium Mod is just one of many premium mods available for download on PC and console. With over 190 million mod downloads, ARK: Survival Ascended proves to be an appealing opportunity for both creators and players alike. ARK: Survival Ascended is the first game to empower modders with the ability to leverage professional tools, such as Unreal Engine 5, to create high-quality premium mods that are available on all platforms. Creators are able to make anything from a cosmetic skin pack to be used in ASA to a completely original game that looks nothing like ARK: Survival Ascended. They are able to then leverage ASA's existing player base and its partnership with CurseForge to monetize their creations and take advantage of this industry-leading revenue model which offers creators a 50% share of revenue generated. ASA's premium mod business model tailored to entice and reward creators keeps ARK Survival Ascended fresh by transforming its base gameplay and maximizing the game's replayability through player choice. Players are able to customize their experience by engaging with mods and even stacking them in game which leads to endless possibilities for players and creators alike. About Snail, Inc. Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "may," "predict," "continue," "estimate" and "potential," or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail's intent, belief or current expectations, including an update regarding the number of downloads of ARK: Survival Ascended's ARK x Power Ranger cosmetic mod within the first week of its reveal and information regarding ARK: Survival Ascended's revenue-sharing model significant update for ARK: Survival Ascended, their leading action-adventure survival game, which free expansion introduces a vast new map that is double the size of a standard ARK island, features diverse biomes, intricate hand-crafted environments, and numerous new challenges. These forward-looking statements include information about Snail's commitment to delivering engaging content for ARK: Survival Ascended and how these updates will enhance the player experience and continue to drive strong engagement and growth for Snail's flagship title. You should carefully consider the risks and uncertainties described in the "Risk Factors" sections of (i) the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed by the Company with the SEC on April 1, 2024, and (ii) the Company's Quarterly Report on Form 10-Q for quarter ended March 31, 2024, which was filed by the Company with the SEC on May 15, 2024, and other documents filed by the Company from time to time with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based. Contacts: Investors:investors@snail.com Press:media@snail.com
加州卡爾弗城, Nov. 07, 2025 (GLOBE NEWSWIRE) -- Snail, Inc. (Nasdaq: SNAL) (「Snail Games」或「公司」)，透過新內容發佈及業界認可，持續展現其娛樂產品組合的穩步增長。 近期里程碑彰顯 Snail 多元化商業模式的推進。 Snail Games 持續強化核心品牌系列，並善用其 ARK 生態系統內的社群驅動參與。 近期與 Look North World 合作的《ARK x Teenage Mutant Ninja Turtles》造型包聯乘企劃，持續展現模組內容作為維持和擴展《方舟：生存飛升》互動參與的重要性。 除了持續支援經典遊戲外，Snail 正式宣佈其即將推出的飛船建造角色扮演遊戲《Echoes of Elysium》定於 2025 年 12 月 4 日發售，成為 Snail Games 產品陣容的重要新力軍。 Snail 旗下獨立遊戲發行分支 Wandering Wizard，持續透過彰顯國際遊戲開發商非凡創意的獨特項目，拓展其全球產品組合。 與阿根廷遊戲工作室 Seven Leaf Clover 合作開發的《Rebel Engine》今天正式登陸 Steam，這款的超動感復古射擊遊戲融合九十年代風格極速射擊與凌厲近戰搏鬥。 《Above the Snow》最近在 2025 年波茲南遊戲展會上贏得 IGN 編輯推薦獎最佳波蘭遊戲殊榮，進一步鞏固 Wandering Wizard 的全球地位。 Snail Games 的獨立分支 Wandering Wizard 一如既往致力支持新興市場的多元聲音，為全球遊戲格局帶來創新視野。Snail 的垂直劇集部門 Interactive Films，持續透過其短篇敘事平台 Salty TV 贏得業界認可。 Salty TV 的三部劇集《My Ex’s Bestfriend》、《Hollywood Heartthrob》與《Faux Fiance》獲得 International Short Drama Association 嘉許。 《My Ex’s Best Friend》、《Hollywood Heartthrob》及《Faux Fiance》分別獲認可為最佳復仇主題敘事、最具魅力銀幕風采及最佳命運牽引敘事佳作。 這股強勁趨勢讓 Interactive Films 在 Snail 多元化佈局中定位為前景看好的新興渠道，亦使公司加強配合火速增長的垂直格式內容市場，此領域因受眾互動參與潛能而持續吸引行業日益增長的關注。整體而言，這些卓越佳績體現 Snail 在多重娛樂產業的策略發展氣勢。 透過匯聚遊戲開發、發行與數碼敘事領域的資源，公司持續拓展收益來源，並提升品牌知名度。創作者如有興趣介紹 Snail Games 產品陣容中的任何遊戲，請發送電郵至 creatordirect@noiz.gg關於 Snail, Inc.Snail, Inc. (Nasdaq: SNAL) 是一家全球領先的獨立開發商和發行商，為世界各地的消費者提供互動數碼娛樂，擁有一流的優質遊戲系列產品，設計可在各種平台上使用，包括遊戲機、PC 和流動裝置。 如欲了解更多資訊，請瀏覽：https://snail.com/。 前瞻性陳述本新聞稿包含構成前瞻性陳述的聲明。 本新聞稿中包含的許多前瞻性陳述可以透過使用前瞻性詞語來識別，例如 「預期」、「相信」、「可以」、「期望」、「應該」、「計劃」、「打算」、「可能」、「預測」、「繼續」、「估計」和 「潛力」，或這些術語的否定形式或其他類似表達。 前瞻性陳述出現在本新聞稿及我們向 SEC 所提交的公開文件多個地方，包括但不限於有關 Snail 持續強化核心品牌系列、善用其 ARK 生態系統內的社群驅動參與，以及在多重娛樂產業建立策略發展氣勢的陳述。 您應仔細考慮公司在截至 2024 年 12 月 31 日財政年度 10-K 表格的年報中「風險因素」部分所描述的風險和不確定性。該報告於 2025 年 3 月 26 日向 SEC 提交，還包括公司不時向 SEC 提交的其他文件，例如公司的 10-Q 表格。 公司不承擔或接受任何公開發佈前瞻性陳述的更新或修訂的義務，以反映其預期的任何變化或任何此類聲明陳述所基於的事件、條件或情況的變化。 投資者聯絡人：John Yi 和 Steven ShinmachiGateway Group, Inc.949-574-3860SNAL@gateway-grp.com
CULVER CITY, Calif. , Nov. 14, 2024 /PRNewswire/ -- Snail, Inc. (NASDAQ: SNAL) ("Snail" or "the Company"), a leading, global independent developer and publisher of interactive digital entertainment, today announced financial results for its third quarter ended September 30, 2024. Tony Tian, Co-Chief Executive Officer of Snail, commented, "Since taking over as Co-CEO of Snail in April, we've continued to see a transformation in the business, guided by the extraordinary talent and vision of our dedicated team. Snail is committed to pushing the boundaries of interactive entertainment, and we are thrilled with the successes seen across our titles and DLCs this quarter, including Aberration, part two of Bobs Tall Tales and the Ark franchise. We remain focused on delivering innovative gaming experiences that exceed our fans' expectations around the globe, staying true to the creative spirit that has defined our company's remarkable journey." Third Quarter 2024 Operational Highlights: ARK: Survival Ascended and Ark: Survival Evolved On October 25, 2023, the Company launched its flagship remake of the ARK franchise leveraging Unreal Engine 5's stunning graphics and introduced a game-altering cross-platform modding system, ushering in a new era of creativity. In the three and nine months ended September 30, 2024, the Company sold 0.4 million units and 1.3 million units of ARK: Survival Ascended, respectively. In the three and nine months ended September 30, 2024, ARK: Survival Evolved and ARK: Survival Ascended combined for an average total of 210,000 and 212,000 daily active users on the Steam and Epic platforms, respectively. Through September 30, 2024, the Company's ARK franchise game has been played for 3.8 billion hours with an average playing time per user of 162 hours and with the top 21.2% of all players spending over 100 hours in the game, according to data from the Steam platform. Product and Business Updates: ARK: Ultimate Survivor Edition. On July 16, 2024, the Company announced the expansive adaptation of the acclaimed ARK franchise into iOS and Android mobile devices. Wandering Wizard, an indie branch of the Company, strategically acquired the publishing rights to four new games since the second quarter of 2024. The games, The Cecil, Chasmal Fear, Castle of Secrets, and Stoneguard, are still under development. For The Stars. On August 15, 2024, the Company officially announced a new AAA title For The Stars, a space-themed survival sandbox MMO game set to launch on PC, PS5, and Xbox Series X|S. Honeycomb: The World Beyond. Snail acquired the publishing rights to the upcoming sci-fi survival adventure game in the third quarter of 2024, further enhancing our sandbox survival content portfolio. Third Quarter 2024 Financial Highlights: Net revenue for the three months ended September 30, 2024 was $22.5 million, an increase of $13.5 million, or 150.9%, compared to $9.0 million in the three months ended September 30, 2023. The increase in net revenue was due to the recognition of $8.2 million in revenue from the release of Aberration and part II of Bobs Tall Tales, an increase in total Ark sales of $5.9 million, an increase in Bellwright sales of $1.0 million, $1.2 million recognized for meeting the performance obligations of releasing Genesis II and Myth of Empires on certain platforms, partially offset by a decrease in Ark Mobile sales of $0.3 million, and an increase in deferred revenues of $2.6 million related to sales of ARK: Survival Ascended and Bobs Tall Tales DLC's which have not yet been released. Net income for the three months ended September 30, 2024 increased significantly to $0.2 million versus a net loss of $4.4 million in the third quarter of 2023 as a result of the increase in net revenue driven by the release of new titles. Bookings for the three months ended September 30, 2024 was $16.1 million as compared to $10.5 million for the three months ended September 30, 2023, an increase of $5.6 million, or 53.6%. The increase was primarily due to the release of ARK: Survival Ascended in the fourth quarter of 2023, the releases of Bobs Tall Tales and Bellwright in the first half of 2024, as well as the ARK: Survival Ascended DLC's Aberration and Scorched Earth in September and April of 2024, respectively. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the three months ended September 30, 2024 was $0.5 million compared to an EBITDA loss of $5.1 million in the prior year period. The $5.6 million, or 109.7%, increase in EBITDA was due to an increase in net income of $4.6 million and a decrease in the benefit from income taxes of $1.4 million, that was partially offset by a decrease in interest expenses of $0.3 million. As of September 30, 2024, unrestricted cash was $10.6 million and the Company has repaid $3.0 million of its revolving loan, $2.3 million in notes payable, and $0.8 million of its convertible notes that were outstanding as of December 31, 2023. Use of Non-GAAP Financial Measures In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes EBITDA, as non-GAAP measure, and Bookings, as an operating metric, are useful in evaluating its operating performance. EBITDA is a non-GAAP financial measure that is presented as a supplemental disclosure to net income (loss) and should not be construed as an alternative to net income (loss) or as an alternative to cash flow provided by operating activities as a measure of liquidity, as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. EBITDA adjusts for items that Snail believes do not reflect the ongoing operating performance of its business, such as certain non-cash items, unusual or infrequent items or items that change from period to period without any material relevance to its operating performance. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail's operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments. Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in millions) Total net revenue $ 22.5 $ 9.0 $ 58.3 $ 32.3 Change in deferred net revenue (6.4) 1.5 0.4 0.8 Bookings $ 16.1 $ 10.5 $ 58.7 $ 33.1 We define EBITDA as net income (loss) before (i) interest expense, (ii) interest income, (iii) income tax provision (benefit from) and (iv) depreciation and amortization expense. The following table provides a reconciliation from net income (loss) to EBITDA: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in millions) Net income (loss) $ 0.2 $ (4.4) $ 0.7 $ (11.5) Interest income and interest income – related parties (0.1) - (0.2) (0.1) Interest expense and interest expense – related parties 0.1 0.4 0.6 1.0 Provision for (benefit from) income taxes 0.2 (1.2) 0.3 (3.0) Depreciation and amortization expense 0.1 0.1 0.2 0.3 EBITDA $ 0.5 $ (5.1) $ 1.6 $ (13.3) Webcast Details The Company will host a webcast at 4:30 PM ET today to discuss the third quarter 2024 financial results. Participants may access the live webcast and replay on the Company's investor relations website at https://investor.snail.com/. Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "may," "predict," "continue," "estimate" and "potential," or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail's intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail's business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other casual game developers and publishers and both large and small, public and private Internet companies; its ability to attract and retain a qualified management team and other team members while controlling its labor costs; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, the Apple App Store, the Google Play Store and the Amazon Appstore; the size of addressable markets, market share and market trends; its ability to successfully enter new markets and manage international expansion; protecting and developing its brand and intellectual property portfolio; costs associated with defending intellectual property infringement and other claims; future business development, results of operations and financial condition; the ongoing conflicts involving Russia and Ukraine, and Israel and Hamas, on its business and the global economy generally; rulings by courts or other governmental authorities; the Company's current program to repurchase shares of its Class A common stock, including expectations regarding the timing and manner of repurchases made under this share repurchase program; its plans to pursue and successfully integrate strategic acquisitions; and assumptions underlying any of the foregoing. Further information on risks, uncertainties and other factors that could affect Snail's financial results are included in its filings with the Securities and Exchange Commission (the "SEC") from time to time, including its annual reports on Form 10-K and quarterly reports on Form 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management's beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. About Snail, Inc. Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. For additional information, please contact: investors@snail.com Snail, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) September 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 10,566,294 $ 15,198,123 Accounts receivable, net of allowances for credit losses of $523,500 as of September 30,2024 and December 31, 2023 6,804,338 25,134,808 Accounts receivable - related party 3,035,555 - Loan and interest receivable - related party 105,255 103,753 Prepaid expenses - related party 4,952,002 6,044,404 Prepaid expenses and other current assets 1,336,744 639,693 Prepaid taxes 9,713,430 9,529,755 Total current assets 36,513,618 56,650,536 Restricted cash and cash equivalents 1,119,565 1,116,196 Accounts receivable - related party, net of current portion 3,000,592 7,500,592 Prepaid expenses - related party 8,994,630 7,784,062 Property, plant and equipment, net 4,446,772 4,682,066 Intangible assets, net - other 271,115 271,717 Deferred income taxes 10,260,441 10,247,500 Other noncurrent assets 571,711 164,170 Operating lease right-of-use assets, net 1,600,520 2,440,690 Total assets $ 66,778,964 $ 90,857,529 LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 3,948,039 $ 12,102,929 Accounts payable - related parties 15,689,072 23,094,436 Accrued expenses and other liabilities 2,734,535 2,887,193 Interest payable - related parties 527,770 527,770 Revolving loan 3,000,000 6,000,000 Notes payable - 2,333,333 Convertible notes, net of discount - 797,361 Current portion of long-term promissory note 2,743,378 2,811,923 Current portion of deferred revenue 13,349,641 19,252,628 Current portion of operating lease liabilities 1,629,835 1,505,034 Total current liabilities 43,622,270 71,312,607 Accrued expenses 254,731 254,731 Deferred revenue, net of current portion 19,940,995 15,064,078 Operating lease liabilities, net of current portion 266,397 1,425,494 Total liabilities 64,084,393 88,056,910 Commitments and contingencies Stockholders' Equity: Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 9,379,488 sharesissued and 8,029,213 shares outstanding as of September 30, 2024, and 9,275,420 sharesissued and 7,925,145 shares outstanding as of December 31, 2023 937 927 Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 28,748,580 sharesissued and outstanding as of September 30, 2024 and December 31, 2023 2,875 2,875 Additional paid-in capital 25,334,672 26,171,575 Accumulated other comprehensive loss (230,857) (254,383) Accumulated deficit (13,237,356) (13,949,325) Treasury stock at cost (1,350,275 as of September 30, 2024 and December 31, 2023) (3,671,806) (3,671,806) Total Snail, Inc. equity 8,198,465 8,299,863 Noncontrolling interests (5,503,894) (5,499,244) Total stockholders' equity 2,694,571 2,800,619 Total liabilities, noncontrolling interests and stockholders' equity $ 66,778,964 $ 90,857,529 Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenues, net $ 22,530,372 $ 8,981,135 $ 58,252,751 $ 32,331,876 Cost of revenues 13,823,944 9,463,086 39,369,816 29,659,788 Gross profit (loss) 8,706,428 (481,951) 18,882,935 2,672,088 Operating expenses: General and administrative 3,845,301 3,452,141 8,923,225 11,915,126 Research and development 3,885,926 1,317,400 7,523,329 3,892,039 Advertising and marketing 495,938 215,477 1,331,163 488,318 Depreciation and amortization 72,402 112,914 235,294 346,084 Total operating expenses 8,299,567 5,097,932 18,013,011 16,641,567 Income (loss) from operations 406,861 (5,579,883) 869,924 (13,969,479) Other income (expense): Interest income 60,675 47,147 225,227 98,411 Interest income - related parties 504 504 1,501 1,496 Interest expense (95,997) (370,376) (634,262) (961,196) Other income 74,891 313,156 546,484 321,331 Foreign currency transaction loss (55,835) (1,394) (32,055) (25,606) Total other income (expense), net (15,762) (10,963) 106,895 (565,564) Income (loss) before provision for (benefit from) income taxes 391,099 (5,590,846) 976,819 (14,535,043) Provision for (benefit from) income taxes 157,938 (1,156,675) 269,501 (3,044,380) Net income (loss) 233,161 (4,434,171) 707,318 (11,490,663) Net loss attributable to non-controlling interests (1,986) (1,539) (4,650) (7,222) Net income (loss) attributable to Snail, Inc. $ 235,147 $ (4,432,632) $ 711,968 $ (11,483,441) Comprehensive income (loss) statement: Net income (loss) $ 233,161 $ (4,434,171) $ 707,318 $ (11,490,663) Other comprehensive income (loss) related to currency translation adjustments, net of tax 52,116 (1,512) 23,526 19,515 Total comprehensive income (loss) $ 285,277 $ (4,435,683) $ 730,844 $ (11,471,148) Net income (loss) attributable to Class A common stockholders: Basic $ 51,312 $ (955,763) $ 154,972 $ (2,477,768) Diluted $ 51,312 $ (955,763) $ 127,440 $ (2,477,768) Net income (loss) attributable to Class B common stockholders: Basic $ 183,835 $ (3,476,869) $ 556,996 $ (9,005,673) Diluted $ 183,835 $ (3,476,869) $ 458,041 $ (9,005,673) Net income (loss) per share attributable to Class A and B common stockholders: Basic $ 0.01 $ (0.12) $ 0.02 $ (0.31) Diluted $ 0.01 $ (0.12) $ 0.02 $ (0.31) Weighted-average shares used to compute income (loss) per share attributable to Class A common stockholders: Basic 8,024,369 7,901,145 7,998,686 7,909,715 Diluted 8,024,369 7,901,145 8,148,133 7,909,715 Weighted-average shares used to compute income (loss) per share attributable to Class B common stockholders: Basic 28,748,580 28,748,580 28,748,580 28,748,580 Diluted 28,748,580 28,748,580 28,748,580 28,748,580 Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) For the nine months ended September 30, 2024 2023 Cash flows from operating activities: Net income (loss) $ 707,318 $ (11,490,663) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization - intangible assets - license, related parties - 1,253,623 Amortization - intangible assets - other 603 603 Amortization - loan origination fees and debt discounts 60,242 142,656 Accretion - convertible notes 222,628 - Depreciation and amortization - property and equipment 235,294 346,084 Stock-based compensation expense (Income) (896,893) 622,007 Interest income from restricted escrow deposit - (33,935) Deferred taxes, net (12,884) (3,058,738) Changes in assets and liabilities: Accounts receivable 18,330,470 2,674,655 Accounts receivable - related party 1,464,445 (255,045) Prepaid expenses - related party (118,167) (2,500,000) Prepaid expenses and other current assets (697,051) 156,450 Prepaid taxes (183,675) - Other noncurrent assets (407,441) (2,903) Accounts payable (7,891,975) 846,553 Accounts payable - related parties (7,405,363) (248,391) Accrued expenses and other liabilities (152,658) 134,131 Interest receivable - related party (1,501) (1,496) Lease liabilities (194,125) (148,233) Deferred revenue (1,026,070) 767,883 Net cash provided by (used in) operating activities 2,033,197 (10,794,759) Cash flows from financing activities: Repayments on promissory note (68,545) (59,589) Repayments on notes payable (2,333,333) (3,750,000) Repayments on convertible notes (1,020,000) - Repayments on revolving loan (3,000,000) (3,000,000) Borrowings on notes payable - 2,275,000 Proceeds from issuance of convertible notes - 847,500 Refund of dividend withholding tax overpayment - 1,886,600 Purchase of treasury stock - (257,093) Payments of capitalized offering costs - (342,318) Payments of offering costs in accounts payable (262,914) - Net cash used in financing activities (6,684,792) (2,399,900) Effect of currency translation on cash and cash equivalents 23,135 20,390 Net decrease in cash and cash equivalents, and restricted cash and cash equivalents (4,628,460) (13,174,269) Cash and cash equivalents, and restricted cash and cash equivalents - beginning of period 16,314,319 19,238,185 Cash and cash equivalents, and restricted cash and cash equivalents – end of period $ 11,685,859 $ 6,063,916 Supplemental disclosures of cash flow information Cash paid during the period for: Interest $ 421,986 $ 725,885 Income taxes $ 401,671 $ 504,581 Noncash transactions during the period for: Issuance of warrants in connection with equity line of credit $ - $ (105,411) Debt converted to equity $ (60,000) $ - Right-of-use assets obtained in exchange for a lease liability $ (85,588) $ -
CULVER CITY, Calif., April 2, 2024 /PRNewswire/ -- Snail, Inc. (NASDAQ: SNAL) ("Snail" or "the Company"), a leading, global independent developer and publisher of interactive digital entertainment, today announced financial results for its fourth quarter and full year ended December 31, 2023. "This past year has been filled with exciting milestones for Snail. We launched ARK: Survival Ascended, which sold more than 600,000 units within the first two weeks and surpassed 1.5 million units in sales to date. We are pleased to see the continued engagement in the ARK series and plan to build on this momentum in 2024." Fourth Quarter & Full Year 2023 Highlights ARK: Survival Ascended. On October 25, 2023, the Company launched its flagship remake of the ARK franchise leveraging Unreal Engine 5's stunning graphics and introduced a game-altering cross-platform modding system, ushering in a new era of creativity. ARK: Survival Ascended was ranked the top #1 selling game on Steam on launch day. Since its launch, ARK: Survival Ascended sold 1.6 million units and has an average of 182,000 daily active users ("DAUs") with a peak of 308,000 DAUs. ARK: Survival Evolved. In the three months and year ended December 31, 2023, ARK: Survival Evolved averaged a total of 192,000 DAUs and 235,000 DAUs, respectively. ARK: Survival Evolved units sold increased for the fourth quarter 2023 compared to the same period in 2022; approximately 0.7 million vs. 1.6 million, respectively. Units sold decreased for the year ended December 31, 2023 compared to the same period in 2022; approximately 4.4 million vs. 5.5 million, respectively. Net revenues for the three months ended December 31, 2023 was $28.6 million as compared to $15.3 million in the three months ended December 31, 2022. The increase in net revenues was primarily due to the release of ARK: Survival Ascended. Net revenues for the year ended December 31, 2023 decreased by $13.5 million to $60.9 million, or 18.2%, compared to $74.4 million in the prior year period. The decrease in net revenues was due to a decrease in Ark Mobile sales of $2.9 million, a decrease in one-time deferred revenue from contracts recognized in 2022 of $10.3 million, one-time payments in 2022 of $8.5 million related to free download promotions and DLC's, that did not occur in 2023 and an increase in deferred revenues of $25.2 million related to Ark; partially offset by an increase in Ark sales of $32.7 million. Net income for the three months ended December 31, 2023 was $2.4 million compared to a net loss of $2.3 million for the three months ended December 31, 2022. The increase in net income is due to the release of ARK: Survival Ascended, reduced general and administrative expenses of $2.5 million and decreased professional expenses related to compliance with public company requirements and litigation related expenses, partially offset by increased advertising and marketing costs of $0.9 million related to the ARK: Survival Ascended release and a $3.9 million decrease in the income tax benefit for the period. Net loss was $9.1 million for the year ended December 31, 2023 as compared to a net income of $1.0 million for the year ended December 31, 2022, representing a decrease of $10.1 million. The decrease was primarily due to decreased revenues of $13.5 million, increased research and development costs of $2.2 million, increased advertising and marketing costs of $0.9 million, increased interest expenses of $0.6 million, decreased interest income – related party of $0.6 million, partially offset by a decrease in cost of revenues of $4.8 million, and a decrease in general and administrative expenses of $2.9 million. Bookings for the three months ended December 31, 2023 was $52.6 million as compared to $11.9 million for the three months ended December 31, 2022. The increase was due to the strong release of ARK: Survival Ascended on the Steam, PlayStation and Xbox platforms. Bookings for the year ended December 31, 2023 was $85.7 million as compared to $63.7 million in the year ended December 31, 2022. The increase was due to the release of ARK: Survival Ascended in the fourth quarter of 2023. In addition to increased sales of ARK: Survival Ascended, the Company deferred approximately $22.0 million in revenues during the fourth quarter of 2023 for the ARK: Survival Ascended DLC's which have not yet released and had $10.3 million in one-time deferred contract revenues recognized in 2022 that did not occur in 2023. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the three months ended December 31, 2023 increased by $8.8 million, or 169%, as compared to the three months ended December 31, 2022. The increase was primarily the result of an increase in net income of $4.7million, partially offset by an increase in provision for income taxes of $3.9 million. EBITDA for the year ended December 31, 2023 decreased by $9.0 million, or 1,198.1%, compared to the year ended December 31, 2022, primarily as a result of a decrease in net income of $10.1 million, partially offset by a decrease in interest income of $0.7 million and an increase in interest expense of $0.6 million. As of December 31, 2023, unrestricted cash was $15.2 million versus $12.9 million as of December 31, 2022. Use of Non-GAAP Financial Measures In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes Bookings and EBITDA, as non-GAAP measures, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. EBITDA adjusts for items that Snail believes do not reflect the ongoing operating performance of its business, such as certain non-cash items, unusual or infrequent items or items that change from period to period without any material relevance to its operating performance. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail's operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments. Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure. Three Months ended December 31, Years ended December 31, 2023 2022 2023 2022 (in millions) (in millions) Total net revenue $ 28.6 $ 15.3 $ 60.9 $ 74.4 Change in deferred net revenue 24.0 (3.4) 24.8 (10.7) Bookings $ 52.6 $ 11.9 $ 85.7 $ 63.7 We define EBITDA as net income (loss) before (i) interest expense, (ii) interest income, (iii) income tax provision (benefit from) and (iv) depreciation and amortization expense. The following table provides a reconciliation from net income (loss) to EBITDA: Three Months ended December 31, Years ended December 31, 2023 2022 2023 2022 (in millions) (in millions) Net (loss) income $ 2.4 $ (2.3) $ (9.1) $ 1.0 Interest income and interest income – related parties - (0.2) (0.1) (0.8) Interest expense and interest expense – related parties 0.5 0.3 1.5 0.9 (Benefit from) provision for income taxes 0.6 (3.2) (2.4) (2.4) Depreciation and amortization expense, property and equipment 0.1 0.2 0.4 0.6 EBITDA $ 3.6 $ (5.2) $ (9.7) $ (0.7) Webcast Details The Company will host a webcast at 4:30 PM ET today to discuss the fourth quarter and full year 2023 financial results. Participants may access the live webcast and replay on the Company's investor relations website at https://investor.snail.com/. Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "may," "predict," "continue," "estimate" and "potential," or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail's intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail's business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other casual game developers and publishers and both large and small, public and private Internet companies; its ability to attract and retain a qualified management team and other team members while controlling its labor costs; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, the Apple App Store, the Google Play Store and the Amazon Appstore; the size of addressable markets, market share and market trends; its ability to successfully enter new markets and manage international expansion; protecting and developing its brand and intellectual property portfolio; costs associated with defending intellectual property infringement and other claims; future business development, results of operations and financial condition; the ongoing conflicts involving Russia and Ukraine, and Israel and Hamas, on its business and the global economy generally; rulings by courts or other governmental authorities; the Share Repurchase Program, including expectations regarding the timing and manner of repurchases made under the program; its plans to pursue and successfully integrate strategic acquisitions; assumptions underlying any of the foregoing. Further information on risks, uncertainties and other factors that could affect Snail's financial results are included in its filings with the Securities and Exchange Commission (the "SEC") from time to time, annual reports on Forms 10-K and quarterly reports on 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management's beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. About Snail, Inc. Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. For additional information, please contact: investors@snail.com Snail, Inc. and Subsidiaries Consolidated Balance Sheets December 31, 2023 December 31, 2022 ASSETS Current Assets: Cash and cash equivalents $ 15,198,123 $ 12,863,817 Restricted escrow deposit - 1,003,804 Accounts receivable, net of allowances for credit losses of $523,500 and $19,929, respectively 25,134,808 6,758,024 Accounts receivable - related party - 11,344,184 Loan and interest receivable - related party 103,753 101,753 Prepaid expenses - related party 6,044,404 - Prepaid expenses and other current assets 10,169,448 10,565,141 Total current assets 56,650,536 42,636,723 Restricted cash and cash equivalents 1,116,196 6,374,368 Accounts receivable - related party, net of current portion 7,500,592 - Prepaid expenses - related party 7,784,062 5,582,500 Property, plant and equipment, net 4,682,066 5,114,799 Intangible assets, net - license - related parties - 1,384,058 Intangible assets, net - other 271,717 272,521 Deferred income taxes 10,247,500 7,602,536 Other noncurrent assets 164,170 198,668 Operating lease right-of-use assets, net 2,440,690 3,606,398 Total assets $ 90,857,529 $ 72,772,571 LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 12,102,929 $ 9,452,391 Accounts payable - related parties 23,094,436 19,918,259 Accrued expenses and other liabilities 2,887,193 1,474,088 Interest payable - related parties 527,770 527,770 Revolving loan 6,000,000 9,000,000 Notes payable 2,333,333 5,416,666 Convertible notes, net of discount 797,361 - Current portion of long-term promissory note 2,811,923 86,524 Current portion of deferred revenue 19,252,628 4,335,404 Current portion of operating lease liabilities 1,505,034 1,371,227 Total current liabilities 71,312,607 51,582,329 Accrued expenses 254,731 457,024 Promissory note, net of current portion - 3,221,963 Deferred revenue, net of current portion 15,064,078 5,216,042 Operating lease liabilities, net of current portion 1,425,494 2,930,529 Total liabilities 88,056,910 63,407,887 Commitments and contingencies Stockholders' Equity: Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 9,275,420 shares issued and 7,925,145 shares outstanding as of December 31, 2023, and 9,251,420 shares issued and 8,053,771 shares outstanding as of December 31, 2022 927 925 Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 28,748,580 shares issued and outstanding as of December 31, 2023 and 2022 2,875 2,875 Additional paid-in capital 26,171,575 23,436,942 Accumulated other comprehensive loss (254,383) (307,200) Accumulated deficit (13,949,325) (4,863,250) 11,971,669 18,270,292 Treasury stock at cost (1,350,275 and 1,197,649 shares as of December 31, 2023 and 2022, respectively) (3,671,806) (3,414,713) Total Snail, Inc. equity 8,299,863 14,855,579 Noncontrolling interests (5,499,244) (5,490,895) Total stockholders' equity 2,800,619 9,364,684 Total liabilities, noncontrolling interests and stockholders' equity $ 90,857,529 $ 72,772,571 Snail, Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive Income (Loss) Three months ended December 31, For the Years Ended December 31, 2023 2022 2023 2022 (Unaudited) Revenues, net $ 28,570,222 $ 15,311,857 $ 60,902,098 $ 74,444,141 Cost of revenues 18,646,615 12,724,280 48,306,403 53,121,676 Gross profit 9,923,607 2,587,577 12,595,695 21,322,465 Operating expenses: General and administrative 3,900,962 6,369,288 15,816,088 18,713,958 Research and development 1,165,381 1,295,631 5,057,421 2,955,592 Advertising and marketing 1,094,146 145,365 1,582,464 714,492 Depreciation and amortization 86,222 130,262 432,306 565,906 Loss (gain) on disposal of fixed assets 427 (17,067) 427 (17,067) Total operating expenses 6,247,138 7,923,479 22,888,706 22,932,881 (Loss) income from operations 3,676,469 (5,335,902) (10,293,011) (1,610,416) Other income (expense): Interest income 31,443 155,124 129,854 200,913 Interest income - related parties 504 504 2,000 582,632 Interest expense (570,523) (308,955) (1,531,719) (922,293) Interest expense - related parties - - - (3,222) Other income (55,351) (17,068) 265,980 302,086 Foreign currency transaction (loss) gain (42,574) (23,623) (68,180) (1,945) Total other income (expense), net (636,501) (194,018) (1,202,065) 158,171 Income (loss) before (benefit from) provision for income taxes 3,039,968 (5,529,920) (11,495,076) (1,452,245) Provision for (benefit from) income taxes 643,728 (3,249,728) (2,400,652) (2,446,423) Net income (loss) 2,396,240 (2,280,192) (9,094,424) 994,178 Net (loss) income attributable to non-controlling interests (1,128) (9,977) (8,349) 46,371 Net income (loss) attributable to Snail, Inc. and Snail Games USA Inc. $ 2,397,368 $ (2,270,215) $ (9,086,075) $ 947,807 Comprehensive income statement: Net (loss) income $ 2,396,240 $ (2,280,192) $ (9,094,424) $ 994,178 Other comprehensive income (loss) related to currency translation adjustments, net of tax 33,302 36,077 52,817 (40,643) Total comprehensive income (loss) $ 2,429,542 $ (2,244,115) $ (9,041,607) $ 953,535 Net income (loss) attributable to Class A common stockholders: Basic $ 516,955 $ (530,686) $ (1,960,813) $ 228,482 Diluted $ 516,955 $ (530,686) $ (1,960,813) $ 228,482 Net income (loss) attributable to Class B common stockholders: Basic $ 1,880,413 $ (1,739,529) $ (7,125,262) $ 719,325 Diluted $ 1,880,413 $ (1,739,529) $ (7,125,262) $ 719,325 Income (loss) per share attributable to Class A common stockholders: Basic $ 0.07 $ (0.06) $ (0.25) $ 0.03 Diluted $ 0.07 $ (0.06) $ (0.25) $ 0.03 Income (loss) per share attributable to Class B common stockholders: Basic $ 0.07 $ (0.06) $ (0.25) $ 0.03 Diluted $ 0.07 $ (0.06) $ (0.25) $ 0.03 Weighted-average shares used to compute income per share attributable to Class A common stockholders: Basic 7,914,564 8,770,468 7,911,369 9,131,512 Diluted 7,914,564 8,770,468 7,911,369 9,131,512 Weighted-average shares used to compute income per share attributable to Class B common stockholders: Basic 28,748,580 28,748,580 28,748,580 28,748,580 Diluted 28,748,580 28,748,580 28,748,580 28,748,580 Snail, Inc. and Subsidiaries Consolidated Statements of Cash Flows For the years ended December 31, 2023 2022 Cash flows from operating activities: Net (loss) income $ (9,094,424) $ 994,178 Adjustments to reconcile net (loss) income to net cash used in operating activities: Amortization - intangible assets - license - 250,000 Amortization - intangible assets - license, related parties 1,384,058 7,403,918 Amortization - intangible assets - other 804 3,751 Amortization - loan origination fees and debt discounts 124,595 26,514 Accretion - convertible notes 306,664 - Depreciation and amortization - property and equipment 432,306 565,906 Stock-based compensation expense 848,035 223,250 Gain on lease termination - (122,533) Gain on paycheck protection program and economic injury disaster loan forgiveness - (174,436) Loss (gain) on disposal of fixed assets 427 (17,067) Interest income from shareholder loan - (580,878) Interest income from restricted escrow deposit - (3,804) Credit losses 581,498 - Deferred taxes, net (2,644,964) 588,478 Changes in assets and liabilities: Accounts receivable (18,939,465) 5,486,716 Accounts receivable - related party 3,824,775 (2,908,361) Prepaid expenses - related party (8,245,966) (2,437,500) Prepaid expenses and other current assets 501,104 (1,875,919) Other noncurrent assets - (26,052) Accounts payable 2,992,856 4,976,192 Accounts payable - related parties 3,176,177 (3,815,313) Accrued expenses and other liabilities 659,647 (1,039,927) Interest receivable - related party (2,000) - Interest payable - related parties - 986 Lease liabilities (205,520) (145,949) Deferred revenue 24,765,261 (10,729,488) Net cash provided by (used in) operating activities 465,868 (3,357,338) Cash flows from investing activities: Repayment on loan provided by related party - (300,000) Purchases of property and equipment - (5,256) Proceeds from sale of property and equipment - 19,500 Repayment on Pound Sand note - 1,496,063 Net cash provided by investing activities - 1,210,307 Cash flows from financing activities: Repayments on promissory note (79,897) (70,961) Repayments on notes payable (6,500,000) (4,166,667) Repayments on revolving loan (3,000,000) - Borrowings on notes payable 3,000,000 - Borrowings on short-term note - 10,000,000 Proceeds from issuance of convertible notes 847,500 - Refund of dividend withholding tax overpayment 1,886,600 - Payments on paycheck protection program and economic injury disaster loan - (90,198) Refund of payments on paycheck protection program and economic injury disaster loan - 48,305 Cash dividend declared and paid - (8,200,000) Purchase of treasury stock (257,093) (3,414,713) Proceeds from initial public offering, net of offering costs - 11,791,705 Warrants issued to underwriters - 193,927 Payments of capitalized offering costs - (1,247,567) Payments of offering costs in accounts payable (342,318) - Release of restricted escrow deposit 1,003,804 - Net cash (used in) provided by financing activities (3,441,404) 4,843,831 Effect of currency translation on cash and cash equivalents 51,670 (12,730) Net (decrease) increase in cash and cash equivalents, and restricted cash and cash equivalents (2,923,866) 2,684,070 Cash and cash equivalents, and restricted cash and cash equivalents - beginning of period 19,238,185 16,554,115 Cash and cash equivalents, and restricted cash and cash equivalents – end of period $ 16,314,319 $ 19,238,185 Supplemental disclosures of cash flow information Cash paid during the period for: Interest $ 934,523 $ 788,063 Income taxes $ 248,388 $ 888,303 Noncash transactions during the period for: Loan and interest payable - related parties $ - $ 103,890 Loan and interest receivable - related parties $ - $ (103,890) Loan and interest from shareholder $ - $ 94,934,400 Dividend distribution $ - $ (94,934,400) Noncash finance activity during the period for: Issuance of warrants in connection with equity line of credit $ (105,411) $ - Gain on paycheck protection program and economic injury disaster loan forgiveness $ - $ (174,436) Snail Games USA Common Stock transferred due to reorganization $ - $ (5,000) Snail, Inc. Common Stock and additional paid-in capital transferred due to reorganization $ - $ 5,000 Offering costs included in accounts payable $ - $ 605,295 Funding of the escrow deposit $ - $ (1,000,000)
CULVER CITY, Calif., May 16, 2024 /PRNewswire/ -- Snail, Inc. (NASDAQ: SNAL) ("Snail" or "the Company"), a leading, global independent developer and publisher of interactive digital entertainment, today announced financial results for its first quarter ended March 31, 2024. Tony Tian, Co-Chief Executive Officer commented, "I'm absolutely thrilled and humbled to take the helm as Co-CEO of Snail. This Company has an exceptionally talented team, ground-breaking technologies, and iconic franchises, like ARK, that have fostered passionate gamer communities worldwide. As someone who has been an avid ARK player, I have a deep, personal appreciation for the creativity and innovation of our Snail team. I am excited for Snail's bright future and the opportunity to work with this passionate, talented and dedicated team." First Quarter 2024 Highlights: ARK: Survival Ascended. On October 25, 2023, the Company launched its flagship remake of the ARK franchise leveraging Unreal Engine 5's stunning graphics and introduced a game-altering cross-platform modding system, ushering in a new era of creativity. Since its launch, ARK: Survival Ascended sold approximately 2.0 million units and has an average of 121,000 daily active users ("DAUs") with a peak of 308,000 DAUs. In the first quarter of 2024, the Company successfully launched premium mods on PC and will look to expand premium mods' availability to additional platforms in the coming months. ARK: Survival Evolved. In the three months ended March 31, 2024, ARK: Survival Evolved averaged a total of approximately 133,000 DAUs. ARK: Survival Evolved sold approximately 0.6 million units in the first quarter of 2024. Net revenues for the three months ended March 31, 2024 was $14.1 million compared to $13.5 million in the three months ended March 31, 2023. The increase in net revenues was due to an increase in total ARK sales of $5.1 million, an increase in revenue generated from a settlement that was previously deferred of $1.2 million, an increase in sales of the Company's other games of $0.7 million, partially offset by a decrease in Ark Mobile sales of $0.6 million and an increase in deferred revenues of $5.5 million related to the ARK franchise. Net loss for the three months ended March 31, 2024 was $1.8 million compared to a net loss of $3.0 million for the three months ended March 31, 2023. The decrease in net loss is due to an increase in net revenues of $0.6 million, decreased general and administrative expenses of $2.2 million, and an increase in other income of $0.2 million, partially offset by increased research and development expenses of $0.4 million, increased costs of revenues of $1.2 million and a decrease in benefit from income taxes of $0.3 million. Bookings for the three months ended March 31, 2024 was $19.6 million as compared to $13.3 million for the three months ended March 31, 2023, the increase was primarily due to the release of ARK: Survival Ascended in the fourth quarter of 2023. In addition to increased sales of ARK: Survival Ascended, the Company deferred approximately $5.5 million in revenues during the three months ended March 31, 2024 for the ARK: Survival Ascended DLC's, which have not yet been released. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the three months ended March 31, 2024 was a loss of $1.9 million compared to a loss of $3.4 million in the prior year period. The increase was due to the decrease in net loss of $1.2 million and a decrease in benefit from income taxes of $0.3 million. As of March 31, 2024, unrestricted cash was $16.1 million. Use of Non-GAAP Financial Measures In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes Bookings and EBITDA, as non-GAAP measures, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. EBITDA adjusts for items that Snail believes do not reflect the ongoing operating performance of its business, such as certain non-cash items, unusual or infrequent items or items that change from period to period without any material relevance to its operating performance. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail's operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments. Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure. Three Months ended March 31, 2024 2023 (in millions) Total net revenue $ 14.1 $ 13.5 Change in deferred net revenue 5.5 (0.2) Bookings $ 19.6 $ 13.3 We define EBITDA as net income (loss) before (i) interest expense, (ii) interest income, (iii) income tax provision (benefit from) and (iv) depreciation and amortization expense. The following table provides a reconciliation from net loss to EBITDA: Three Months ended March 31, 2024 2023 (in millions) Net loss $ (1.8) $ (3.0) Interest income and interest income – related parties (0.1) - Interest expense and interest expense – related parties 0.4 0.3 Benefit from income taxes (0.5) (0.8) Depreciation and amortization expense, property and equipment 0.1 0.1 EBITDA $ (1.9) $ (3.4) Webcast Details The Company will host a webcast at 4:30 PM ET today to discuss the first quarter 2024 financial results. Participants may access the live webcast and replay on the Company's investor relations website at https://investor.snail.com/. Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "may," "predict," "continue," "estimate" and "potential," or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail's intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail's business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other casual game developers and publishers and both large and small, public and private Internet companies; its ability to attract and retain a qualified management team and other team members while controlling its labor costs; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, the Apple App Store, the Google Play Store and the Amazon Appstore; the size of addressable markets, market share and market trends; its ability to successfully enter new markets and manage international expansion; protecting and developing its brand and intellectual property portfolio; costs associated with defending intellectual property infringement and other claims; future business development, results of operations and financial condition; the ongoing conflicts involving Russia and Ukraine, and Israel and Hamas, on its business and the global economy generally; rulings by courts or other governmental authorities; the Company's current program to repurchase shares of its Class A common stock, including expectations regarding the timing and manner of repurchases made under this share repurchase program; its plans to pursue and successfully integrate strategic acquisitions; and assumptions underlying any of the foregoing. Further information on risks, uncertainties and other factors that could affect Snail's financial results are included in its filings with the Securities and Exchange Commission (the "SEC") from time to time, including its annual reports on Form 10-K and quarterly reports on Form 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management's beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. About Snail, Inc. Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. For additional information, please contact: investors@snail.com Snail, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 16,068,729 $ 15,198,123 Accounts receivable, net of allowances for credit losses of $523,500 as of March 31, 2024 and December 31, 2023 7,375,179 25,134,808 Accounts receivable - related party 2,585,213 - Loan and interest receivable - related party 104,252 103,753 Prepaid expenses - related party 4,337,556 6,044,404 Prepaid expenses and other current assets 2,419,201 639,693 Prepaid taxes 9,459,348 9,529,755 Total current assets 42,349,478 56,650,536 Restricted cash and cash equivalents 1,117,310 1,116,196 Accounts receivable - related party, net of current portion 6,000,592 7,500,592 Prepaid expenses - related party 10,842,748 7,784,062 Property, plant and equipment, net 4,599,728 4,682,066 Intangible assets, net - other 271,517 271,717 Deferred income taxes 10,803,281 10,247,500 Other noncurrent assets 169,047 164,170 Operating lease right-of-use assets, net 2,138,285 2,440,690 Total assets $ 78,291,986 $ 90,857,529 LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 9,901,360 $ 12,102,929 Accounts payable - related parties 16,951,062 23,094,436 Accrued expenses and other liabilities 2,425,882 2,887,193 Interest payable - related parties 527,770 527,770 Revolving loan 3,000,000 6,000,000 Notes payable - 2,333,333 Convertible notes, net of discount 702,284 797,361 Current portion of long-term promissory note 2,791,438 2,811,923 Current portion of deferred revenue 21,937,421 19,252,628 Current portion of operating lease liabilities 1,540,086 1,505,034 Total current liabilities 59,777,303 71,312,607 Accrued expenses 254,731 254,731 Deferred revenue, net of current portion 17,102,747 15,064,078 Operating lease liabilities, net of current portion 1,023,216 1,425,494 Total liabilities 78,157,997 88,056,910 Commitments and contingencies Stockholders' Equity: Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 9,357,749 shares issued and 8,007,474 shares outstanding as of March 31, 2024, and 9,275,420 shares issued and 7,925,145 shares outstanding as of December 31, 2023 935 927 Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 28,748,580 shares issued and outstanding as of March 31, 2024, and December 31, 2023 2,875 2,875 Additional paid-in capital 25,304,692 26,171,575 Accumulated other comprehensive loss (273,680) (254,383) Accumulated deficit (15,728,654) (13,949,325) Treasury stock at cost (1,350,275 as of March 31, 2024 and December 31, 2023) (3,671,806) (3,671,806) Total Snail, Inc. equity 5,634,362 8,299,863 Noncontrolling interests (5,500,373) (5,499,244) Total stockholders' equity 133,989 2,800,619 Total liabilities, noncontrolling interests and stockholders' equity $ 78,291,986 $ 90,857,529 Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) Three months ended March 31, 2024 2023 Revenues, net $ 14,115,729 $ 13,458,488 Cost of revenues 12,041,698 10,860,937 Gross profit 2,074,031 2,597,551 Operating expenses: General and administrative 2,282,040 4,525,751 Research and development 1,776,522 1,373,797 Advertising and marketing 141,030 104,549 Depreciation and amortization 82,338 115,060 Total operating expenses 4,281,930 6,119,157 Loss from operations (2,207,899) (3,521,606) Other income (expense): Interest income 99,762 31,473 Interest income - related parties 499 493 Interest expense (395,964) (294,583) Other income 227,066 8,175 Foreign currency transaction loss 18,128 (2,367) Total other income (expense), net (50,509) (256,809) Loss before benefit from income taxes (2,258,408) (3,778,415) Benefit from income taxes (477,950) (805,818) Net loss (1,780,458) (2,972,597) Net loss attributable to non-controlling interests (1,129) (1,219) Net loss attributable to Snail, Inc. $ (1,779,329) $ (2,971,378) Comprehensive loss statement: Net loss $ (1,780,458) $ (2,972,597) Other comprehensive income (loss) related to currency translation adjustments, net of tax (19,297) 2,320 Total comprehensive loss $ (1,799,755) $ (2,970,277) Net loss attributable to Class A common stockholders: Basic $ (385,722) $ (642,340) Diluted $ (385,722) $ (642,340) Net loss attributable to Class B common stockholders: Basic $ (1,393,607) $ (2,329,038) Diluted $ (1,393,607) $ (2,329,038) Loss per share attributable to Class A and B common stockholders: Basic $ (0.05) $ (0.08) Diluted $ (0.05) $ (0.08) Weighted-average shares used to compute loss per share attributable to Class A common stockholders: Basic 7,957,031 7,928,742 Diluted 7,957,031 7,928,742 Weighted-average shares used to compute loss per share attributable to Class B common stockholders: Basic 28,748,580 28,748,580 Diluted 28,748,580 28,748,580 Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) For the three months ended March 31, 2024 2023 Cash flows from operating activities: Net loss $ (1,780,458) $ (2,972,597) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Amortization - intangible assets - license, related parties - 695,652 Amortization - intangible assets - other 200 201 Amortization - loan origination fees and debt discounts 47,729 8,911 Accretion - convertible notes 181,754 - Depreciation and amortization - property and equipment 82,338 115,060 Stock-based compensation expense (926,875) 152,595 Interest income from restricted escrow deposit - (9,874) Deferred taxes, net (555,781) - Changes in assets and liabilities: Accounts receivable 17,759,629 (230,885) Accounts receivable - related party (1,085,213) 47,744 Prepaid expenses - related party (1,351,838) (2,500,000) Prepaid expenses and other current assets (1,779,508) (632,240) Prepaid taxes 70,407 - Accounts payable (1,938,654) (1,248,355) Accounts payable - related parties (6,143,374) (377,476) Accrued expenses and other liabilities (461,311) 443,528 Interest receivable - related party (499) (493) Lease liabilities (64,821) (49,411) Deferred revenue 4,723,462 (151,130) Net cash provided by (used in) operating activities 6,777,187 (6,708,770) Cash flows from financing activities: Repayments on promissory note (20,484) (26,503) Repayments on notes payable (2,333,333) (1,666,667) Repayments on convertible notes (269,550) - Repayments on revolving loan (3,000,000) - Purchase of treasury stock - (257,093) Payments of capitalized offering costs - (92,318) Payments of offering costs in accounts payable (262,914) - Net cash used in financing activities (5,886,281) (2,042,581) Effect of currency translation on cash and cash equivalents (19,186) 2,074 Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents 871,720 (8,749,277) Cash and cash equivalents, and restricted cash and cash equivalents - beginning of period 16,314,319 19,238,185 Cash and cash equivalents, and restricted cash and cash equivalents – end of period $ 17,186,039 $ 10,488,908 Supplemental disclosures of cash flow information Cash paid during the period for: Interest $ 171,101 $ 285,672 Income taxes $ 1,871 $ 182,387 Noncash finance activity during the period for: Debt converted to equity $ (60,000) $ -
A12 藝術空間
Snail Games
請先登入後才能發佈新聞。
還不是會員嗎？立即 加入台灣產經新聞網會員 ，使用免費新聞發佈服務。 （服務項目） （投稿規範）
