Similar to the crew here, I thought they had a good quarter....

Similar to the crew here, I thought they had a good quarter.

Original post for this is on my substack.

Strong cash receipts led to one of the companies’ first cashflow positive quarters. This was mostly fortunate timing though, but still good to see. Here are high level numbers they gave:

• Revenue of $9.3m (DecQ: $10.0m, pcp: $5.4m*, +73%)

• Record Original IP revenue of $5.0m (DecQ: $3.1m, pcp: $2.6m*, +95%)

• Work for Hire revenue of $4.3m (DecQ: $6.9m, pcp: $2.8m, +53%)

• Cash receipts of $11.5m

• Net operating cash inflow of $1.7m

• Net cash increased to $31.2m (DecQ: $29.8m) FY23

• revenue guidance $35m+

They removed last year’s $8.4m NFT revenue from the compares so as not to blur the picture. Doing this is a risky trick, because casual observers won’t see figures of 70% growth when they load up the 4E full year results, but growth in the 20%-30% range. Still, I would consider this a good achievement considering the slight pivot in strategy.

The commendable thing with Playside is that they seem to keep finding ways to get lucky, and because it keeps happening, it can’t be labeled as luck anymore, there’s got to be something about the war of art behind this, and good leadership too. This quarter's story was Dumb Ways to Die’s surprising viral resurgence on TikTok. What started off as a fun video became more than half the quarter’s revenue.

Work for Hire continues to power ahead, with leadership stating “To confirm, despite the quarterly revenue decline there has been no change in the number of projects or scope of projects we worked on during the period, and the overall trajectory for this division remains positive.”

They seem to have plenty of irons in the fire, with the latest on this a new VR co-development partnership with Skydance, announced this week.

Playside is one to watch in my opinion, they’ve always got a card up their sleeves. I wonder what surprise they will have for us between now and the end of the financial year.