A few months after the IPO, the American publishing house Devolver Digital released the first financial results.
After a crazy 2020 despite the health crisis, established independent nugget finder Devolver Digital now has to be held publicly accountable for 2021 after its IPO thanks to several investors like Sony Interactive Entertainment.
- Solid growth in normalized revenue to USD 98.2 million, up 38% year-on-year.
- Growth in 2021 is driven by strong catalog sales and the successful launch of eight new games.
- Rapid growth in normalized adjusted EBITDA to $25.7 million, up 63% year-on-year.
- Constantly improving margins
- Gross profit increased up to 40%
- Normalized Adjusted EBITDA margin increased to 26%
- Higher margins reflect strong back catalog revenues and improved new titles.
- Strong balance sheet to support growth strategy
- Net cash of $86.2 million at the end of the year following a successful IPO in November 2021 and strong domestic cash generation.
- The sale of publishing rights to Fall Guys further solidified the balance sheet.
New life for a public company Devolver Digital
“2021 has been a special year for Devolver Digital, culminating in our IPO in November. I would like to thank our talented people and the unique culture they have built over the past 13 years. Thanks to our culture, many of the most creative developers trust us to publish their games,” said Harry Miller, Executive Chairman of Devolver Digital. “It also explains our ability to recruit the most qualified and dedicated people to our team.
I’m thrilled that this has found recognition in the industry with Devolver’s many awards and nominations, including Publisher of the Year 2021, as well as prestigious awards given to games like Loop Hero, Inscryption, and Death’s Door.”Douglas Morin, President and CEO of Devolver Digital, adds: “We have had an exceptional year. Congratulations to the team, developers and our partners. We have a healthy and diverse portfolio in terms of titles, developers, platforms and geography for 2022 and beyond. We have good momentum, a clear and proven strategy and an exceptional team with a unique culture. Together, these elements underpin our confidence in making further progress in 2022.”