Snail, Inc. Reports Second Quarter 2024 Financial Results
Snail, Inc. (NASDAQ: SNAL) reported Q2 2024 financial results, showing significant growth. Net revenue increased to $21.6 million, up from $9.9 million in Q2 2023. The company achieved a net income of $2.3 million, compared to a net loss of $4.1 million in the same period last year. Bookings rose to $22.9 million from $9.3 million, primarily due to the success of ARK: Survival Ascended and new releases. EBITDA improved to $3.1 million from a loss of $4.8 million in Q2 2023. The ARK franchise continues to perform well, with ARK: Survival Ascended selling approximately 2.5 million units since launch and maintaining strong daily active user numbers.
Snail, Inc. (NASDAQ: SNAL) ha pubblicato i risultati finanziari del secondo trimestre del 2024, evidenziando una crescita significativa. Il fatturato netto è aumentato a 21,6 milioni di dollari, rispetto ai 9,9 milioni del Q2 2023. L'azienda ha ottenuto un utile netto di 2,3 milioni di dollari, rispetto a una perdita netta di 4,1 milioni nello stesso periodo dell'anno precedente. Le prenotazioni sono salite a 22,9 milioni di dollari rispetto ai 9,3 milioni, principalmente grazie al successo di ARK: Survival Ascended e a nuove uscite. L’EBITDA è migliorato a 3,1 milioni di dollari, rispetto a una perdita di 4,8 milioni nel Q2 2023. Il franchising di ARK continua a performare bene, con ARK: Survival Ascended che ha venduto circa 2,5 milioni di unità dalla sua uscita, mantenendo un forte numero di utenti attivi giornalieri.
Snail, Inc. (NASDAQ: SNAL) reportó los resultados financieros del segundo trimestre de 2024, mostrando un crecimiento significativo. Los ingresos netos aumentaron a 21,6 millones de dólares, subiendo desde 9,9 millones en el Q2 de 2023. La compañía logró un ingreso neto de 2,3 millones de dólares, en comparación con una pérdida neta de 4,1 millones en el mismo período del año pasado. Las reservas aumentaron a 22,9 millones de dólares desde 9,3 millones, principalmente debido al éxito de ARK: Survival Ascended y nuevos lanzamientos. El EBITDA mejoró a 3,1 millones de dólares desde una pérdida de 4,8 millones en el Q2 de 2023. La franquicia de ARK sigue teniendo un buen desempeño, con ARK: Survival Ascended vendiendo aproximadamente 2,5 millones de unidades desde su lanzamiento, y manteniendo un fuerte número de usuarios activos diarios.
Snail, Inc. (NASDAQ: SNAL)는 2024년 2분기 재무 실적을 발표하며 중요한 성장을 보여주었습니다. 순수익이 2,160만 달러로 증가했으며, 이는 2023년 2분기의 990만 달러에서 증가한 것입니다. 회사는 작년 같은 기간의 410만 달러 순손실에 비해 순이익 230만 달러를 기록했습니다. 주문량은 930만 달러에서 2,290만 달러로 증가했으며, 이는 주로 ARK: Survival Ascended의 성공과 신규 출시 덕분입니다. EBITDA는 2023년 2분기 480만 달러 손실에서 310만 달러로 개선되었습니다. ARK 프랜차이즈는 계속해서 좋은 성과를 내고 있으며, ARK: Survival Ascended는 출시 이후 약 250만 유닛이 판매되었고, 강력한 일일 활성 사용자 수를 유지하고 있습니다.
Snail, Inc. (NASDAQ: SNAL) a publié les résultats financiers du deuxième trimestre 2024, montrant une croissance significative. Le chiffre d'affaires net a augmenté à 21,6 millions de dollars, contre 9,9 millions au Q2 2023. L'entreprise a réalisé un bénéfice net de 2,3 millions de dollars, contre une perte nette de 4,1 millions pendant la même période l'année dernière. Les réservations ont augmenté à 22,9 millions de dollars, contre 9,3 millions, principalement grâce au succès d'ARK: Survival Ascended et à de nouvelles sorties. L'EBITDA s'est amélioré à 3,1 millions de dollars, après une perte de 4,8 millions au Q2 2023. La franchise ARK continue d'avoir de bonnes performances, avec ARK: Survival Ascended vendant environ 2,5 millions d'unités depuis son lancement et maintenant un fort nombre d'utilisateurs actifs quotidiens.
Snail, Inc. (NASDAQ: SNAL) hat die finanziellen Ergebnisse des zweiten Quartals 2024 veröffentlicht und dabei ein signifikantes Wachstum gezeigt. Der Nettoumsatz stieg auf 21,6 Millionen Dollar, im Vergleich zu 9,9 Millionen im Q2 2023. Das Unternehmen erzielte einen Nettoertrag von 2,3 Millionen Dollar, verglichen mit einem Nettoverlust von 4,1 Millionen im gleichen Zeitraum des Vorjahres. Die Buchungen stiegen auf 22,9 Millionen Dollar, von 9,3 Millionen, hauptsächlich aufgrund des Erfolgs von ARK: Survival Ascended und neuen Veröffentlichungen. EBITDA verbesserte sich auf 3,1 Millionen Dollar, nach einem Verlust von 4,8 Millionen im Q2 2023. Die ARK-Franchise bleibt weiterhin erfolgreich, da ARK: Survival Ascended seit der Markteinführung etwa 2,5 Millionen Einheiten verkauft hat und eine starke tägliche Nutzerzahl aufrechterhält.
- Net revenue increased by 118% year-over-year to $21.6 million
- Achieved net income of $2.3 million, compared to a net loss of $4.1 million in Q2 2023
- Bookings grew by 146% to $22.9 million
- EBITDA improved to $3.1 million from a loss of $4.8 million in Q2 2023
- ARK: Survival Ascended sold approximately 2.5 million units since launch
- ARK franchise daily active users declined to 218,241 from 240,522 in Q2 2023
- ARK Mobile sales decreased by $0.3 million
Insights
Snail's Q2 2024 results show significant improvement, with net revenue increasing 118% year-over-year to
Bookings, a key metric for game companies, surged
However, investors should note the
Snail's strategic focus on the ARK franchise is paying off, with ARK: Survival Ascended driving significant growth. The game's cross-platform modding system is a key differentiator, fostering community engagement and extending the game's lifecycle. The launch of new content, including the Bellwright game and ARK DLCs, demonstrates Snail's commitment to diversifying its portfolio while leveraging its core IP.
The 161-hour average playtime for ARK players is exceptionally high for the industry, indicating strong player retention. However, the slight decline in daily active users suggests Snail needs to balance between monetizing its existing player base and attracting new users.
The success of premium mods, like the Power Rangers collaboration, opens up new revenue streams and could be a model for future partnerships. As Snail expands its game offerings, maintaining this balance between innovation and leveraging existing IPs will be important for sustained growth.
CULVER CITY, Calif., Aug. 13, 2024 (GLOBE NEWSWIRE) -- 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 second quarter ended June 30, 2024.
Tony Tian, Co-Chief Executive Officer commented, “I’m honored to lead Snail alongside an amazing team as we continue to build upon the company’s incredible legacy of innovation and creativity. Our unwavering passion for delivering exceptional gaming experiences, as showcased by the phenomenal launch of ARK: Survival Ascended, will continue to propel Snail to future successes and victories. Looking ahead, we are excited to expand the reach of our premium mods and introduce new content that will delight our growing community of players worldwide.”
Second Quarter 2024 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 six months ended June 30, 2024, ARK: Survival Evolved and ARK: Survival Ascended combined for an average total of 218,241 and 213,690 daily active users (“DAUs”) on the Steam and Epic platforms, respectively, as compared to 240,522 and 258,235 in the three and six months ended June 30, 2023, respectively.
- Through June 30, 2024, our ARK franchise game has been played for 3.7 billion hours with an average playing time per user of 161 hours and with the top
21.1% of all players spending over 100 hours in the game, according to data from the Steam platform. - Since its launch, ARK: Survival Ascended sold approximately 2.5 million units and has an average of 108,515 daily active users (“DAUs”) with a peak of 307,875 DAUs.
- ARK: Survival Evolved averaged a total of approximately 131,927 DAUs and sold approximately 0.5 million units in the second quarter of 2024.
- In the second quarter of 2024, the Company successfully launched Bellwright, a medieval survival game, Bob’s Tall Tales DLC for ARK: Survival Ascended and the Power Rangers premium mod for ARK: Survival Ascended . Furthermore, a full-size DLC expansion, Scorched Earth, was made available to all ARK: Survival Ascended owners.
Net revenue for the three months ended June 30, 2024 was
Net income for the three months ended June 30, 2024 was
Bookings for the three months ended June 30, 2024 was
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the three months ended June 30, 2024 was
As of June 30, 2024, unrestricted cash was
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 revenue, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure.
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (in millions) | (in millions) | |||||||||||||||
| Total net revenue | $ | 21.6 | $ | 9.9 | $ | 35.7 | $ | 23.4 | ||||||||
| Change in deferred net revenue | 1.3 | (0.6 | ) | 6.7 | (0.8 | ) | ||||||||||
| Bookings | $ | 22.9 | $ | 9.3 | $ | 42.4 | $ | 22.6 | ||||||||
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 June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (in millions) | (in millions) | |||||||||||||||
| Net income (loss) | $ | 2.3 | $ | (4.1 | ) | $ | 0.5 | $ | (7.1 | ) | ||||||
| Interest income and interest income – related parties | (0.1 | ) | - | (0.2 | ) | (0.1 | ) | |||||||||
| Interest expense and interest expense – related parties | 0.2 | 0.3 | 0.6 | 0.6 | ||||||||||||
| Provision for (benefit from) income taxes | 0.6 | (1.1 | ) | 0.1 | (1.9 | ) | ||||||||||
| Depreciation and amortization expense | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
| EBITDA | $ | 3.1 | $ | (4.8 | ) | $ | 1.2 | $ | (8.3 | ) | ||||||
Webcast Details
The Company will host a webcast at 4:30 PM ET today to discuss the second 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) | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 15,494,156 | $ | 15,198,123 | ||||
| Accounts receivable, net of allowances for credit losses of | 8,212,318 | 25,134,808 | ||||||
| Accounts receivable - related party | 2,690,306 | - | ||||||
| Loan and interest receivable - related party | 104,751 | 103,753 | ||||||
| Prepaid expenses - related party | 4,151,547 | 6,044,404 | ||||||
| Prepaid expenses and other current assets | 1,290,375 | 639,693 | ||||||
| Prepaid taxes | 9,640,169 | 9,529,755 | ||||||
| Total current assets | 41,583,622 | 56,650,536 | ||||||
| Restricted cash and cash equivalents | 1,118,437 | 1,116,196 | ||||||
| Accounts receivable - related party, net of current portion | 4,500,592 | 7,500,592 | ||||||
| Prepaid expenses - related party, net of current portion | 11,209,590 | 7,784,062 | ||||||
| Property and equipment, net | 4,519,174 | 4,682,066 | ||||||
| Intangible assets, net - other | 271,316 | 271,717 | ||||||
| Deferred income taxes | 10,187,267 | 10,247,500 | ||||||
| Other noncurrent assets | 166,303 | 164,170 | ||||||
| Operating lease right-of-use assets, net | 1,831,269 | 2,440,690 | ||||||
| Total assets | $ | 75,387,570 | $ | 90,857,529 | ||||
| LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 5,021,234 | $ | 12,102,929 | ||||
| Accounts payable - related parties | 16,742,358 | 23,094,436 | ||||||
| Accrued expenses and other liabilities | 2,166,996 | 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 | 2,771,040 | 2,811,923 | ||||||
| Current portion of deferred revenue | 21,451,307 | 19,252,628 | ||||||
| Current portion of operating lease liabilities | 1,575,578 | 1,505,034 | ||||||
| Total current liabilities | 53,256,283 | 71,312,607 | ||||||
| Accrued expenses | 254,731 | 254,731 | ||||||
| Deferred revenue, net of current portion | 18,866,375 | 15,064,078 | ||||||
| Operating lease liabilities, net of current portion | 615,887 | 1,425,494 | ||||||
| Total liabilities | 72,993,276 | 88,056,910 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ Equity: | ||||||||
| Class A common stock, | 936 | 927 | ||||||
| Class B common stock, | 2,875 | 2,875 | ||||||
| Additional paid-in capital | 25,319,673 | 26,171,575 | ||||||
| Due from shareholder - loan receivable | - | - | ||||||
| Due from shareholder - interest receivable | - | - | ||||||
| Accumulated other comprehensive loss | (282,973 | ) | (254,383 | ) | ||||
| Accumulated deficit | (13,472,503 | ) | (13,949,325 | ) | ||||
| Treasury stock at cost (1,350,275 as of June 30, 2024 and December 31, 2023) | (3,671,806 | ) | (3,671,806 | ) | ||||
| Total Snail, Inc. equity | 7,896,202 | 8,299,863 | ||||||
| Noncontrolling interests | (5,501,908 | ) | (5,499,244 | ) | ||||
| Total stockholders’ equity | 2,394,294 | 2,800,619 | ||||||
| Total liabilities, noncontrolling interests and stockholders’ equity | $ | 75,387,570 | $ | 90,857,529 | ||||
| Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) | ||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues, net | $ | 21,606,650 | $ | 9,892,253 | $ | 35,722,379 | $ | 23,350,741 | ||||||||
| Cost of revenues | 13,504,174 | 9,335,765 | 25,545,872 | 20,196,702 | ||||||||||||
| Gross profit | 8,102,476 | 556,488 | 10,176,507 | 3,154,039 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| General and administrative | 2,795,884 | 3,937,234 | 5,077,924 | 8,462,985 | ||||||||||||
| Research and development | 1,860,881 | 1,200,842 | 3,637,403 | 2,574,639 | ||||||||||||
| Advertising and marketing | 694,195 | 168,292 | 835,225 | 272,841 | ||||||||||||
| Depreciation and amortization | 80,554 | 118,110 | 162,892 | 233,170 | ||||||||||||
| Total operating expenses | 5,431,514 | 5,424,478 | 9,713,444 | 11,543,635 | ||||||||||||
| Income (loss) from operations | 2,670,962 | (4,867,990 | ) | 463,063 | (8,389,596 | ) | ||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 64,790 | 19,791 | 164,552 | 51,264 | ||||||||||||
| Interest income - related parties | 498 | 499 | 997 | 992 | ||||||||||||
| Interest expense | (142,301 | ) | (296,237 | ) | (538,265 | ) | (590,820 | ) | ||||||||
| Other income | 244,527 | - | 471,593 | 8,175 | ||||||||||||
| Foreign currency transaction gain (loss) | 5,652 | (21,845 | ) | 23,780 | (24,212 | ) | ||||||||||
| Total other income (expense), net | 173,166 | (297,792 | ) | 122,657 | (554,601 | ) | ||||||||||
| Income (loss) before benefit from income taxes | 2,844,128 | (5,165,782 | ) | 585,720 | (8,944,197 | ) | ||||||||||
| Provision for (benefit from) income taxes | 589,512 | (1,081,887 | ) | 111,562 | (1,887,705 | ) | ||||||||||
| Net income (loss) | 2,254,616 | (4,083,895 | ) | 474,158 | (7,056,492 | ) | ||||||||||
| Net loss attributable to non-controlling interests | (1,535 | ) | (4,464 | ) | (2,664 | ) | (5,683 | ) | ||||||||
| Net income (loss) attributable to Snail, Inc. | $ | 2,256,151 | $ | (4,079,431 | ) | $ | 476,822 | $ | (7,050,809 | ) | ||||||
| Comprehensive income (loss) statement: | ||||||||||||||||
| Net income (loss) | $ | 2,254,616 | $ | (4,083,895 | ) | $ | 474,158 | $ | (7,056,492 | ) | ||||||
| Other comprehensive income (loss) related to currency translation adjustments, net of tax | (9,293 | ) | 18,707 | (28,590 | ) | 21,027 | ||||||||||
| Total comprehensive income (loss) | $ | 2,245,323 | $ | (4,065,188 | ) | $ | 445,568 | $ | (7,035,465 | ) | ||||||
| Net income (loss) attributable to Class A common stockholders: | ||||||||||||||||
| Basic | $ | 489,379 | $ | (879,665 | ) | $ | 103,656 | $ | (1,522,005 | ) | ||||||
| Diluted | $ | 463,249 | $ | (879,665 | ) | $ | 79,116 | $ | (1,522,005 | ) | ||||||
| Net income (loss) attributable to Class B common stockholders: | ||||||||||||||||
| Basic | $ | 1,766,772 | $ | (3,199,766 | ) | $ | 373,166 | $ | (5,528,804 | ) | ||||||
| Diluted | $ | 1,673,031 | $ | (3,199,766 | ) | $ | 284,821 | $ | (5,528,804 | ) | ||||||
| Net income (loss) per share attributable to Class A common stockholders: | ||||||||||||||||
| Basic | $ | 0.06 | $ | (0.11 | ) | $ | 0.01 | $ | (0.19 | ) | ||||||
| Diluted | $ | 0.06 | $ | (0.11 | ) | $ | 0.01 | $ | (0.19 | ) | ||||||
| Net income (loss) per share attributable to Class B common stockholders: | ||||||||||||||||
| Basic | $ | 0.06 | $ | (0.11 | ) | $ | 0.01 | $ | (0.19 | ) | ||||||
| Diluted | $ | 0.06 | $ | (0.11 | ) | $ | 0.01 | $ | (0.19 | ) | ||||||
| Weighted-average shares used to compute income (loss) per share attributable to Class A common stockholders: | ||||||||||||||||
| Basic | 8,013,634 | 7,901,145 | 7,985,631 | 7,914,096 | ||||||||||||
| Diluted | 8,196,329 | 7,901,145 | 8,225,025 | 7,914,096 | ||||||||||||
| 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 six months ended June 30, | 2024 | 2023 | ||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | 474,158 | $ | (7,056,492 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||
| Amortization - intangible assets - license, related parties | - | 1,057,971 | ||||||
| Amortization - intangible assets - other | 401 | 402 | ||||||
| Amortization - loan origination fees and debt discounts | 57,632 | 20,726 | ||||||
| Accretion - convertible notes | 222,628 | - | ||||||
| Depreciation and amortization - property and equipment | 162,892 | 233,170 | ||||||
| Stock-based compensation expense | (911,893 | ) | 385,365 | |||||
| Interest income from restricted escrow deposit | - | (21,389 | ) | |||||
| Deferred taxes, net | 60,233 | (1,887,705 | ) | |||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | 16,922,490 | 1,794,458 | ||||||
| Accounts receivable - related party | 309,694 | (389,042 | ) | |||||
| Prepaid expenses - related party | (1,532,672 | ) | (2,500,000 | ) | ||||
| Prepaid expenses and other current assets | (650,682 | ) | 234,940 | |||||
| Prepaid taxes | (110,414 | ) | - | |||||
| Other noncurrent assets | - | (2,903 | ) | |||||
| Accounts payable | (6,818,781 | ) | (701,488 | ) | ||||
| Accounts payable - related parties | (6,352,078 | ) | (307,052 | ) | ||||
| Accrued expenses and other liabilities | (720,197 | ) | 1,131,886 | |||||
| Interest receivable - related party | (997 | ) | (992 | ) | ||||
| Lease liabilities | (129,642 | ) | (98,822 | ) | ||||
| Deferred revenue | 6,000,976 | (765,599 | ) | |||||
| Net cash provided by (used in) operating activities | 6,983,748 | (8,872,566 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Repayments on promissory note | (40,883 | ) | (46,517 | ) | ||||
| Repayments on notes payable | (2,333,333 | ) | (2,916,666 | ) | ||||
| Repayments on convertible notes | (1,020,000 | ) | - | |||||
| Repayments on revolving loan | (3,000,000 | ) | (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 | (6,657,130 | ) | (6,312,594 | ) | ||||
| Effect of currency translation on cash and cash equivalents | (28,344 | ) | 21,095 | |||||
| Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents | 298,274 | (15,164,065 | ) | |||||
| 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 | $ | 16,612,593 | $ | 4,074,120 | ||||
| Supplemental disclosures of cash flow information | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 305,825 | $ | 568,908 | ||||
| Income taxes | $ | 161,671 | $ | 270,802 | ||||
| Noncash finance activity during the period for: | ||||||||
| Debt converted to equity | $ | (60,000 | ) | $ | - | |||
| Refund of dividend withholding tax overpayment | $ | - | $ | 1,886,559 | ||||
FAQ
What was Snail Inc's (SNAL) net revenue for Q2 2024?
How many units of ARK: Survival Ascended has Snail Inc (SNAL) sold since launch?
What was Snail Inc's (SNAL) EBITDA for Q2 2024?
How much were Snail Inc's (SNAL) bookings for Q2 2024?
