PlayStudios reports US$28.7 million net loss in FY 2024

Source: PlayStudios

Social slots developer PlayStudios has revealed a US$28.7 million (2023: US$19.4 million) net loss for the full year 2024, alongside a 6.9% decline in revenue from US$310.9 million to US$289.4 million.

A similar pattern played out in the developer’s fourth-quarter results, which showed a US$22.4 million (2023: US$19.9 million) net loss, and a fall in revenue from of US$77.1 million to US$67.8 million.

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Consolidated AEBITDA for the full year dropped from US$62.3 million to US$56.5 million year-on-year, while PlayStudios’ fourth quarter also experienced a decline, decreasing from US$14.7 million to US$12.5 million year-on-year.

The developer highlighted its cost reinvention program in its 2024 operations, which saw a 30% reduction in its workforce, suspension of sub-scale game development, and consolidation of key business functions.

PlayStudios believes this will result in annual cost savings of between US$25 million to US$30 million.

Andrew Pascal, Chairman and Chief Executive of PlayStudios, said, “2024 closed with revenue and consolidated AEBITDA in line with guidance despite continued industry pressures. More importantly, we’re entering 2025 with a more structured, cost-efficient business model geared towards growth and shareholder returns.

“With the “Reinvention” program largely behind us, our focus is now on growing our two new business initiatives, sweepstakes and a new Tetris title. I’m pleased with the progress we’re making on both fronts and believe these businesses can start contributing to our consolidated results this year.”

The company has forecast full year 2025 consolidated net revenue will range between $250 and $270 million, while 2025 consolidated adjusted EBITDA is expected to range between $45 and $55 million.