Warsaw, 16 May 2024. – Cherrypick Games, a NewConnect-listed game developer and publisher, recorded revenues of PLN 896,000 in Q1 2024, with EBITDA of PLN 539,000. The company is focusing on the largest project in its history, a multiplatform game under the working name ‘Papillon’.
“The solid results from last year have given us the comfort to work on a project that excites us all. We have already shown ‘Papillon’ to potential partners and its reception has been very positive. More meetings and a potential decision on the choice of publisher lie ahead of us. We will soon show more footage of the game to the public,” – said CEO Marcin Kwaśnica.
Weaker results than a year ago (recorded revenue was 34.7% lower year-on-year, and net profit amounted to PLN 35 thousand against PLN 913 thousand a year ago) are largely the result of the publishing cycle. Despite this, Cherrypick continues to record positive, solid cash flow from operations – in the first three months of the year it amounted to PLN 633k. At the end of March, the Company had cash of PLN 591k.
During the quarter, the Company also worked on releasing selected games from its portfolio on the Steam platform, as announced. Meanwhile, ‘My Spa Resort’, previously only available on mobile platforms on a free-to-play basis, was released on the Google Play Pass subscription platform. Lower revenues were recorded by the game ‘Kingdoms: Merge & Build’, which, in accordance with its agreement with Apple, is still being developed for a fee.
Earlier this year, the Management Board adopted and presented to the Supervisory Board an update to the Company’s development strategy, which sets priorities for the period 2024-2027. In line with this, the company has expanded its strategy to include the production of premium games for release on multiple hardware platforms, including mobile devices, PCs, and consoles (Nintendo Switch, PlayStation, Xbox).
“Our goal is to produce and release two premium multiplatform games by 2027. ‘Papilllon’ is the first of these and we are already looking forward to sharing the first, larger footage of this production with players.” – emphasised Marcin Kwaśnica.