Nexters reports record high Q1 revenue

Video game development firm Nexters, headquartered in Limassol, reached record-breaking quarterly revenues of $126 mln, growing 45% year-over-year and record high quarterly net profit of $23 mln.

According to the company’s unaudited financial and operational results for Q1 2022, Nexters cash flow generated from operating activities equals $18 mln.

Earlier this year, Nexters entered agreements to acquire three gaming companies amounting to $100 mln, namely Cubic Games, RJ Games, and Royal Ark, which placed Nexters at number 9 in the world’s top 15 largest strategic investors according to InvestGame.

Nexters also announced changes to the board of directors where Ivan Tavrin will leave his position of chairman.

From August 28, he will not be involved in the company’s corporate governance — the Board of Directors will vote to elect a new chair.

Three new independent directors will join the board: Tal Shoham (over 10 years of business development and marketing experience at Supersonic, ironSource, and Huuuge Games), Marie Holive (ex-CFO and Managing Director at General Electric and Comcast NBCUniversal) and Olga Loskutova (former Managing Director at Nestle and SABMiller, now VP Product & Brand Marketing at Whirlpool).

Nexters expects the strong international multi-industry background of new independent directors will contribute to further growth.

Hit games like Hero Wars, Throne Rush, and others have reached over 200 million installs worldwide.

With a team of over 850 game developers, Nesters became one of Europe’s top five independent mobile game companies.