OnMobile Reports Positive Fourth Quarter of Fiscal Year 2023 Results

* Challenges Arena: Growth momentum continued; revenue grew 22x since its launch and 66 cumulative customer agreements by Q4FY23

OnMobile Global Limited (“OnMobile”), the global leader in mobile entertainment, today announced the financial results for the Fourth quarter and Full year FY23 ended March 31, 2023.

Highlights:

Challenges Arena: Revenue increased by 178% on a YoY basis and grew 22x over the last 8 quarters

Challenges Arena: 66 cumulative customer confirmations and 42 customers live as on Q4FY23

Challenges Arena: 17.56 Mn gross subscribers as on Q4FY23

Challenges Arena: The Net active base remained stable at 3.1 Mn at the end of Q4FY23

ONMO B2B: 19 Customers confirmed (4 live). Revenue grew 2x QoQ

FY23 revenues at INR 5,490 Mn, up by 0.9%; Gross profit at INR 2,780 Mn, a growth of 6.3% YoY basis

Q4FY23 revenues at INR 1,345 Mn, up by 1.0%; Gross profit stood at INR 702 Mn, a growth of 10.9% YoY basis

In Q4FY23 Marketing cost grew by 8.5% QoQ and 45.3% YoY primarily due to investments in new launches

In Q4FY23 Manpower cost decreased by 3.7% QoQ

Commenting on Q4FY23 results, Sanjay Baweja, CEO & MD, OnMobile, said, “We recognize that this has not been a good quarter for us, having said that, we have optimized our resources and are scaling up our new products which will reflect in good revenue growth in the current year with much higher profitability. We have launched our first-ever SaaS-based gamification platform ‘Gamize’ to diversify our portfolio. Our focused execution and ongoing efforts to digitize our core B2B business positions us well to achieve the goal of developing cutting-edge mobile solutions.”

Asheesh Chatterjee, Global Group CFO, said, “Our Q4 FY23 revenues are up by 1% and gross profit is up by 10.9% on year-on-year basis. Overall profitability declined due to one-time severance cost which will contribute to higher profitability and efficiency in the coming months. Gaming vertical constitutes 12% of FY23 gross revenues. CA and ONMO are going as per plan and we are poised for further growth in the upcoming quarters.”