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PLAYSTUDIOS Inc. (MYPS-6.80%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, with net revenue of $289.4 million, a decrease from $310.9 million in the previous year. This decline is attributed to a reduction in virtual currency revenue.
Operating expenses for the year were $322.3 million, slightly up from $321.4 million in the prior year, leading to an operating loss of $32.9 million compared to a loss of $10.5 million the previous year.
Net loss for the year was reported at $28.7 million, a significant increase from the $19.4 million loss reported in the previous year. The net loss margin increased to 9.9% from 6.2%.
The playGAMES segment reported revenue of $289.4 million, down from $306.7 million in the prior year, primarily due to a decrease in virtual currency sales.
Revenue from the playAWARDS segment was $62,000, a sharp decline from $4.2 million in the previous year, due to the non-renewal of a licensing arrangement.
The company reported a decrease in daily active users, monthly active users, and daily paying users, contributing to the decline in revenue.
PLAYSTUDIOS continues to focus on its loyalty program, playAWARDS, which allows players to earn real-world rewards. However, the segment reported a loss of $13.7 million.
The company recorded restructuring expenses of $25.7 million, primarily due to management restructuring and severance costs.
PLAYSTUDIOS ended the year with $109.2 million in cash and cash equivalents, and no outstanding borrowings under its credit agreement.
The company anticipates further investments in game development and its loyalty program to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PLAYSTUDIOS Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.