Cherrypick Games, a video game producer and publisher listed on the NewConnect market, recorded more than 0.55 million PLN in net income in the fourth quarter of this year. In 2024, the company’s cumulative revenue exceeded 2.1 million PLN. The board decided to charge financial results with one-off, non-cash impairment allowances in the amount of 14.6 million PLN during the reporting period. This is the result of a change in the company’s business strategy. The team is currently focusing on the development of three games: Project Q, Angst and Sniper at Work.
As part of their adopted accounting policy, Cherrypick Games wrote off the value of the expenditures on mobile projects that are no longer being developed or used in current productions.
– With the decision to move away from free-to-play games in favor of premium production for PC and consoles, we decided to write off the value of mobile projects whose assets are not applicable in the new strategy. This is a one-time, non-cash operation that doesn’t affect the company’s current financial liquidity – says Marcin Kwaśnica, CEO of Cherrypick Games.
The change in the business model, initiated over a year ago, allowed the company to focus on developing premium games. Currently, Cherrypick Games is working on three projects with high market potential: Project Q – created in cooperation with Frozen District, Angst: A Tale of Survival – for which the company plans to acquire a partner/publisher, and Sniper at Work – a title in the early stage of analysis.
– We are currently focused on refining Angst and the intensive development of Project Q. Sniper at Work has a well-developing wishlist and we see great potential in it – adds Marcin Kwaśnica.
The fourth quarter of 2024 was a period of intensive work on new business collaborations for the company, which – in the opinion of the board – may translate into further growth. Cherrypick Games aims to systematically release premium games and build strong IP brands.
– A year has passed since we changed our strategy, today I can confirm that it was a good decision. Sniper at Work is enjoying growing interest, Angst is in an advanced stage of production, and in addition we signed an interesting cooperation agreement on project Q. We believe that our actions will bring tangible financial results and lead to long-term growth in value for shareholders– adds Marcin Kwaśnica.
Source: https://managerplus.pl/cherrypick-games-21-mln-zl-przychodow-w-2024-roku-i-nowa-strategia-biznesowa-50548
