Join our daily newsletter At The Bell to receive exclusive market insights
- Mobile gaming developers iCandy (ICI) has reported its highest cash receipts ever from one quarter
- The company saw its cash receipts jump 274 per cent to $1.3 million from $475,000 in the prior quarter
- Notably, the cash receipts in the December quarter alone is also 18 per cent higher than the cash receipts of the combined first three quarters of 2020
- iCandy says the huge growth was from the launch of its highly anticipated new game Masketeers: Idle Has Fallen
- The company had nearly $12 million in cash and cash equivalents at the end of the December quarter
- On the market today, iCandy is up 1.92 per cent and trading at 13.3 cents per share
iCandy Interactive (ICI) has reported its highest cash receipts ever from one quarter.
The company saw its cash receipts jump 274 per cent to $1.3 million from $475,000 in the prior quarter.
Notably, the cash receipts during the December quarter alone is also 18 per cent higher than the cash receipts of the combined first three quarters of 2020.
iCandy says the huge growth was from the launch of its highly anticipated new game, Masketeers: Idle Has Fallen. The game has already proven to be a major winner, making $1 million in revenue in just two months since its release.
Over the last quarter, iCandy spent $314,000 on operating activities and ended the period with just over $11.8 million in the bank.
To continue this trend, the mobile gaming developer has begun several other initiatives, which includes launching Masketeers on Samsung Galaxy Store, a partnership with Ohayoo and a joint venture with Lemon Sky Studios.
Launching Masketeers on Samsung Galaxy Store
To further distribute iCandy’s mobile games, the company has launched Masketeers on the Samsung Galaxy Store in the United States.
The Samsung store has a strong presence in North America, which makes its key market for iCandy.
Importantly, since launching, the company has seen strong growth in user number and downloads.
Partnership with Ohayoo
Just before Christmas, iCandy launched in China after signing an agreement with a major mobile casual game publisher Ohayoo.
Under the agreement, Ohayoo will publish and market Masketeers and, more recently, its other mobile game, Rocky Rampage.
According to MarketingToChina, China recorded over US$36.5 billion (around A$47 billion) in gaming revenue in 2019, putting it just behind the United States as the world’s largest gaming market.
Lemon Sky Studios
Earlier this month, iCandy and its joint venture partner, Lemon Sky Studios, announced they were going to create a new company known as Sky Candy in Malaysia.
The idea for the new business was conceived last year when both companies agreed to set up a new joint venture game studio company (JV-Co).
The entity will develop 3D mobile games with platform potential and AAA quality.
ICI had nearly $12 million in cash and cash equivalents at the end of the December quarter.
On the market today, iCandy is up 1.92 per cent and trading at 13.3 cents per share at 12:29 pm AEDT.
