Playmaker Capital Q2 2023 report: Gross profit increases by 65%

Updated:2024-03-30 08:41    Views:169

Playmaker Capital has released its financial report for the second quarter of the year, boasting $12.6m in revenue, an increase of 53% from the previous year's Q2 on a pro forma basis; the revenue also reflects an 89% increase year-on-year (non-pro forma). 

The company made an adjusted EBITDA (including its corporate segment) of $2.2m, an increase of 34% on a pro forma basis over Q2 2022. Gross profit also increased by 65% to $10.4m.

The graph displays Playmaker Capital's gross profit from Q2 2022 - Q2 2023; a short dip from the previous quarter, but an increase year-on-year.

Accounts payable also halved from $3.4m to $1.7m and total liabilities decreased from $76.4m to $67.5m. Alongside this, accrued expenses and other current liabilities decreased 26% from $4.3m to $3.2m.

Despite a large revenue and gross profit increase, it was a mixed back of costs increasing and decreasing across the board. Operating loss increased from $0.5m to $0.9m year-on-year and accounts receivable dropped 49% to $6.5m. 

"We are in a strong financial position to continue executing on our strategy as we head into the second half of 2023 and beyond" - Mike Cooke, CFO of Playmaker

Furthermore, cash equivalents also decreased from $11.4m to $9.7m; the value of total current assets also dropped from $23.4m to $17.3m,slots total assets also dropped from $130.8m to $120.3m and total current liabilities increased 13% from $23.3m to $26.3m.

Playmaker Capital’s current portion of long-term debt increased from $416,667 to $1.7m and consideration payable also increased from 49% to $17.6m. The company also saw salary and wages rise to $5.2m, a 63% increase from the second quarter of 2022.

Total operating expenses rose by 65% from $6.8m to $11.2m, with listing and filing fees going up a whopping 576% year-on-year to $627,155.

Mike Cooke, CFO of Playmaker added: “Though Q2 falls during a quiet period in the sporting calendar, we are very excited to have delivered another quarter of strong top-line growth. 

“Meanwhile, our consistent focus on profitability is reflected in continued growth in adjusted EBITDA. 

"With $9.7m of cash at quarter-end and $20m of available credit – including $10m in a new credit facility closed subsequent to quarter-end – we are in a strong financial position to continue executing on our strategy as we head into the second half of 2023 and beyond.”

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