DoubleDown Interactive, a leading developer and publisher of digital games on mobile and web-based platforms, today announced unaudited financial results for the second quarter ended June 30, 2024.

Revenue increased to $88.2 million in the second quarter of 2024 from $75.2 million in the second quarter of 2023. SuprNation, a European iGaming operator (“SuprNation”) which was acquired by the Company on October 31, 2023, generated total revenue of $7.9 million in the second quarter of 2024. Revenue exclusive of the contributions from SuprNation increased 7% to $80.3 million.

Operating expenses increased to $52.0 million in the second quarter of 2024 from $47.7 million in the second quarter of 2023, primarily due to the second quarter 2024 inclusion of operating expenses related to SuprNation, partially offset by lower sales and marketing and research and development expenses.

Net income increased to $33.3 million, or earnings per fully diluted common share of $13.39 ($0.67 per American Depositary Share (“ADS”)), in the second quarter of 2024, from net income of $24.4 million, or earnings per fully diluted common share of $9.83 ($0.49 per ADS), in the second quarter of 2023. Such increase was primarily due to higher revenue and lower overall sales and marketing and research and development expenses, partially offset by higher general and administrative expense which included new expenses for SuprNation. Each ADS represents 0.05 share of a common share.

Adjusted EBITDA increased to $37.0 million for the second quarter of 2024 from $27.6 million in the second quarter of 2023. Adjusted EBITDA margin increased to 41.9% in the second quarter of 2024 from 36.7% in the second quarter of 2023.

“We continued to drive strong growth across our business in the 2024 second quarter, with consolidated revenue rising 17% to $88.2 million and adjusted EBITDA increasing 34% to $37.0 million,” said In Keuk Kim, Chief Executive Officer of DoubleDown. “Revenue for our social casino business rose 7% compared to the same period in 2023, the third consecutive quarter of year-over-year growth, as we believe we continue to gain industry share. The recent introduction of new meta features in our flagship app, DoubleDown Casino, continues to help drive strong improvements in player engagement and monetization, as evidenced by ARPDAU and average revenue per payer rising year over year by 27% and 23%, respectively. Impressively, these metrics were both up on a quarterly sequential basis despite the historical seasonality in our business.

“Our SuprNation iGaming operations also had another solid quarter as 2024 second quarter revenue of $7.9 million was well above the estimated quarterly run rate the business was generating prior to our acquisition. We continue to fine-tune our go-to-market strategies for growing SuprNation’s topline while remaining focused on ensuring our near-term marketing and player engagement strategies will result in sustainable mid- and long-term profitable revenue and cash flow contributions.

“Our disciplined approach to user acquisition and R&D spend delivers strong quarterly Adjusted EBITDA margins and free cash flow. As a result, we continue to improve our already strong financial position as we ended the second quarter with an aggregate net cash position of approximately $303 million, or approximately $6.12 per ADS. Going forward, our focus will remain on prudently driving further increases in player monetization to deliver consistent free cash flow generation while simultaneously evaluating both organic and M&A focused growth opportunities to leverage our significant financial strength in order to further grow our top and bottom lines and create new value for our shareholders.”