Animoca Brands Reports 72% Surge in Q1 2024 Bookings

Animoca Brands
Animoca Brands Reports 72% Surge in Q1 2024 Bookings

YEREVAN (CoinChapter.com) — Animoca Brands reports its first-quarter investor update on July 10, highlighting a notable increase in bookings. The Web3 gaming and venture capital firm reported $90 million in bookings for Q1 2024, marking a 72% rise from $52 million in Q1 2023.

Breaking down the numbers, Animoca Brands reports earning $65 million from digital asset advisory, including token advisory, trading, and blockchain node operations. Additionally, $19 million came from its Web3 subsidiaries and startup partnerships, while investment management contributed another $6 million.

Animoca Brands Q1 2024 Financials Highlight"
Source: Abel Congreve
Animoca Brands Q1 2024 Financials Highlight. Source: Abel Congreve

Animoca Brands Cuts Costs and Boosts Assets in Q1 2024

The company managed to reduce operating costs by 14%. It reported $55 million in operating expenses for Q1 2024, down from $64 million in Q1 2023. This reduction helped improve the company’s financial position.

Animoca Brands Q1 2024 Financial Highlights"
Source: Animoca Brands Financial Report
Animoca Brands Q1 2024 Financial Highlights. Source: Animoca Brands Financial Report

Despite these expenses, Animoca Brands saw its total “cash and stablecoin assets” rise by 66%. Balances increased from $175 million on December 31, 2023, to $291 million on March 31, 2024. These gains resulted from token transactions in The Sandbox, a controlled subsidiary. The company noted,

“The gains from these transactions impact company cash balances but are not included in core operating income represented by bookings.”

Animoca Brands Eyes Return to Australian Securities Exchange in 2025

Animoca Brands is preparing for a potential reentry into the Australian Securities Exchange in 2025. The company previously delisted its stock in 2020 amid regulatory uncertainty. As reported in June 2024, the firm is considering its return to the market.

The strong financial performance and strategic management indicate readiness for this move. The significant increase in bookings and reduction in costs reflect solid business decisions.

The Sandbox Thrives with $1 Billion Valuation and 5.7 Million Users

The Sandbox, a subsidiary of Animoca Brands, continues to perform well despite the 2022 market downturn. Recently, it raised $20 million, achieving a valuation of $1 billion. This subsidiary has also onboarded over 330,000 unique creators.

The Sandbox now boasts 5.7 million users, as measured by linked wallets. These users have created or participated in more than 1,000 experiences on the platform. This growth highlights the platform’s appeal and potential for continued expansion.

Animoca Brands’ first-quarter performance showcases its strengths in digital asset advisory and cost management. The company’s strategic decisions and financial results position it well for future opportunities.

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