Mighty Kingdom (ASX: $MKL) Q2 FY24 Activities Update

Mighty Kingdom Limited (ASX: $MKL) has released its Quarterly Activities Update and Appendix 4C for the December 2023 Quarter, reporting a 58% year-on-year increase in game revenue, a 12% reduction in operating costs compared to the prior quarter, and the conclusion of the Strategic Review process with a signed Letter of Intent.

Executive Commentary on Q2 FY24 Performance and Strategic Initiatives

The Company reported a significant 58% increase in game revenue compared to the previous year, attributed to ongoing delivery and contract extensions with key partners. The 12% reduction in operating costs compared to the prior quarter and a 37% reduction compared to the same quarter last year demonstrate the Company's commitment to long-term sustainability. The conclusion of the Strategic Review process with a signed Letter of Intent signifies a transformative shift towards a high-growth, profitable gaming studio, with proposed new board members bringing significant direct mobile gaming experience from prominent companies in the Australia and South East Asia gaming/tech sector. The Company's future vision focuses on comprehensive transformation, financial security, immediate shareholder support, and strategic partnerships, paving the way for sustained growth and shareholder return.

Summary of Mighty Kingdom's Q2 FY24 Performance and Outlook

Mighty Kingdom (ASX: $MKL) has demonstrated strong performance in Q2 FY24, with a 58% increase in game revenue and a 12% reduction in operating costs compared to the prior quarter. The conclusion of the Strategic Review process with a signed Letter of Intent signifies a transformative shift towards a high-growth, profitable gaming studio, with proposed new board members bringing significant direct mobile gaming experience. The Company's path towards a sustainable business model continues to evolve, with a focus on cutting costs and building revenue via contract extensions. The Company's future outlook is aimed at sustained growth, financial security, and immediate shareholder support, aligning with its ambitions of becoming a leading player in the gaming industry.