Animoca Brands Reports 72% Increase in Bookings, Eyes Return to Australian Securities Exchange in 2025

Animoca Brands reports its first-quarter investor update on July 10, highlighting a notable increase in bookings.

Web3 gaming and venture capital firm Animoca Brands (ASX: AB1) has reported a strong first-quarter performance, with a notable increase in bookings.

CoinChapter reports that the company's total bookings for Q1 2024 reached $90 million, a 72% increase from $52 million in Q1 2023.

Breaking down the bookings, Animoca Brands earned $65 million from digital asset advisory, which includes token advisory, trading, and blockchain node operations. A further $19 million was generated by its Web3 subsidiaries and startup partnerships, while investment management contributed an additional $6 million.

Animoca Brands also managed to reduce its operating costs by 14%. The company reported $55 million in operating expenses for Q1 2024, down from $64 million in Q1 2023.

This reduction in costs helped improve Animoca Brands' financial position. The company's total “cash and stablecoin assets” increased by 66% during the quarter.

Balances rose from $175 million on December 31, 2023, to $291 million on March 31, 2024. These gains were primarily driven by token transactions in The Sandbox, a controlled subsidiary.

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

Animoca Brands is now preparing for a potential return to the Australian Securities Exchange in 2025. The company previously delisted its stock in 2020 amid regulatory uncertainty.

However, 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 by Animoca Brands.

Meanwhile, Animoca Brands subsidiary The Sandbox continues to perform well despite the 2022 market downturn. The company recently raised $20 million at a valuation of $1 billion.

The Web3 platform has also onboarded over 330,000 unique creators to date. Notably, The Sandbox now has 5.7 million users, based on linked wallets. These users have created or participated in more than 1,000 experiences on the platform.

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