- App developer, KuuHubb (TSXV:KUU) has posted its third quarter and nine month financial reports
- The company posted a revenue result of approximately C$2.43 million for the three months, alongside revenues for the nine months of approximately $6.05 million
- The three-month period had a loss of approximately $1.69 million, down from approximately $5.3 million in the previous year
- The sales and marketing costs for nine months were approximately $4.31 million, primarily due to the company developing and promoting its Recolor and My Hospital app
- KuuHubb (KUU) is down three per cent and is trading at $0.26 per share
App developer, KuuHubb (TSXV:KUU) has posted its third quarter and nine month financial reports.
The company is in mobile phone game development and specifically targets female audiences.
Third quarter revenue was approximately C$2.43 million and the adjusted earnings for the three months was a loss of approximately $1.81 million.
The three-month period saw a net loss of approximately $1.69 million, compared to a net loss of approximately $5.3 million for the same period from 2019.
The revenue result for the nine months was approximately $6.05 million, alongside an adjusted EBITDA for the nine months of approximately $3.55 million.
The sales and marketing costs for nine month period were approximately $4.31 million, and the company primarily put these expenses down to promoting its Recolor and My Hospital apps.
Jouni Keranen, the CEO of Kuuhubb said the first generation of apps in the company’s portfolio have continued to stabilise after a period of decline.
“”Our second generation match-3 games are progressing with the final polishing, fine-tuning, balancing and overall optimisation typical to the soft launch phase in the mobile games industry.
“We are looking forward to delivering their full global commercialisation and the expansion of in-app purchase features across both IOS and Android platforms through the end of this calendar year.
“While COVID-19 has brought increased uncertainty globally, we believe Kuuhubb is well positioned to continue executing its strategy of female-focused games and apps and eventually returning to rapid growth,” he said.
KuuHubb (KUU) is down three per cent and is trading at $0.26 per share at 12:22 pm EDT.
