NIP Group Inc. announced its unaudited financial results for the first half of 2024 on November 25, 2024, reporting total net revenues of US$39.3 million, a 2.0% increase from US$38.6 million in the same period of 2023. The company's event production net revenues demonstrated significant growth, increasing by 376.5% year-over-year.
The company's net loss for the first half of 2024 narrowed by 59% to US$4.7 million, compared to a net loss of US$11.3 million in the first half of 2023. Gross profit for the period was US$2.4 million, with a gross margin of 6.0%, a slight increase from 5.9% in the prior year. Adjusted EBITDA remained negative at US$2.6 million, a marginal improvement from negative US$2.7 million in the first half of 2023.
NIP Group's selling and marketing expenses decreased by 26.7% to US$2.8 million, while general and administrative expenses decreased by 56.6% to US$4.7 million, primarily due to a decline in share-based compensation expenses. As of June 30, 2024, the company held cash and cash equivalents of US$6.8 million. Management highlighted strategic shifts towards game publishing, talent management upgrades, and sports-themed hospitality services, alongside expansion into the Middle East market.
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