Glu Mobile reports its first quarterly report as a public company, and the financials are promising.
Glu Mobile Inc. (GLUU), a mobile games developer who announced a licensing partnership with Warner Bros. yesterday, released its first financial results as a public company for the first financial quarter, which ended March 31, 2007. Glu reported consolidated revenue of $15.7 million, an increase of 94 percent from the same time period during 2006. Although Glu scored a net loss in the first quarter of 2007 of $764,000, it's an impressive cut from the $3.5 million lost in 2006's first quarter. Expectations for next quarter include revenue increases up to $16.7 million and net losses limited within the $10 and $15 million range.
Glu's top ten titles accounted for approximately 57 percent of the revenue. The average revenue per top ten title was $890,000, an increase of 89 percent compared to $472,000 in the first quarter of last year. New titles released during this quarter included Project Gotham Racing Mobile, Centipede and Brain Genius.
Expectations for next quarter include revenue increases up to $16.7 million and net losses limited within the $10 and $15 million range.
Greg Ballard, Glu's Chief Executive Officer, commented on the spectacular results. "We enter the public markets coming off a strong first quarter, and our world-class licensing partnerships and solid distribution network of carriers continue to drive our momentum. As rapid growth of next generation handsets and advanced networks propel consumer adoption, we believe our position as the industry's largest truly independent mobile publisher will allow us to further our lineup of award-winning games that reach the more than one billion mobile subscribers around the world served by our more than 150 wireless carriers and other distributors."
Chief Financial Officer Rocky Pimentel added, "We delivered a solid performance in our first quarter completed as a public company. We believe we are at the forefront of a large opportunity in the mobile gaming market, and with our balance sheet significantly bolstered by the proceeds from our IPO, we are well-positioned to drive forward with our long term growth strategy to build the world's leading mobile games company."
Shares of GLUU closed at $12.19 today, up 6.09 percent for the day.