Animoca Brands, a Web3 gaming and venture capital firm, has released its first-quarter investor update for 2024, showing impressive year-over-year growth. The company reported it made $90 million in bookings for Q1 2024, a 72% increase from $52 million earned during the same period last year.
While breaking down the bookings, Animoca Brands reported generating $65 million from digital asset advisory services such as token advisory, trading, and blockchain node operations.
Web3 subsidiaries and startup partnerships added $19 million, while investment management accounted for $6 million.
The company’s financial health appears strong with an operating expenses cutback by 14%. In addition, there were also reduced operating costs from $64 million in Q1 2023 to $55 million in Q1 2024 indicating cost control measures put in place along with revenue growth.
Animoca Brands also reported a huge rise in cash and stablecoin assets. By March 31st, 2024, the balance rose from $175 million at the end of December 2023 to $291 million, representing a 66% increase. This increase is largely due to gains on tokens held by The Sandbox, a subsidiary of Animoca Brands.
However, the company clarified that these gains impact cash balances but are not included in core operating income indicated by bookings.
Moreover, The Sandbox continues to perform well. The company was recently valued at $1 billion after raising an additional $20 million in funding. The platform has also reported onboarding over 330,000 unique creators and claims 5.7 million users, measured by linked wallets.
Also Read: Game Developer Animoca Reportedly Eyeing Overseas IPO in 2025
