Firebyte Games is the first games developer for mobile devices listed on Bucharest Stock Exchange
Firebyte Games is the first games developer for mobile devices listed on Bucharest Stock Exchange (BVB), on the AeRO market. The shares of Firebyte Games will be traded, as of April 6, under the ticker FRB.
Radu Hanga, Chairman of the Board, BVB, said: ”Globally, the video game industry is an extremely dynamic industry that exceeded $ 160 billion by the end of 2020 and the current context is not likely to slow its growth. We are proud that starting today we also have this industry represented at BVB. The listing of Firebyte Games and the round of financing carried out by the company, but also the involvement of BRK Financial Group in the shareholding and development of the company proves once again that the capital market is the right place for dynamic companies that want to grow”.
Ovidiu Stegaru, founder and CEO, Firebyte Games: ”Right from the start, the company has set a bold medium- and long- term goal of becoming an important and globally recognized gaming studio, both in the area of developing and publishing games for mobile devices, and the decision to list the company on Bucharest Stock Exchange was the most appropriate so that our objectives could be achieved in the shortest possible time. The interest shown by investors in the private placement delights me and makes me responsible at the same time. For the next 12 months, the company intends to expand its development teams engaged in share-revenue partnerships by increasing their number from 6 to 20 today (and increasing the staff from 25 to over 100 employees and collaborators), but we are considering developing and publish casual games on our own”.
In February 2021, Firebyte Games carried out a private placement through which it attracted RON 4.9 million RON from investors on the capital market, money that will be used in approximately equal proportions, to expand the development activity for the business line “revenue- share” and for the development of Casual games for mobile devices, to be published later in own regime.
Firebyte Games was established in December 2017 by the CEO Ovidiu Stegaru, as a company specialized in the development of games for mobile devices. The company’s activity takes place in a very dynamic and competitive environment given that access to the global market is quite easy. The financial support of the company was provided by BRK Financial Group and Adrian Andrici.
The first project conceived, planned, organized, and developed by the company was the strategy game Castle Siege: War of Legends, whose development extended throughout 2018 and in the first part of 2019.
During the three years of activity, the company has developed 45 games or prototypes of games for mobile devices, most of them being Hypercasual type within the “revenue-share” type partnerships.
Last year, the company recorded revenues of RON 1.5mn, slightly below the level of 2019 (RON 1.6mn), and a net profit of RON 336,000, compared to RON 243,000 in 2018. As it enters the stage of accelerated growth, Firebyte Games revenues are estimated to increase from RON 11.7mn in 2021 to RON 38.6mn at the end of 2025. The net profit is estimated to advance from RON 1.3mn in 2021 to RON 9,1mn by the end of 2025.
Firebyte Games has a share capital of RON 3.5mn, divided into 35.2 million shares, with a nominal value of RON 0.1/ share.