As has also been demonstrated over the years by Animoca Brands, blockchain game companies often have problems getting their annual financial reports completed and audited.
And that’s likely the reason that Immutable has only now submitted its financials for the period July 2022 to June 2023 to the Australian Securities and Investments Commission.
As reported by the Financial Review reports (paywalled), this states the company booked $27 million in sales with $77 million in costs, resulting in an overall loss of $50 million.
In comparison, the previous year’s FY21/22 financials saw sales of $19 million, $50 million in costs, resulting in a loss of $31 million.
Although not formally submitted, the article also states Immutable had sales in FY23/24 of $43 million. Costs for this period aren’t disclosed, however.
Another piece of information comes from early Immutable investor Australian VC Chris Barter from King River who is quoted by the Financial Review as saying “he expected [Immutable] to be cashflow positive this financial year”, presumably that is FY24/25.
The final significant financial metric is how much cash and liquid crypto Immutable holds. This was stated as being $300 million at the end of FY21/22, $280 million in FY22/23 and $140 million at the end of 2024.
This amount isn’t thought to include Immutable’s own tokens such as IMX, GOG or GOD.
Taken as a whole, the picture painted is of a company which expanded aggressively during the boom years of 2021-22, both in terms of marketing activity and growing headcount. Immutable is thought to have peaked at over 400 staff, but after a couple of redundancy rounds is now down to less than 300.
In terms of operations, it is now growing sales, which rose by 42% and 59% over the past three years. However costs seem to be growing faster, which has resulted in the company spending down its reserves.
With $140 million still in the bank, Immutable’s clearly not in any financial difficulties. But it will have to pay much closer attention to costs as it looks to continue revenue growth, especially in an environment which has seen the marketcap of its IMX token drop from $10 billion to $1 billion in the past 12 months.