Fragbite Group loses $4.9M in first half of 2022

Swedish gaming and esports company Fragbite Group has shared its financial results for the first half of the year.

Brass tacks: These results cover January to June.

• Revenue of $10.6M (SEK 108.9M) for the half.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss of $178K (SEK 1.9M).
• Net loss after tax of $4.9M (SEK 52.5M).

The company: It's listed on the Nasdaq First North Growth Market in Stockholm.

• Fragbite Group describes itself as a "digital gaming entertainment group" and has around 60 employees.
• It has a couple of game studios and an esports media company aptly named Fragbite. It acquired Netherlands-based studio Lucky Kat for $7.8M on January 3.
• It solidified Marcus Teilman, its former Deputy CEO and Head of Mergers and Acquisitions, as its President and CEO on May 25.
• "I believe that the second quarter is acceptable, but that we can perform significantly better," said Teilman about the company's financial performance. "I therefore expect a gradual improvement in results in the coming quarters."