MultiMetaVerse Holdings Limited Announces 2023 Unaudited Half Year Financial Results

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NEW YORK and SHANGHAI, Dec. 19, 2023 /PRNewswire/ -- MultiMetaVerse Holdings Limited ("MMV" or the "Company", collectively with its subsidiaries and consolidated variable interest entities, the "Group") (NASDAQ: MMV), an animation and entertainment company for young consumers in China, today announced its unaudited 2023 half year financial results.

2023 Half Year Highlights:

  • Business combination among Model Performance Acquisition Corp., the Company, Model Performance Mini Sub Corp. and MultiMetaVerse Inc. (the "Business Combination"), pursuant to the terms of the merger agreement dated as of August 6, 2021, was consummated on January 4, 2023.

  • Total net revenues were US$5.5 million, representing a decrease of 31% compared to that of the same period in 2022.

  • Net loss attributable to shareholders of the Company was US$23.8 million, compared to US$4.8 million for the same period in 2022.

  • Adjusted EBITDA was negative US$4.2 million, compared to negative US$1.8 million of net adjusted EBITDA for the same period in 2022.

"Affected by the overall decrease of consumer demand in China in the industry, and in particular, the spending of young consumers making up the majority of our fan base, we have seen a decrease in net revenues and a larger loss from operations." said Mr. Yiran Xu, chairman and chief executive officer of the Company. "Despite of this, we delivered remarkable animation and entertainment contents to the market. We launched a major game update, titled Project A, which secured 1.6 million new users up to June 2023 with limited marketing expenses, and earned a rating of 4.8 out of 5.0 on iOS app store. We completed the production of a new series, Aotu Academy Season 3, in this period which earned a rating of 9.4 out of 10.0 on Bilibili when subsequently published in September 2023. With various quality contents distributed, our fan base and social media followers continue to grow; the number of followers on the top two short video platforms in China, namely Douyin and Kuaishou, increased from 5.3 million to 5.8 million in the first half of 2023. In addition, we experienced revenue growth in other business segments of our operation, such as game cinematic animation production services and brand licensing. To manage the Company's operating loss, we also have streamlined our work force for efficiency, and we believe we will realize these economic benefits in the second half of the year."

2023 Half Year Financial Results

Total net revenues. Total net revenues were US$5.5 million, representing a decrease of 31% compared to that of the same period in 2022.