Comment from CEO Henrik Nel Jerkrot:

"The first quarter of 2023 has been a continued strong quarter for MindArk where we reach a revenue record for the Q1 period for the third year in a row. Although some of the company's resources are committed to the work on the graphics engine migration, user activity in Entropia Universe has increased by 15%. This speaks to our team's ability to create exciting content for our users that keeps them engaged. The company remains well-capitalized at the end of the period and enters Q2 with a strong balance sheet."

Reporting period

The report covers the period January 1 - March 31, 2023.

January 1 – March 31, 2023

Group figures. Comparative figures in parentheses refer to the same period last year.

• Turnover amounted to 26.5 MSEK (21.9 MSEK).
• Work in progress amounted to 7.7 MSEK (6 MSEK).
• Operating profit amounted to 4.2 MSEK (4.7 MSEK).
• Profit before tax amounted to 4.5 MSEK (3 MSEK).
• Cash & cash equivalents including short-term investments 37.1 MSEK.
• No interest-bearing liabilities.
• Provision for unspent user funds 47.4 MSEK.

Significant events during Q1

• Insurance compensation of 4.75 million SEK related to the dispute with David Storey paid January 2023.
• The company performed a 1:5 reverse split in January 2023, resulting in a change in the number of outstanding shares from 157,623,125 to 31,524,625.
• Listing on Spotlight Stock Market on January 27, 2023.

Significant events after the end of the reporting period

• The company's employee foundation has acquired 82,883 MindArk shares.
• A new board was elected at the company's annual general meeting.
• MindArk appoints Pareto Securities as liquidity provider for the Company’s share.

Financial reports 

The Company's financial statements, including the forthcoming report, are available on the Company's website, www.mindark.se/investor-relations/financial-reports/. It is available in a Swedish and an English version.

Financial calendar

Interim report Q2 2023 August 28, 2023

Interim report Q3 2023 October 25, 2023

This disclosure contains information that Mindark PE AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 25-05-2023 08:00 CET.

For more information, please contact

Henrik Nel Jerkrot

CEO, MindArk PE AB (publ)

hennel@mindark.com

Tel: 031 607 260

About MindArk

MindArk PE AB (publ) (“the Company” or “MindArk”) develops and operates Entropia Universe, the world's first MMORPG (Massive Multiplayer Online Role-playing Game) with a “Real-Cash-Economy”, and Entropia Platform. Entropia Universe is a virtual universe consisting of a number of planets with different themes and activities. The software is provided globally and free of charge with the possibility to spend money in the virtual universe for anyone with access to PC and the internet. Entropia Universe consists of a digital economy where resources, materials, land, and buildings are represented as digital assets with an underlying base value. Entropia Platform is the technology platform that powers Entropia Universe. The platform is shared with partners who develop their own unique game content for their planets in Entropia Universe.