Blockchain game developer Immutable, known for games such as Gods Unchained and Guild of Guardians, has improved its performance after posting a $50 million loss for 2023, the Australian Financial Review reported, citing recent reports from the firm.
Immutable’s 2023 financial results showed a large loss, which the company attributed to a difficult cryptocurrency market, global regulation, and high marketing costs. However, the blockchain game developer is optimistic about the future.
In comments to the Australian Financial Review, a spokesperson for the firm said Immutable is now performing much better, adding that the firm’s revenue for the 2024 financial year has already exceeded $110 million, up 50% from the previous year.
The sharp increase in revenue came after Immutable launched its own second-layer network, Immutable zkEVM, which was developed in partnership with Polygon Labs. Immutable is also investing in the Web3 gaming sector, launching a $100 million fund to support game developers.
In March 2022, Immutable raised $200 million in a Series C funding round led by Singapore’s state-owned investment company Temasek, valuing it at $2.5 billion. Other investors in the funding included Mirae Asset, ParaFi Capital, Declaration Partners, and Tencent Holdings.
In late February 2025, Immutable co-founder Robbie Ferguson shared that several gaming companies valued at over $1 billion are set to launch tokens. This comes amid a surge in online gaming activity. According to DappRadar’s gaming report published on February 13, the number of daily active wallets in blockchain games exceeded 7 million in January 2025, up 386% from the previous year.
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