Digital advertising and game company Azerion has released its annual report, showcasing the company’s performance over the year.

Revenue for 2022 stood at 452.6 million euros, an increase of almost 150 million euros compared to 308.1 million in 2021, suggesting that the company managed to avoid the industry trend of decline which epitomised financial performance in 2022. However, the company saw notable losses, with personnel costs almost doubling from 55.1 million euros to 107.2 million, while costs of services and materials climbed almost 100 million euros from 187.2 million to 286.3 million. As such, the company recorded significant operating losses of 139 million euros, compared to a small profit of 8.4 million euros in 2021.

Mixed results

The company also reported a 1.1 million euro loss in net finance, however this is a significantly smaller deficit than the 26.6 million reported in 2021.

Despite these losses, the company pulled ahead in other areas. The company’s current assets are worth 638.5 million euros, compared to 463.7 million in 2021, representing a year-on-year increase of 174.8 million.

Tidal equity for the company stood at 96.2 million, compared to -6.9 million in 2021. Share premium grew significantly from just 500,000 euros to 130.8 million in 2022, while shareholder equity climbed from -8.6 million euros to 104.8 million euros over the same period.

“2022 will go down in the Azerion history books as a milestone year,” said co-founder and co-CEO Umit Akpinar. “We listed on the stock market, delivered on our financial targets, broadened our products and services portfolio and reached even larger and more diversified audiences. Every year we witness larger online audiences fuelling the digital advertising market. We began as a game company and have evolved to a platform that connects content creators and audiences through advertisement.

“Using the online game industry as a bridge into the digital world, we have gained a strong understanding of how internet users behave online and have applied these learnings in non-game content, as we progressively grow our footprint in the digital advertisement world. As we continue to grow our platform, innovate and expand our technology, we become an increasingly valuable one-stop-shop for advertisers worldwide.”

In January, Azerion signed a two-year partnership with Bidstack to bolster its ad reach.