iCandy Interactive Limited (ASX:ICI) Announces Q4 2024 Results
Financial Performance
iCandy Interactive Limited (ASX:ICI) reported a 105% increase in net cash flow for the quarter ended 31 December 2024 compared to the previous year. Additionally, the company’s expenses decreased by 22.39% for the year, demonstrating improved operational efficiency.
Operational Achievements
During the quarter, Lemon Sky Studios, a subsidiary of iCandy, appointed Mark Meyers as Strategic Advisor to enhance its North American presence and pursue strategic IP acquisitions for video game co-development. The mobile games development studio, Appxplore, achieved strong market response with over 1.5 million pre-registrations for the upcoming release of Snaky Cat on 5 February 2025. Furthermore, CryptantCrab Prime maintained its position within the top 10 games on Arbitrum.
zkCandy and Funding
zkCandy, iCandy’s Layer 2 Ethereum scaling blockchain network, successfully created over 2.4 million wallets during its open-testnet phase. The network secured US$4 million in seed funding, supporting the development of its technology and the expansion of its partner network. The mainnet launch is scheduled for the first half of 2025.
Legal Proceedings
Lemon Sky Studios has initiated legal action against former CEO Cheng Fei Wong and former COO Ka King Foong for breaches of fiduciary duties and trust. The company has established a new leadership structure to maintain its business operations and uphold service excellence standards.
Future Outlook
iCandy anticipates a promising year in 2025, leveraging its recent achievements and strategic initiatives to drive sustainable growth and enhance shareholder value.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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