Firebyte Games wants to change the management structure of the company

The shareholders of the video game producer Firebyte Games (FRB) were summoned, for November 28, for the revocation of the members of the Board of Directors and the election of a single administrator, with a four-year mandate, according to a company report published yesterday on the website of the Bucharest Stock Exchange (BVB).

The Firebyte Board is composed of the president Grigore Chiş, director of development within BRK Financial Group; Adrian Danciu, general manager of SAI Broker, a company controlled by BRK and Mihai Cristian Alexa, who also works within SAI Broker.

For the first six months of this year, the games maker had a loss of 0.8 million lei, lower than that of the first six months of 2023 of 0.9 million lei, while operating income fell massively , with 95%. "This steep drop was caused by the impossibility of obtaining new contracts and the non-registration of income from ongoing production, which derives from the capitalization of the development costs of our own games, which in the previous year contributed significantly to operating income, respectively 79.7% in the first half of 2023", the company's report on the results of the first half of the year states.

Last year, Firebyte had operating income of around 2.2 million lei, down 66% and a loss of 1.8 million lei, compared to a profit of almost 1.2 million lei in 2022.

According to the company, the results reflect the change in business strategy with an orientation towards the development of its own products as well as the negative impact of the difficult macroeconomic context that the gaming industry is going through from the end of 2022. At the end of last year, the company had five employees and collaborators, of 27 in December 2022, according to the annual report.

Firebyte Games was listed on the AeRO Market of the Bucharest Stock Exchange in April 2021, after a private placement, which gave the game producer a valuation of 19.7 million lei. But the share price on the stock exchange only went down, so that yesterday the capitalization of the company amounted to 3.71 million lei.