DFNN, INC. saw a wider attributable net loss of P631.04 million for 2024 compared to P125.81 million in 2023, primarily due to “heightened competition,” the listed gaming technology provider said on Monday.
Revenue dropped by 40.5% to P584.23 million from P981.29 million in 2023, DFNN said in a regulatory filing.
Gross income fell by 48.2% to P256.09 million while loss before interest, taxes, depreciation, and amortization stood at P404.8 million.
“As the number of remote gaming platform providers grew five-fold from the previous year, revenue was affected amid heightened competition,” DFNN said.
“As DFNN laid the groundwork for long-term recovery and innovation through strategic launches and partnerships, 2024 proved to be another challenging year as broader industry headwinds continue to heighten competitive pressure, further adding to operational costs as competition to gain and retain market share escalates,” it added.
For this year, DFNN is confident that its resources and initiatives would lead to a growth trajectory even though the company’s revenue base has yet to fully rebound.
The company is also increasing the footprint of its land-based gaming sites, online gaming platforms, as well as game offerings with more localized content to attract and retain customers.
“DFNN’s decision to avoid debt exposure, continued investments in artificial intelligence technology platforms and solutions as well as community-based platforms has placed it in a position of readiness as the gaming and fintech landscapes continue to evolve,” it said.
“This strategic pivot paired with its legacy strength in regulated gaming systems, signals a more resilient and diversified path forward,” it added.
DFNN recently partnered with the Philippine Charity Sweepstakes Office to launch the LottoMatik system, a portable point-of-sale device that simplifies the process of buying lotto tickets.
The company is targeting to deploy 120,000 terminals of its new LottoMatik platform.
On Monday, DFNN shares rose by 10.62% or 24 centavos to P2.50 per share. — Revin Mikhael D. Ochave
