05:27 PM EDT, 04/01/2024 (MT Newswires) -- East Side Games Group ( EAGRF ) on Monday financial results for the fourth quarter and year ended Dec. 31, 2023.

The company said the fourth-quarter was the most profitable in its history and the fifth consecutive quarter exceeding $2.5 million in adjusted EBITDA. In the fourth quarter, the company achieved revenue of $20.6 million and adjusted EBITDA of $4.5 million, reflecting a 22% margin.

"2023 was a difficult year for mobile games and for the tech industry as a whole. It was a year that saw more than two hundred thousand jobs eliminated, hundreds of companies failing, and billions in market cap evaporating," said Jason Bailey, CEO of ESGG, in a statement. "Moving forward to 2024, we are seeing markets recover, opportunities present themselves again and the industry quickly recovering."

The company's shares closed up C$0.04 to C$0.67 on the Toronto Stock Exchange.