World Chess (CHSS) Reports Financial Results for FY24: Growth in Revenue and Profitability Amid Strategic Developments
World Chess Reports Strong Financial Progress for FY24 Amid Strategic Developments
London, UK – [Date] – World Chess (CHSS), the London-based chess gaming and entertainment company, has announced its financial results for the fiscal year ending December 31, 2024, showcasing a promising trajectory in both revenue and operational efficiency.
The company reported annual revenues of €2.43 million, a modest increase from €2.34 million in FY23. Notably, CHSS narrowed its net loss before tax significantly to €3.84 million, down from €4.67 million the previous year. The highlight of the financial report was a remarkable fivefold increase in gross profit, which surged to €889,000 from just €179,000 in FY23. This leap in profitability is attributed to CHSS’s strategic shift towards higher-margin digital offerings and enhanced operational efficiencies.
A key milestone for CHSS was the announcement of the World Chess Tour (WCT) in October 2024, a global series of tournaments modeled after the ATP tennis tour. This initiative aims to elevate the profile of chess, featuring the sport’s biggest stars and a prize pool of approximately US$1 million. The WCT is expected to attract significant attention, with around 60 global broadcast partners lined up to showcase live events, online platforms, and televised matches.
In addition to tournament developments, CHSS made strides in product enhancement with a major overhaul of the FIDE Online Arena, the official gaming platform of the International Chess Federation, which CHSS operates under an exclusive license. The redesigned platform, launched in May 2024, is set to play a pivotal role in the upcoming World Chess Tour.
On the financial front, CHSS secured a €6 million loan facility in December 2024, aimed at refinancing existing short-term debt and supporting near-term growth initiatives. Additionally, a €1.2 million subscription agreement with Blitz Intelligence FZCO, a gaming technology consultancy, was finalized in September 2024, further bolstering the company’s financial position.
The company also extended its partnership with Algorand in September 2024, continuing to integrate blockchain technology into its gaming ecosystem, which is expected to enhance user experience and security.
According to industry analysts, CHSS’s exclusive license for the FIDE Online Arena provides a significant competitive edge, allowing for rapid expansion in a global chess market valued at US$2.5 billion in 2023, projected to grow to $3.8 billion by 2032. This growth is fueled by rising interest in chess, particularly following the success of pop culture phenomena like The Queen’s Gambit.
As CHSS continues to innovate and expand its offerings, the company is well-positioned for sustained growth and long-term financial stability. The recent financial results and strategic initiatives underscore CHSS’s commitment to becoming the premier platform for elite online chess tournaments.
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