Patch update: Coda hits refresh as revenue lags in 2024

“A brand built for the future” – this is what Coda said it wanted to be when it rebranded in November 2024.

As part of this brand refresh, the Singapore-based startup must move beyond its past. Founded in 2014, the company is aiming to go beyond its core businesses of payments and gaming, expanding into providing commerce solutions for businesses.

Coda’s CFO Abhi Sharma (left) and CEO Shane Happach / Photo credit: Coda’s LinkedIn page

Indeed, Coda, whose business includes facilitating transactions for digital content and gaming, already dipped its toes into this sector in 2023 with the launch of Custom Commerce.

The solution lets game publishers run their own web stores and sell direct to consumer. According to its website, the solution is available in over 65 markets.

Coda’s other services include Coda Pay, a payment service with over 400 global payment methods supported, as well as Coda Shop, a marketplace for in-game currency and other gaming-related digital content. However, it is unclear from the company’s financials what contributes most to its topline.

But as the company’s audited financial statement for 2024 shows, some bumps on the road led to this refresh.

Vouching for vouchers

Coda narrowed its losses in 2024, inching back to its 2022 profitability.

However, it also faced pressures on its top line and saw a significant downturn in operational cash flow.

The company reported a 1% revenue dip in the same year. This came amid a 19% increase in voucher code sales and a 21% decrease in monetization of digital content.

Coda generates voucher sales from purchases of gaming codes on its platform, primarily for mobile titles. For its content business, game publishers generally handle the delivery of digital media, with Coda acting as an agent that earns revenue from commissions.

The company works with over 300 publisher partners, including those behind games like Mobile Legends, PUBG, and Genshin Impact.

With the growth in voucher sales, Coda also posted a 25% increase in spending on digital inventory in 2024.

But as the startup also reduced total expenses that year by around 8%, it reported a 23% improvement in its loss before income tax.

Global gaming