Improbable, the UK-based virtual worlds technology company, has announced its first-ever profitable year. After posting losses of £129 million in 2020 and £152 million in 2021, the company adopted a more targeted operating model in 2022, which helped boost revenues and narrow losses to just £19 million. Now with 2023 results filed at Companies House, Improbable reported a profit of £11 million, with revenues rising 37% to a total of £66 million, excluding one-time items.
The company also ended 2023 with a solid cash position of £185 million and successful exits from its initial ventures, including the gaming division Multiplayer Group and its defense and national security business. Improbable has now positioned itself at the forefront of addressing scale in traditional cloud computing as well as the development of emerging technologies for the metaverse, blockchain, and AI.
The company’s MSquared metaverse platform has brought in many external content developers in early access mode, and tens of metaverse projects are being regularly tested with consumers. Improbable has adopted a “venture builder” model, which has proven to be optimal for achieving adoption by experimenting with various use cases.
“A decade ago, we embarked on the challenging yet immensely rewarding journey of focusing on distributed systems for virtual worlds,” said Herman Narula, founder and CEO. “Over this period, we have honed our expertise in bringing complex technology products to market, seeded and grown businesses, and developed proprietary technology with significant barriers to entry.”
Improbable continues to advance the case for the metaverse through strategic investments in both large partnerships and startups. “Our ambition is to shape the future, and our experience provides us with unique insights to do so,” Narula added.
Improbable’s achievement is significant as they have not only managed to turn around their financial performance but also remained committed to innovation and development in emerging technologies, especially in the metaverse area.
