Sea (SE) Garena Quarterly Active Users

Number of active users on Garena’s gaming platform each quarter, indicating engagement levels and the potential for game-related sales and advertising revenue. User trends are closely tied to hit titles and retention efforts, so declines can warn of weakening monetization ahead.

After a post-2021 slump, Garena’s active-user base reversed in mid‑2023 and has largely recovered into 2024–early‑2026, creating the user momentum that underpins recent record bookings and outsized adjusted EBITDA. That alignment suggests Sea is successfully converting re‑engaged users via hit content and collaborations (Free Fire, Arena of Valor), boosting monetization per user; however user counts still show seasonal dips, so sustaining growth depends on continued content cadence and targeted marketing amid broader capital-allocation tradeoffs.