Mobile games publisher Glu Mobile has reported its financial results for Q3 2012, revealing that its revenues rose 25.4% year-on-year to $21.3m for the quarter.

The company isn’t yet profitable, although its losses narrowed from $6.2m to $3.6m in the same period.

Glu broke down those revenues a bit, announcing that it made $18.4m from smartphone games in Q3, up 91% year-on-year. Glu made $16.5m from freemium elements to its games: in-app purchases, ads and offers.

It wasn’t all good news in Q3 though, as CEO Niccolo de Masi explained in Glu’s earnings call. “We are disappointed with the super majority of releases from our newer studios in Q3,” he said, bluntly.

“While new title launches were well received by consumers and critics and downloaded well organically, they exhibited weak average revenue per daily active user.”

Bright spots included Eternity Warriors 2 (pictured), which generated $2m of revenues for Glu during the quarter despite being released in mid-August, and Blood and Glory Legends, which was available for the last month of Q3, making $800k in revenues.

Overall, in September Glu had 3.8m daily active users (DAUs) and 37.7m monthly active users (MAUs).