Written by Dante Uzel on 18 November 2024 15:08
Enthusiast Gaming Holdings (TSX: EGLX), , announced its financial results for the third quarter of 2024.The company reported revenue of $16.8 million for Q3 2024, a decrease from $45.6 million in the same period last year. This decline was primarily attributed to the strategic deprioritization of low-margin video platform revenue. Despite the revenue drop, Enthusiast Gaming posted a gross profit of $11.8 million, reflecting an expansion in gross margin to 70.3% from 36.7% in Q3 2023.
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According to release, operating expenses were significantly reduced, falling to $12.7 million from $25.0 million in the prior year.The company also reported a positive Adjusted EBITDA of $0.1 million, a $3.6 million improvement compared to a loss of $3.5 million in Q3 2023. While Enthusiast Gaming still reported a net loss of $7.3 million for the quarter, this marked a substantial improvement from the $57.2 million loss reported in the same quarter last year. The company attributed its improved performance to its efforts to optimize operations, reduce costs, and focus on higher-margin business segments.
Tags: Enthusiast Gaming
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