Written by Dante Uzel on 16 August 2024 22:34
Source: GameSquare Esports
GameSquare Holdings revealed its Q2 2024 financial reports.
The company reported a revenue of $28.6 million, a significant increase from $11.4 million in the previous period. Gross profit also saw an improvement, rising to $4.2 million from $2.8 million. However, the financial results reflect a net loss of $12.0 million, up from a net loss of $4.1 million last year. Additionally, the adjusted EBITDA loss widened to $5.4 million compared to a loss of $3.3 million previously.
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Justin Kenna, CEO of GameSquare, stated, "GameSquare delivered strong growth and record quarterly revenue, demonstrating the benefits of the next generation media platform we have created. Second quarter revenue of $28.6 million increased 22% over proforma revenue for the 2024 first quarter, as we continue to focus on integrating the FaZe Clan acquisition, and benefit from accelerating momentum across many areas of our business. Highlights for the quarter include expanding demand for our Unreal Editor for Fortnite (UEFN) world building creative services, and FaZe Media's reboot and new creator roster, which garnered over 1.2 billion views during the quarter, a 28% increase over the past three months. FaZe Clan's engaged community, combined with GameSquare's technology assets, and media and creative services, has developed a powerful platform that provides global brands with significant value. As a result, we are seeing more demand for our offerings and expect to achieve between $55 and $60 million in higher-margin revenue during the second half of 2024."
Tags: GameSquare
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