OverActive Media Q2 2023 Results Announced

18 August 2023 16:06

OverActive Media revealed Q2 2023 financial results. The company highlighted,

Total revenues grew by 65% to $3.9 million, a $1.5 million improvement relative to the prior year period, primarily driven by league revenue share and an increase in team performance-related revenue.
Adjusted EBITDA[i] loss of $2.5 million, a $1.3 million improvement relative to the prior year period.
At June 30, 2023, the Company had cash and cash equivalents of over $9.3 million.
On June 5, 2023, OverActive announced a deal with the Overwatch League, including signing a sponsorship for Toronto Defiant and eliminating outstanding entry fees. This agreement, which includes early payment of league revenue share, is valued at $10.8 million.

Adam Adamou, Co-Founder and Interim CEO stated, “We are determined to drive towards a near breakeven Adjusted EBITDA over the year's second half.”

Tags: OverActive Media

Sources: