22 November 2023 13:34
OverActive Media revealed its Q3 2023 financial results. Adam Adamou, CEO, OverActive Media stated “The positive momentum is a direct result of our focused approach to ensuring greater operating efficiencies in our business. In addition, with our successful efforts to eliminate $8.1 million in fees payable to our league partners and the imminent receipt of $7.3 million from the Overwatch League, the Company is in a strong financial position. Our improved balance sheet and proven operational rigor should allow us to capitalize on the many growth opportunities in the esports ecosystem.”
Highlights from the Q3 2023 financial results.
Total revenues grew by 3.5% to $6.0 million, a $0.2 million improvement relative to the prior year period, driven by an increase in event revenues.
Adjusted EBITDA[i] grew to $0.8 million, a $1.2 million improvement relative to the prior year quarter.
Operating Expenses decreased by 19.2% or $1.3 million relative to the prior year quarter, primarily due to reduced corporate payroll expenses and team operating costs.
At September 30, 2023, the Company had cash and cash equivalents of $9.7 million.
Tags: OverActive Media
Related news
