View source for News/OverActive Media Q2 2023 Results Announced

{{News
|seo_title=OverActive Media Q2 2023 Results Announced
|seo_keywords=OverActive Media
|seo_description=OverActive Media Q2 2023 Results Announced
|image=OverActive-Media.jpg
|tags=OverActive Media
|date=2023-08-18T16:06:59.000Z
|sources={{NewsSource
|source=OverActive Media
|url=https://overactive-media-group.prezly.com/overactive-media-reports-second-quarter-2023-financial-results
|article=OverActive Media Q2 2023 Results Announced
}}
|author=Andura
|category=Companies
|content=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.”
}}