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| _modificationDate | Datetime | 2024-11-18 5:42:46 PM |
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| _pageName | Page | Enthusiast Gaming Reveals Q3 2024 Financial Results |
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| date | Datetime | | 2024-11-18 3:08:12 PM |
| author | Page | | Dante Uzel |
| category | List of String, delimiter: , | Transfer Market · Drama · Business · Companies · Hires · Investments · Mergers and Acquisitions · Sponsorships · More | Business |
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| content | Text | | [[Companies/Enthusiast Gaming|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. |
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| url | String | https://www.globenewswire.com/news-release/2024/11/14/2981660/0/en/Enthusiast-Gaming-Achieves-Profitability-Reports-Q3-2024-Financial-Results.html |
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