The following is a summary of the GameSquare Holdings, Inc. (GAME) Q1 2024 Earnings Call Transcript:
Financial Performance:
GameSquare reported Q1 pro forma revenue of $23.5 million, a slight decrease from the previous year due to a $4.2 million reduction in FaZe Clan revenue.
Gross margin for Q1 was $3.7 million, or 15.7% of sales, compared to $4 million or 16.5% for the same period the previous year.
The adjusted EBITDA loss for Q1 2024 was $7.9 million, compared to a loss of $14.3 million the previous year.
Business Progress:
They have recent acquisitions and strategic transactions, including FaZe Clan for $14 million in stock, and a $10.4 million sale of Complexity Gaming. The business also raised $10 million of new capital in a private placement during Q1.
They've also noted strong engagement and achieved the #1 trending topic on Twitter in the U.S. due to the relaunch of FaZe Clan's brand.
They are accelerating content strategies that leverage the resources of Fourth Frame Studios, with expectations to achieve over $100 million in annual revenue with an annual gross margin ranging between 22.5% to 27.5% for the remainder of the year.
More details: GameSquar IR
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