Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) Q4 2023 Earnings Call Transcript

Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) Q4 2023 Earnings Call Transcript March 27, 2024

Allied Gaming & Entertainment Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Greetings and welcome to the Allied Gaming & Entertainment, Incorporated Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] And as a reminder, this conference is being recorded. It is now my pleasure to introduce to you Tyler Drew with Investor Relations. Thank you, Tyler. You may begin.

Tyler Drew: Thank you, operator. Good afternoon, and welcome to the Allied Gaming & Entertainment 2023 fourth quarter and full year earnings conference call. Speaking on the call today are Allied Gaming & Entertainment's Chief Executive Officer Yinghua Chen; and Chief Financial Officer, Roy Anderson. Before I turn the call over to management, please note that our prepared remarks may contain forward-looking statements. Words such as may, will, expect, intend, plan, believe, seek, could, estimate, judgment, targeting, should, anticipate, goal and variations of these words and similar expressions are intended to be identified as forward-looking statements. Actual results could differ materially from those implied by such forward-looking statements due to a variety of factors discussed in the company's public filings, including the risk factors discussed in documents filed with the Securities and Exchange Commission.

Although the company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, certain of the financial information presented in this call represents non-GAAP financial measures. The company's earnings release, which was issued this afternoon is available on the company's website, presents definitions of such non-GAAP financial measures, reconciliations to the appropriate GAAP measures and an explanation of why the company believes such non-GAAP financial measures are useful to investors.

And with that, it is now my pleasure to turn the call over to Allied Gaming & Entertainment CEO, Yinghua Chen. Yinghua?

Yinghua Chen: Thank you, Tyler, and thank you all for joining us this afternoon. We've made substantial progress during 2023 and have entered 2024 in a position of strength. Allied Esports International, Allied Mobile Entertainment, and Allied Experiential Entertainment are all poised for growth as we execute on our strategic objectives this year. Let's begin with a review of our financial performance for the year. In 2023, total revenues of $7.7 million were up 21% from 2022. While our net loss attributable to common stockholders decreased by 68%. The improvement in net loss was from our continued commitment reducing our expenses. General and administrative expenses improved by 30% and we're well-positioned for 2024. Turning to Allied Esports International, or AEI, our HyperX Arena was in high demand during the fourth quarter, and hosted a variety of events with 64 events, comprising 30 proprietary events and 34 third-party events.

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