The following is a summary of the Enthusiast Gaming Holdings Inc. (EGLXF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Enthusiast Gaming reported Q4 revenue of $47.1 million, showing a 13% decrease compared to the previous year.

• The company's gross profit was $18.9 million in Q4, an increase of 5% compared to Q4 2022, with a gross margin expansion of 40.2% from 33.5%.

• Operating expenses were reduced by 8% to end at $27.8 million.

• The adjusted EBITDA loss was somewhat mitigated to $13 million from a previous loss of $15.1 million.

• A net loss of $39.7 million was reported, primarily due to goodwill and intangible assets.

Business Progress:

• During Q4, Enthusiast Gaming implemented restructuring initiatives, resulting in a 25% decrease in headcount and a focus on more profitable revenue streams.

• The partnership with Playwire, a global leader in monetizing sites, is set to increase yield and drive beneficial growth to the company's bottom-line.

• Non-core gaming site assets were sold off, generating more than $4 million.

• The company achieved success with NFL Tuesday Night Gaming, brought on by the strategic partnership with the National Football League.

• The Q4 2023 adjusted EBITDA loss was reported at negative $3 million, according to a new calculation that includes two add backs, severance, and NASDAQ delisting fees.

• Going forward, the company plans to rely more on direct sales and owned and operated sites for the majority of its revenue, and intends to reduce its investment in low-margin businesses.

More details: Enthusiast Gaming Holdings Inc IR

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