E-sports

Esports Entertainment Group First Quarter Revenue Rises 86% Q/Q to $16.4 Million – Yahoo Finance

Summary

Year-over-Year and Quarterly Sequential Growth ContinuesReaffirms Fiscal 2022 Revenue Guidance of Over $100 Million

Hoboken, New Jersey–(Newsfile Corp. – November 15, 2021) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”) today announced financial results for its fiscal 2022 first quarter ended September 30, 2021.

Fiscal First Quarter 2022 Financial Results

Net revenue of $16.4 million, up $16.2 million compared to 1Q21 and an 86% increa…….

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Year-over-Year and Quarterly Sequential Growth Continues
Reaffirms Fiscal 2022 Revenue Guidance of Over $100 Million

Hoboken, New Jersey–(Newsfile Corp. – November 15, 2021) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLW) (or the “Company”) today announced financial results for its fiscal 2022 first quarter ended September 30, 2021.

Fiscal First Quarter 2022 Financial Results

  • Net revenue of $16.4 million, up $16.2 million compared to 1Q21 and an 86% increase compared to net revenue of $8.8 million in 4Q21

  • Gross profit of $10.0 million, up $10.2 million compared to 1Q21 and a 92% increase compared to $5.2 million in 4Q21

  • Gross margin of 61%, compared to 59% in 4Q21

  • GAAP Net loss of $0.5 million, or $0.03 per share, compared to net loss of $1.8 million, or $0.15 per share in 1Q21, and net loss of $4.8 million, or $0.28 per share, in 4Q21

  • Non-GAAP adjusted EBITDA* of ($2.7 million), compared to adjusted EBITDA of ($2.6 million) in 1Q21 and adjusted EBITDA of ($5.5 million) in 4Q21

  • As of September 30, 2021, the Company had total cash and cash equivalents of $0.9 million

* Reconciliation on non-GAAP financial measures provided in the tables of this press release.

First Quarter 2022 and Recent Operational Highlights

  • Completed acquisition of BetHard, the B2C business of Gameday Group, which brought the Company gaming licenses in Sweden and Spain

  • Submitted transactional waiver to the New Jersey Division of Gaming enforcement, which, pending final approval, would allow the Company to begin in-state betting operations

  • Completed $8.0 million private placement of convertible notes with $17.50 conversion price

  • Expanded roster of professional sports team partnerships with new agreements with the Indianapolis Colts, Tampa Bay Buccaneers and Los Angeles Chargers

  • Launched fan-centered EGL ClubClash program with professional sports teams

  • Partnered with Hall of Fame Resort and Entertainment Company to become the official esports provider for the Hall of Fame Village powered by Johnson Controls

  • Entered into agreement to launch state-of-the-art Helix eSports gaming facility at UCLA

  • Established content partnership with ESTV EsportsTV, the world’s first 24-7 live linear video channel dedicated to esports

  • Partnered with NetEase to become official North American tournament and broadcast provider of Naraka: Bladepoint

Management Commentary

“Our first quarter revenue nearly matched our performance for the entirety of FY21 and reflects our recent platform building transactions. With the strong start to FY22 and continued momentum in our business, we are reiterating our expectation that Esports …….

Source: https://finance.yahoo.com/news/esports-entertainment-group-first-quarter-210500516.html