FY Q1’2022 Revenue of $14.3 million, up from
$7.5 million in FY Q1’2021, an increase of 92% YoY
Sequential Quarterly revenue growth of 22% from
$11.8 million in FY Q4’2021 to $14.3 million in FY Q1’2022
Cash position of $9.7 million with another
$10.1 million in receivables
Engine Gaming and Media, Inc. ("Engine" or the "Company";
NASDAQ: GAME; TSX-V: GAME), an esports/sports social gaming,
influencer marketing, and next-generation media solutions company,
today announced results for its first quarter of fiscal year 2022
ended November 30, 2021. All amounts are stated in US dollars
unless otherwise indicated.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220113005894/en/
(Graphic: Business Wire)
Total revenue for FY Q1’2022 was $14.3 million, up from $7.5
million in FY Q1’2021, an increase of 92% YoY, and 22% higher than
sequential FY Q4’2021 of $11.8 million.
For the 1st quarter ended November 30, 2021, Net loss was $(1.3)
million, a decrease in loss of $4.7 million from FY Q1’2021 Net
loss of $(6.0) million.
For the 1st quarter ended November 30, 2021, Adjusted EBITDA was
$(5.0) million, an increase in loss of $100 thousand from FY
Q1’2021 Adjusted EBITDA of $(4.9) million.
The Company had cash of $9.7 million and $10.1 million in
receivables as of November 30, 2021. In addition, the Company had
working capital surplus of $3.2 million after excluding non-cash
warrant liability and arbitration reserve.
Key segment revenue growth that contributed to the strong
revenue performance:
- Software-as-a-Service: SaaS
revenue for FY Q1’22 was $2.1 million, up from $1.4 million in FY
Q1’21, an increase of 45% YoY and, 7% higher than sequential FY
Q4’21 of $2.0 million.
- Advertising: Advertising revenue
for FY Q1’22 was $10.0 million. Advertising revenues grew 84% YoY,
with FY Q1’21 revenues of $5.5 million and 14%
quarter-over-quarter, with FY Q4’21 revenues of $8.8 million.
- Games Development: Game
development revenues for FY Q1’22 was $2.1 million. Game
development revenues grew 320% YoY, with FY Q1’21 revenues of $0.5M
and 157% quarter-over-quarter, with FY Q4’21 revenues of $0.8
million.
Lou Schwartz, Chief Executive Officer of Engine, stated, "We are
extremely gratified by the very significant revenue growth we have
created throughout the Company. The continued significant year over
year and quarter over quarter revenue growth, almost doubling from
a year earlier, and almost all organic, is a real testament to the
Engine teams' efforts in driving the business forward on an
accelerated basis”.
Tom Rogers, Executive Chairman of the Company added, “As social
engagement increasingly defines both video game interaction and
digital marketing innovation, our collection of assets continues to
bring increasing focus of that attribute to the fore. Winview, UMG,
Eden, Stream Hatchet and Sideqik all continue to differentiate
their offerings relative to social gaming and marketing. With our
continued, significant revenue growth, and investment in product
enhancements to sustain that growth, in the course of one-year we
have begun to show what the Engine assets are capable of
representing in terms of substantially enhanced asset value. We
believe with our plans for sustainable cash infusion, as the
businesses begin to move toward profitability, the market will
recognize the substantial opportunity for appreciation as the
Engine "revs."
Recent highlights from the Company’s operating businesses
include:
- Frankly Media - Frankly Media renewed its digital media
agreement with its largest radio station operator that serves
hundreds of owned and operated stations delivering premium content
to over a quarter billion people each month. In addition, Frankly
renewed its advertising representation agreement with Westwood One,
which offers nationally syndicated sports, news and entertainment
content to more than 250 million monthly listeners across an audio
network of over 7,000+ affiliated broadcast radio stations and
media partners. Lastly, advertising CPMs and RPMs increased by 25%
and 75% respectively year-over-year
- Sideqik - Sideqik’s leading influencer marketing and
social commerce platform continues to scale, signing a multi-year
extension with leading gaming hardware brand HyperX, recently
acquired by HP, as well as onboarding global apparel leader Nike
and multinational computer and phone hardware company ASUS to its
long list of partners and clients.
- Stream Hatchet - Stream Hatchet released its new
sponsorship measurement technology, which contextualizes brand
activations instream, providing partners tools to track, measure,
and optimize activations within live-streaming environments, such
as logo impressions on platforms like YouTube and Twitch. A major
esports and AAA game publisher has already begun to utilize this
new technology. In addition, Stream Hatchet has continued to grow
its expanding client list, including StreamElements, the fastest
growing provider of production, monetization, audience engagement,
sponsorship, and influencer marketing tools and services for
livestreams across Twitch, YouTube Live, Facebook Gaming, and
Trovo.
- UMG Gaming - UMG Gaming’s greatly enhanced production of
Microsoft’s Gears Esports competition series debuted on the
official Xbox Channel, driving over 250,000 of hours watched within
the first split. In addition, Thrustmaster, a leading peripheral
manufacturer, has joined Gears Esports, naming the ESWAP x PRO
CONTROLLER as the official controller of Gears Esports, as well as
taking title sponsorship of Play of the Day moments.
- Eden Games - Eden continues to extend its expertise in
mobile gaming’s motorsport category, beginning development on a
variety of different racing experiences with major game partners.
In addition, Eden has received substantial interest from numerous
parties since announcing its strategic process.
- Winview - Since releasing, Pregame, a game mode that
enables players to compete in game-of-skill contests prior to the
start of a live sporting event, thus complementing its live
play-along experience, player engagement has increased by
30%+.
The Company also announced the addition of highly respected
private equity fund manager Stu Porter, CEO of Denham Capital, and
one of the Company's largest investors, to its board of
directors.
Additionally, the Company will host a conference call on
Thursday January 13, 2022 at 4:30 p.m. Eastern Time to discuss its
financial results in further detail. The conference call can be
accessed at 877-407-0784 or for international callers at
+1-201-689-8560
Non-IFRS Measures
The Company reports earnings before interest, taxes,
depreciation and amortization ("EBITDA") and Adjusted EBITDA, which
are not financial measures calculated and presented in accordance
with International Financial Reporting Standards ("IFRS") and
therefore may not be comparable to similar measures presented by
other issuers. EBITDA and Adjusted EBITDA should not be considered
in isolation or as a substitute to net income (loss) or any other
financial measures of performance or liquidity calculated and
presented in accordance with IFRS. The Company defines Adjusted
EBITDA as EBITDA, adjusted to exclude certain non-cash charges and
other items that we do not believe are reflective of our ongoing
operating results. The Company utilizes Adjusted EBITDA internally
for purposes of forecasting, determining compensation, and
assessing the performance of our business, therefore, we believe
this measure provides useful supplemental information that may
assist investors in assessing an investment in the Company.
The following unaudited table presents the reconciliation of net
loss to Adjusted EBITDA for the three months ended November 30,
2021 and 2020, respectively.
This earnings release should be read in conjunction with the
Company’s Interim Condensed Consolidated Financial Statements and
accompanying notes that will be made available on Engine’s investor
relations site on January 14, 2022 which can be found at
https://ir.enginemediainc.com/.
About Engine Gaming and Media, Inc.
Engine Gaming and Media, Inc. is traded publicly under the
ticker symbol (NASDAQ: GAME) (TSX-V: GAME). Engine provides premium
social sports and esports gaming experiences, as well as
unparalleled data analytics, marketing, advertising, and
intellectual property to support its owned and operated
direct-to-consumer properties while also providing these services
to enable its clients and partners. The company’s subsidiaries
include Stream Hatchet, the global leader in gaming video
distribution analytics; Sideqik, a social influencer marketing
discovery, analytics, and activation platform; Eden Games, a
premium motorsport video game developer and publisher across
console and mobile gaming; WinView Games, a social predictive
play-along gaming platform for viewers to play while watching live
events; UMG, an end-to-end competitive esports platform powering
and broadcasting major esports events, as well as daily community
tournaments, matches, and ladders; and Frankly Media, a digital
publishing platform used to create, distribute and monetize content
across all digital channels. Engine Media generates revenue through
a combination of direct-to-consumer and subscription fees,
streaming technology and data SaaS-based offerings, programmatic
advertising, and sponsorships.
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Engine to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"estimates", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. In respect of the
forward-looking information contained herein, Engine has provided
such statements and information in reliance on certain assumptions
that management believed to be reasonable at the time.
Forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements stated herein to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. Accordingly, readers should
not place undue reliance on forward-looking information contained
in this news release.
The forward-looking statements contained in this news release
are made as of the date of this release and, accordingly, are
subject to change after such date. Engine does not assume any
obligation to update or revise any forward-looking statements,
whether written or oral, that may be made from time to time by us
or on our behalf, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220113005894/en/
Investors Ryan Lawrence, ICR Ryan.Lawrence@icrinc.com
332-242-4321 Media James Goldfarb, Sloane & Company
jgoldfarb@sloanepr.com 212-446-1869
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