GAMESQUARE HLDGS INC Financials

GAME

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows GAMESQUARE HLDGS INC (GAME) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 21/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

GAMESQUARE HLDGS INC has an operating margin of -48.0%, meaning the company retains $-48 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -61.5% the prior year.

Growth

100

GAMESQUARE HLDGS INC's revenue surged 132.9% year-over-year to $96.2M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

GAMESQUARE HLDGS INC has elevated debt relative to equity (D/E of 5.56), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

GAMESQUARE HLDGS INC's current ratio of 0.67 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 7/100, which could limit financial flexibility.

Cash Flow

While GAMESQUARE HLDGS INC generated -$30.6M in operating cash flow, capex of $5K consumed most of it, leaving -$30.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

GAMESQUARE HLDGS INC passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.63x

For every $1 of reported earnings, GAMESQUARE HLDGS INC generates $0.63 in operating cash flow (-$30.6M OCF vs -$48.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-80.8x

GAMESQUARE HLDGS INC earns $-80.8 in operating income for every $1 of interest expense (-$46.2M vs $571K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$96.2M

YoY+132.9%

GAMESQUARE HLDGS INC generated $96.2M in revenue in fiscal year 2024. This represents an increase of 132.9% from the prior year.

EBITDA

-$42.9M

YoY-82.7%

GAMESQUARE HLDGS INC's EBITDA was -$42.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 82.7% from the prior year.

Free Cash Flow

-$30.6M

YoY-90.1%

GAMESQUARE HLDGS INC generated -$30.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 90.1% from the prior year.

Net Income

-$48.8M

YoY-55.8%

GAMESQUARE HLDGS INC reported -$48.8M in net income in fiscal year 2024. This represents a decrease of 55.8% from the prior year.

EPS (Diluted)

$-1.75

YoY+37.7%

GAMESQUARE HLDGS INC earned $-1.75 per diluted share (EPS) in fiscal year 2024. This represents an increase of 37.7% from the prior year.

Cash & Debt

$13.1M

YoY+339.3%

GAMESQUARE HLDGS INC held $13.1M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

33M

YoY+151.3%

GAMESQUARE HLDGS INC had 33M shares outstanding in fiscal year 2024. This represents an increase of 151.3% from the prior year.

Gross Margin

15.9%

YoY-8.6pp

GAMESQUARE HLDGS INC's gross margin was 15.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 8.6 percentage points from the prior year.

Operating Margin

-48.0%

YoY+13.5pp

GAMESQUARE HLDGS INC's operating margin was -48.0% in fiscal year 2024, reflecting core business profitability. This is up 13.5 percentage points from the prior year.

Net Margin

-50.7%

YoY+25.1pp

GAMESQUARE HLDGS INC's net profit margin was -50.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 25.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$3.2M

YoY+5.9%

GAMESQUARE HLDGS INC invested $3.2M in research and development in fiscal year 2024. This represents an increase of 5.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$5K

YoY+128.5%

GAMESQUARE HLDGS INC invested $5K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 128.5% from the prior year.

GAME Income Statement

Metric	FY24	FY23	FY22
Revenue	$96.2M+132.9%	$41.3M+47.1%	$28.1M
Cost of Revenue	$80.9M+159.4%	$31.2M+69.3%	$18.4M
Gross Profit	$15.3M+51.2%	$10.1M+4.6%	$9.7M
R&D Expenses	$3.2M+5.9%	$3.1M	N/A
SG&A Expenses	$25.1M+84.5%	$13.6M-22.1%	$17.5M
Operating Income	-$46.2M-81.8%	-$25.4M-39.1%	-$18.2M
Interest Expense	$571K-18.0%	$696K+310.5%	$170K
Income Tax	N/A	-$55K+81.9%	-$304K
Net Income	-$48.8M-55.8%	-$31.3M-72.6%	-$18.1M
EPS (Diluted)	$-1.75+37.7%	$-2.81+13.8%	$-3.26

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$11.3M-28.6%	$15.9M-24.9%	$21.1M-58.9%	$51.3M+187.9%	$17.8M+0.6%	$17.7M+13.3%	$15.6M+36.1%	$11.5M
Cost of Revenue	$5.7M-57.4%	$13.4M-24.5%	$17.8M-61.5%	$46.2M+201.7%	$15.3M+6.8%	$14.3M+18.2%	$12.1M+34.9%	$9.0M
Gross Profit	$5.6M+130.5%	$2.4M-27.2%	$3.3M-35.2%	$5.1M+104.0%	$2.5M-25.7%	$3.4M-3.7%	$3.5M+40.3%	$2.5M
R&D Expenses	$519K-6.8%	$557K-27.5%	$769K-49.6%	$1.5M+161.0%	$585K-14.6%	$685K	N/A	$440K
SG&A Expenses	$6.2M+51.4%	$4.1M-29.2%	$5.8M-49.9%	$11.5M+133.7%	$4.9M0.0%	$4.9M+148.1%	$2.0M-58.1%	$4.7M
Operating Income	-$2.4M+49.3%	-$4.7M+33.7%	-$7.1M+76.7%	-$30.5M-394.5%	-$6.2M+1.7%	-$6.3M+45.1%	-$11.4M-108.7%	-$5.5M
Interest Expense	N/A	N/A	$50K+144.8%	-$111K-157.5%	$192K-55.8%	$435K+27.4%	$341K+63.2%	$209K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$11K
Net Income	-$808K+73.2%	-$3.0M+41.5%	-$5.2M+80.5%	-$26.4M-127.3%	-$11.6M-120.8%	-$5.3M+70.4%	-$17.8M-252.4%	-$5.1M
EPS (Diluted)	$-0.01+87.5%	$-0.08+42.9%	$-0.14+84.3%	$-0.89-134.2%	$-0.38-26.7%	$-0.30+76.4%	$-1.27-202.4%	$-0.42

GAME Balance Sheet

Metric	FY24	FY23	FY22
Total Assets	$78.7M+21.7%	$64.7M+220.3%	$20.2M
Current Assets	$36.5M+64.0%	$22.2M+120.3%	$10.1M
Cash & Equivalents	$13.1M+339.3%	$3.0M+206.2%	$977K
Inventory	N/A	N/A	N/A
Accounts Receivable	$21.3M+29.6%	$16.5M+102.8%	$8.1M
Goodwill	$12.7M-22.1%	$16.3M	N/A
Total Liabilities	$66.7M+44.0%	$46.3M+258.2%	$12.9M
Current Liabilities	$54.8M+51.4%	$36.2M+243.9%	$10.5M
Long-Term Debt	N/A	N/A	N/A
Total Equity	$12.0M-34.6%	$18.4M+152.7%	$7.3M
Retained Earnings	-$122.2M-66.4%	-$73.4M-74.2%	-$42.1M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$121.1M+174.7%	$44.1M-35.0%	$67.8M-13.9%	$78.7M-25.4%	$105.5M+3.6%	$101.9M+57.4%	$64.7M	N/A
Current Assets	$26.2M+27.1%	$20.6M-20.1%	$25.8M-29.2%	$36.5M-21.5%	$46.4M+21.5%	$38.2M+71.8%	$22.2M	N/A
Cash & Equivalents	$7.5M+15.4%	$6.5M+11.6%	$5.8M-55.8%	$13.1M0.0%	$13.1M0.0%	$13.1M+339.3%	$3.0M0.0%	$3.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$13.3M+2.4%	$13.0M-29.2%	$18.3M-14.2%	$21.3M-21.6%	$27.2M+5.3%	$25.8M+57.0%	$16.5M	N/A
Goodwill	$4.2M-24.1%	$5.6M-56.3%	$12.7M0.0%	$12.7M-44.2%	$22.8M0.0%	$22.8M+39.8%	$16.3M	N/A
Total Liabilities	$42.4M-14.6%	$49.6M-13.3%	$57.3M-14.2%	$66.7M+5.6%	$63.2M-0.2%	$63.3M+36.7%	$46.3M	N/A
Current Liabilities	$40.3M-16.5%	$48.3M+6.8%	$45.2M-17.5%	$54.8M+2.3%	$53.5M+0.9%	$53.0M+46.6%	$36.2M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$78.7M+1520.8%	-$5.5M-152.7%	$10.5M-12.4%	$12.0M-71.6%	$42.3M+9.9%	$38.5M+109.8%	$18.4M-48.4%	$35.6M
Retained Earnings	-$131.2M-0.6%	-$130.3M-2.4%	-$127.3M-4.2%	-$122.2M-35.3%	-$90.3M-14.8%	-$78.7M-7.2%	-$73.4M	N/A

GAME Cash Flow Statement

Metric	FY24	FY23	FY22
Operating Cash Flow	-$30.6M-90.1%	-$16.1M-34.8%	-$11.9M
Capital Expenditures	$5K+128.5%	$2K-92.8%	$31K
Free Cash Flow	-$30.6M-90.1%	-$16.1M-34.5%	-$12.0M
Investing Cash Flow	$2.7M-80.8%	$14.1M+77634.9%	$18K
Financing Cash Flow	$38.0M+860.2%	$4.0M-42.2%	$6.8M
Dividends Paid	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$10.4M-710.4%	$1.7M+119.8%	-$8.6M-64.7%	-$5.2M+45.6%	-$9.6M-19.6%	-$8.0M-36.5%	-$5.9M-78.6%	-$3.3M
Capital Expenditures	$0-100.0%	$2K-97.9%	$75K	$0-100.0%	$2K+112.7%	$758	N/A	N/A
Free Cash Flow	-$10.4M-711.0%	$1.7M+119.6%	-$8.7M-66.2%	-$5.2M+45.7%	-$9.6M-19.6%	-$8.0M	N/A	N/A
Investing Cash Flow	-$60.7M-9420.9%	-$638K-69.9%	-$375K	$0-100.0%	$34K-98.8%	$2.7M-2.2%	$2.8M	$0
Financing Cash Flow	$72.0M+14621.4%	$489K-66.5%	$1.5M-80.6%	$7.6M-55.0%	$16.8M+77.3%	$9.5M+166.4%	$3.6M+198.7%	$1.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GAME Financial Ratios

Metric	FY24	FY23	FY22
Gross Margin	15.9%-8.6pp	24.5%-9.9pp	34.4%
Operating Margin	-48.0%+13.5pp	-61.5%+3.5pp	-65.0%
Net Margin	-50.7%+25.1pp	-75.7%-11.2pp	-64.5%
Return on Equity	N/A	N/A	N/A
Return on Assets	-61.9%-13.6pp	-48.3%+41.4pp	-89.7%
Current Ratio	0.67+0.1	0.61-0.3	0.96
Debt-to-Equity	5.56+3.0	2.52+0.7	1.78
FCF Margin	-31.8%+7.1pp	-38.9%+3.6pp	-42.6%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	49.4%+34.1pp	15.3%-0.5pp	15.8%+5.8pp	10.0%-4.1pp	14.1%-5.0pp	19.1%-3.4pp	22.5%+0.7pp	21.8%
Operating Margin	-21.1%+8.6pp	-29.8%+4.0pp	-33.7%+25.8pp	-59.5%-24.9pp	-34.6%+0.8pp	-35.4%+37.7pp	-73.1%-25.4pp	-47.7%
Net Margin	-7.1%+11.9pp	-19.0%+5.4pp	-24.4%+27.0pp	-51.4%+13.7pp	-65.1%-35.5pp	-29.7%+84.1pp	-113.8%-69.8pp	-43.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-0.7%+6.2pp	-6.9%+0.8pp	-7.6%+25.9pp	-33.5%-22.5pp	-11.0%-5.9pp	-5.2%+22.4pp	-27.5%	N/A
Current Ratio	0.65+0.2	0.43-0.1	0.57-0.1	0.67-0.2	0.87+0.1	0.72+0.1	0.61	N/A
Debt-to-Equity	0.54+9.5	-8.95-14.4	5.45-0.1	5.56+4.1	1.49-0.2	1.64-0.9	2.52	N/A
FCF Margin	-91.7%-102.4pp	10.7%+51.7pp	-41.0%-30.9pp	-10.2%+43.6pp	-53.8%-8.5pp	-45.2%	N/A	N/A

Note: The current ratio is below 1.0 (0.67), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is GAMESQUARE HLDGS INC's annual revenue?

GAMESQUARE HLDGS INC (GAME) reported $96.2M in total revenue for fiscal year 2024. This represents a 132.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is GAMESQUARE HLDGS INC's revenue growing?

GAMESQUARE HLDGS INC (GAME) revenue grew by 132.9% year-over-year, from $41.3M to $96.2M in fiscal year 2024.

Is GAMESQUARE HLDGS INC profitable?

No, GAMESQUARE HLDGS INC (GAME) reported a net income of -$48.8M in fiscal year 2024, with a net profit margin of -50.7%.

What is GAMESQUARE HLDGS INC's earnings per share (EPS)?

GAMESQUARE HLDGS INC (GAME) reported diluted earnings per share of $-1.75 for fiscal year 2024. This represents a 37.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is GAMESQUARE HLDGS INC's EBITDA?

GAMESQUARE HLDGS INC (GAME) had EBITDA of -$42.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is GAMESQUARE HLDGS INC's gross margin?

GAMESQUARE HLDGS INC (GAME) had a gross margin of 15.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is GAMESQUARE HLDGS INC's operating margin?

GAMESQUARE HLDGS INC (GAME) had an operating margin of -48.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is GAMESQUARE HLDGS INC's net profit margin?

GAMESQUARE HLDGS INC (GAME) had a net profit margin of -50.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is GAMESQUARE HLDGS INC's free cash flow?

GAMESQUARE HLDGS INC (GAME) generated -$30.6M in free cash flow during fiscal year 2024. This represents a -90.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is GAMESQUARE HLDGS INC's operating cash flow?

GAMESQUARE HLDGS INC (GAME) generated -$30.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are GAMESQUARE HLDGS INC's total assets?

GAMESQUARE HLDGS INC (GAME) had $78.7M in total assets as of fiscal year 2024, including both current and long-term assets.

What are GAMESQUARE HLDGS INC's capital expenditures?

GAMESQUARE HLDGS INC (GAME) invested $5K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does GAMESQUARE HLDGS INC spend on research and development?

GAMESQUARE HLDGS INC (GAME) invested $3.2M in research and development during fiscal year 2024.

How many shares does GAMESQUARE HLDGS INC have outstanding?

GAMESQUARE HLDGS INC (GAME) had 33M shares outstanding as of fiscal year 2024.

What is GAMESQUARE HLDGS INC's current ratio?

GAMESQUARE HLDGS INC (GAME) had a current ratio of 0.67 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is GAMESQUARE HLDGS INC's debt-to-equity ratio?

GAMESQUARE HLDGS INC (GAME) had a debt-to-equity ratio of 5.56 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is GAMESQUARE HLDGS INC's return on assets (ROA)?

GAMESQUARE HLDGS INC (GAME) had a return on assets of -61.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is GAMESQUARE HLDGS INC's cash runway?

Based on fiscal year 2024 data, GAMESQUARE HLDGS INC (GAME) had $13.1M in cash against an annual operating cash burn of $30.6M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is GAMESQUARE HLDGS INC's Piotroski F-Score?

GAMESQUARE HLDGS INC (GAME) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are GAMESQUARE HLDGS INC's earnings high quality?

GAMESQUARE HLDGS INC (GAME) has an earnings quality ratio of 0.63x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can GAMESQUARE HLDGS INC cover its interest payments?

GAMESQUARE HLDGS INC (GAME) has an interest coverage ratio of -80.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is GAMESQUARE HLDGS INC?

GAMESQUARE HLDGS INC (GAME) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.