Welcome to our dedicated page for Allied Esports Entertainment news (Ticker: AGAE), a resource for investors and traders seeking the latest updates and insights on Allied Esports Entertainment stock.
Allied Gaming & Entertainment Inc. (NASDAQ: AGAE) is a global experiential entertainment company that reports on activities across gaming, live events, content and digital initiatives. Its news flow provides insight into how the company engages gamers, concertgoers and live-event audiences through in-person operations, mobile gaming and related entertainment assets.
News releases from Allied Gaming & Entertainment frequently cover quarterly financial results, where the company discusses revenues from in-person events, multiplatform content and casual mobile gaming, along with operating performance and the use of non-GAAP measures such as EBITDA and Adjusted EBITDA. These updates often include operational details, such as the number and types of events hosted and examples of third-party activations at its venues and through its mobile gaming truck.
The company’s news also highlights strategic developments. Recent communications describe participation in the investment of The Angry Birds Movie 3 through Flywheel Media, reflecting an interest in globally recognized intellectual property. Allied Gaming & Entertainment has announced an initial investment in Bitcoin and Ethereum as part of a broader blockchain and Real World Asset tokenization roadmap, and has outlined plans to integrate digital assets into its entertainment ecosystem.
Governance and regulatory topics are another recurring theme. The company issues updates on its proxy contest and litigation with Knighted Pastures LLC and related parties, court rulings affecting director elections, and matters related to its shareholder rights plan. It also reports on outcomes of its annual meetings, including advisory votes on executive compensation and auditor ratifications, as well as Nasdaq listing compliance developments.
Investors and followers of AGAE news can use this stream of press releases to track financial performance, event activity, digital asset strategy, intellectual property investments and corporate governance developments over time.
Allied Gaming & Entertainment (NASDAQ: AGAE) reported Q2 2024 financial results, showing mixed performance. Total revenues increased 11% quarter-over-quarter to $2.6 million but decreased 19% year-over-year. The company announced the launch of the World Mahjong Tour, set to debut in spring 2025. Net loss for Q2 2024 was $3.9 million, compared to a $0.7 million loss in the prior year period. Adjusted EBITDA loss was $1.4 million. The company's cash position strengthened to $95.2 million as of June 30, 2024. HyperX Arena hosted 65 event days in Q2, including 25 proprietary and 40 third-party events. AGAE faces challenges with increased costs, primarily due to legal expenses related to an activist shareholder.
Allied Gaming & Entertainment (NASDAQ: AGAE) has announced the launch of the World Mahjong Tour (WMT), a global series of Mahjong events. The inaugural WMT Premier event finale is set for Spring 2025 at AGAE's HyperX Arena in Las Vegas. Supported by the Global Mahjong Association and China Mahjong Association, the WMT will feature online qualifications and live tournaments. The tour will also introduce mobile games, Mahjong-themed content, and a membership services model. AGAE CEO Yinghua Chen expressed excitement about the launch, promising more details soon. The WMT aims to capitalize on AGAE's expertise in creating world-class gaming experiences, following a business model similar to the World Poker Tour.
Allied Gaming & Entertainment (NASDAQ: AGAE) has announced it will report its second quarter 2024 results after market close on Monday, August 19th. The company will host a conference call to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET on the same day. Participants can join the call by dialing 1-800-225-9448 (US) or 1-203-518-9708 (international) with the conference ID "Allied". A live webcast will be available on the company's Investor Relations site. For those unable to attend, a telephonic replay will be accessible until September 2, 2024, by dialing 1-844-512-2921 (US) or 1-412-317-6671 (International) with the passcode: 11156478.
Allied Gaming & Entertainment (NASDAQ: AGAE) has provided updates ahead of its Q2 2024 earnings release. The company is facing a takeover attempt by Knighted Pastures , led by Roy Choi, without a control premium offer. Knighted has nominated three individuals to AGAE's Board and is attempting to remove three additional directors. AGAE views these actions as detrimental to stockholders' interests. The company will record a one-time pre-tax expense of approximately $3 million in Q2 2024 due to litigation costs, negatively impacting net income and EPS. CEO Yinghua Chen emphasized the company's commitment to cautious and strategic deployment of its cash balance to improve financial performance and enhance shareholder value.
Allied Gaming & Entertainment (NASDAQ: AGAE), a global experiential entertainment company, has filed a counterclaim against its former CEO, Frank Ng. This action comes in response to an arbitration initiated by Ng on October 4, 2023, alleging breaches of employment contracts. AGAE denied all allegations on November 21, 2023, and subsequently discovered potential violations of duties and obligations by Ng during his tenure. On July 15, 2024, AGAE filed a counterclaim to address these newly uncovered issues, asserting potential breaches of fiduciary duties by Ng while serving as CEO and director. Despite the ongoing arbitration, AGAE expresses confidence in prevailing against Ng's claims and succeeding with its counterclaims.
Allied Gaming & Entertainment (NASDAQ: AGAE) reported its first quarter 2024 financial results, highlighting significant progress. The company achieved total revenues of $2.4 million, nearly doubling from $1.2 million in Q1 2023, mainly due to increased casual mobile gaming revenues from its investment in Z-Tech.
Total costs and expenses rose by 31% to $5.1 million, primarily driven by Z-Tech-related expenditures. The net loss improved slightly to $1.8 million from $1.9 million the previous year. Adjusted EBITDA loss also improved to $1.7 million from $2.0 million.
As of March 31, 2024, AGAE's cash and short-term investments were $83.3 million, up from $78.6 million at the end of 2023, with working capital increasing to $67.2 million. The company also produced 63 events in Q1 2024 and announced a partnership with World Poker Tour and Wynn Macau for an event in June.
Allied Gaming & Entertainment, Inc. (AGAE) announced changes to its Board of Directors and management team, appointing Ms. Chi Zhao as an independent director, Mr. Yangyang Li as President, and acknowledging resignations of Mr. Adam Pliska and Ms. Yinghua Chen. Ms. Zhao's extensive experience in strategic management and corporate oversight is expected to benefit the company, while Mr. Li will focus on strategic initiatives and legal proceedings.
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