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Enthusiast Gaming announced its fiscal year 2022 results, reporting $202.8 million in revenue, a 21% increase year-over-year (YOY). Gross profit surged 68% to $63.5 million, with a gross margin of 31.3%, up 870 bps YOY. Direct sales rose 69% to $37.4 million, while subscription revenue reached $14.5 million, reflecting a 54% increase. Despite challenges in programmatic advertising impacting the latter half, the company successfully implemented operational efficiency measures. Enthusiast Gaming has diversified revenue sources and secured partnerships, including a multi-year deal with the NFL, indicating a strategic focus on higher-margin offerings.
Enthusiast Gaming Holdings will announce its Q4 and year-end financial results for 2022 on March 27, 2023, after market close. A conference call to discuss these results is scheduled for the same day at 5:00 p.m. ET. Investors can join the call via toll-free number 1-855-239-1101, using Conference ID 10176540, or listen to the live webcast available on the company's website. Enthusiast Gaming is focused on integrating media, talent, esports, and experiences to build a comprehensive platform for gamers and esports fans, targeting Gen Z and Millennials globally.
Enthusiast Gaming Holdings has appointed Nick Brien as its new CEO, effective March 1, 2023. Brien brings over three decades of experience from leadership roles at major companies like Amobee and Dentsu. He will steer the company in leveraging its extensive gaming assets and optimizing advertising strategies, particularly in a cookie-less future. Under his guidance, the company aims to enhance its offerings and increase market share in the rapidly growing gaming industry, which now includes over three billion gamers globally. Additionally, former CEO Adrian Montgomery transitions to Chair of the Board.
Enthusiast Gaming Holdings (NASDAQ:EGLX; TSX:EGLX) has achieved a significant milestone by ranking as the #1 gaming property for unique visitor traffic in the U.S. for January 2023, according to Comscore. With 49,120 unique visitors, the company surpassed key competitors including ROBLOX.COM and TWITCH.TV. Furthermore, Enthusiast Gaming is recognized as the 3rd fastest growing property on Comscore's Top 100 list, showcasing a growth of 349% over the past three years. This achievement underscores the company's strong presence and appeal in the gaming sector, reinforcing its position as a leader in reaching dedicated gamer audiences.
Enthusiast Gaming has renewed its partnership with Xbox as the media sponsor for the NFL Tuesday Night Gaming (NFL TNG) All-Star Game, which takes place on February 7, 2023. This event is a unique collaboration allowing NFL players and top gaming content creators to compete in live matchups during Super Bowl week. The integration of Xbox will feature prominently throughout the broadcast, enhancing brand visibility. Bill Karamouzis, President of Enthusiast Gaming, expressed satisfaction with Xbox's return, emphasizing the value of their integrated solutions in bridging gaming and sports culture.
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