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GameSquare Holdings Inc. (NASDAQ:GAME) operates at the intersection of gaming, esports, and digital media, connecting global brands with youth audiences through innovative marketing and immersive experiences. This news hub provides investors and industry observers with comprehensive access to the company's latest developments and strategic initiatives.
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GameSquare Holdings (NASDAQ:GAME) reported its Q1 2024 financial results, highlighting revenue of $17.7 million, up from $2.8 million in Q1 2023.
Gross profit increased to $3.4 million from $1.3 million, while net loss widened to $5.3 million from $4.3 million.
Proforma results showed a slight revenue decline to $23.5 million from $24.1 million, attributed to a $4.2 million decline from FaZe Clan. However, GameSquare and Engine Gaming's revenue rose by $3.6 million.
Adjusted EBITDA loss improved significantly to $7.9 million from $14.3 million, with a 45% year-over-year improvement due to cost synergies from the Engine and FaZe Clan acquisitions.
Management expects over $100 million in annual revenue for 2024 and anticipates $18 million in cost synergies from the FaZe Clan acquisition, with profitability improvements expected throughout 2024.
GameSquare (NASDAQ:GAME) will announce its Q1 2024 financial results on May 20, 2024, after market close. An earnings call, hosted by CEO Justin Kenna and the management team, will follow at 5:30 pm ET. Interested parties can join the call via webcast to gain insights into the company's performance.
GameSquare (NASDAQ:GAME) has announced the formation of FaZe Media, a creator-led IP and media company. This follows the acquisition of FaZe Clan on March 8, 2024. FaZe Media is spearheaded by CEO FaZe Banks and has secured $11 million in investment from Matt Kalish, who joins the board. FaZe Media aims to leverage the FaZe brand and expand its reach through licensing, sponsorships, and content creation. The relaunch of FaZe Clan on April 27, 2024, saw unprecedented social media engagement, with over 350 million impressions. GameSquare owns 51% of FaZe Media while Kalish holds 49%.
GameSquare's subsidiary, Stream Hatchet, has published its 2024 first quarter Live-Streaming Trends Report revealing a 10% increase in viewership to 8.2 billion hours watched. The report highlights the growth in live streaming post-pandemic normalization, with big players like Twitch and YouTube Gaming continuing to grow. New platforms like Chzzk and games like Palword have made significant impacts in the industry.
GameSquare Holdings (NASDAQ:GAME)(TSXV:GAME) and Dairy MAX have partnered to launch the UEFN World Building Map Campaign in Fortnite's Farm Tycoon, promoting a nutritional lifestyle for youth through engaging gameplay strategy. The campaign integrates real-world farm operations into the gaming environment, encouraging dietary education and celebrating individuality. Notable Fortnite influencers will drive engagement for this innovative experience, aiming to educate and entertain players while making a positive impact.
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