A media company recently disclosed its financial performance for the second quarter of 2024, showcasing a remarkable increase in revenue despite facing losses. In the period ending June 30, 2024, the esports company based in Texas reported a 24% year-over-year growth in proforma revenue for Q2, reaching a quarterly record of $28.6 million, indicating a 22% increase from the previous quarter. However, the company recorded a net loss of $12.0 million in Q2, a significant jump from a net loss of $4.1 million in the corresponding period of the previous year.
The stock of the media company opened trading at US$1.20 per share. Through various financial initiatives, including strategic fundraising activities and repayment of existing obligations, the company has strengthened its balance sheet. The CEO of the company mentioned that they are optimistic about achieving positive adjusted EBITDA by the fourth quarter of the year, driven by revenue growth, higher gross margins, and operational cost reductions in the upcoming months.
The company aims to surpass $100 million in annual revenue with a projected gross margin of 22.5% to 27.5% for the year 2024, taking into account the full contribution from the recent acquisition of FaZe Clan. GameSquare Holdings, an international gaming and esports company headquartered in Toronto, remains focused on achieving profitability by the end of the year. The stock of the company experienced a 2% increase in trading, opening at US$1.20 per share, and has exhibited a 6.06% rise in the past month.
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