GameSquare Holdings Reports Record 2024 Second Quarter Results

GameSquare Holdings, Inc. (NASDAQ:GAME) has announced impressive Q2 2024 results. The company's proforma revenue jumped 24% year-over-year (YoY) and 22% quarter-over-quarter (QoQ), reaching a record $28.6 million. This increase is attributed to their enhanced platform and successful growth initiatives.

The company also reported a significant reduction in proforma adjusted EBITDA loss to $5.4 million, an improvement both YoY and QoQ. A sequential $2.5 million improvement in proforma adjusted EBITDA supports the company's goal of reaching profitability by Q4 2024.

CEO Justin Kenna highlighted the success of integrating FaZe Clan, which generated over 1.2 billion views in the quarter. GameSquare expects to achieve between $55 and $60 million in higher-margin revenue in the second half of 2024, supported by additional revenue growth and cost reductions.

For the second quarter ended June 30, 2024, reported revenue was $28.6 million compared to $11.4 million the previous year. Gross profit stood at $4.2 million while the net loss was $12.0 million. For the six-month period, revenue was $46.3 million compared to $14.2 million last year.

Looking ahead, GameSquare aims for over $100 million in annual revenue and an annual gross margin between 22.5% and 27.5% for 2024.