theScore Reports F2019 Q3 Financial Results Q3 F2019 Highlights
- theScore remains on schedule for the New Jersey launch of its mobile sportsbook, pending receipt of all required approvals and licenses from the State of New Jersey Division of Gaming Enforcement (DGE) and the New Jersey Racing Commission (NJRC).
- theScore achieved a new Q3 revenue record of $8.5 million. This compared to $7.2 million in revenue for the same period last year, with growth primarily the result of strong performances from direct sales in Canada and the U.S.
- theScore achieved a new Q3 record for average monthly user sessions on theScore app. Average monthly sessions reached 395 million during Q3 F2019, with users opening it an average of 102 times a month each.
- theScore’s social content achieved a new quarterly record with an average monthly reach of approximately 100 million users in Q3 F2019, while total video views of theScore’s esports content also achieved a new quarterly record of 64 million.
“The great work in Q3 by our team and partners at Bet.Works means we’re right on schedule for the launch of what we believe will be a truly best-in-class mobile sportsbook,” said John Levy, Founder and CEO of theScore. “We can’t wait to show sports bettors in the U.S. what we’ve been building - starting with New Jersey.
“theScore’s sportsbook will deliver a unique mobile betting experience that will be tightly integrated with our flagship app to create a powerful ecosystem by a brand already trusted by millions of sports fans. theScore is going all-in on sports betting, and our established position as a leader in mobile sports makes this an incredible opportunity.
“It was also a great quarter for our core business. Advertising revenue achieved a new Q3 record, while engagement on our media app and audience growth across our esports and social platforms was also extremely positive.”
Financial Results
Revenue for the three months ended May 31, 2019 was $8.5 million compared to $7.2 million for the same period last year. Revenue for the nine months ended May 31, 2019 was $24.7 million versus $22.6 million for the same period last year. Growth in revenue for the quarter was primarily the result of strong performances from direct sales in Canada and the U.S.
EBITDA loss for the three months ended May 31, 2019 was $1.1 million versus a loss of $45,000 for the same period last year. Increase in EBITDA loss was primarily the result of additional expenses relating to the ongoing development of theScore’s sports betting business. EBITDA loss for the nine months ended May 31, 2019 was $2.3 million versus a loss of $29,000 in the same period last year.
Audience Metrics
Total average monthly active user sessions of theScore mobile app on iOS and Android reached 395 million in Q3 F2019, or 102 sessions-per-user-per-month on a base of 3.9 million average monthly app users.
theScore’s content on its social channels achieved an average monthly reach of approximately 100 million in Q3 F2019, year-over-year growth of 161%, serving to further amplify theScore brand globally.
Total video views of theScore esports’ content reached a record 64 million for Q3 F2019, representing year-over-year growth of 188%. Total watch minutes for theScore esports’ YouTube channel were 332 million, growth of 170% year-over-year. An additional 125,000 YouTube subscribers were added during the period, with channel subscribers surpassing 820,000 earlier this month.