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TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Enthusiast Gaming Holdings Inc. (“Enthusiast Gaming” or the “Company”) (TSX: EGLX)(OTCQB: ENGMF)(FSE: 2AV), today announced results for the third quarter ended September 30, 2020.
“The third quarter was another record quarter for us. The acquisition of Omnia in August was transformational, and Omnia’s assets and viewers are proving to be a natural fit for our ecosystem,” commented Adrian Montgomery, Chief Executive Officer of Enthusiast Gaming. “We are on a mission to prove the earnings power of our platform of 300 million gamers monthly. We are growing rapidly and look forward to continued strong performances in the fourth quarter and in 2021.”
Third Quarter 2020 Highlights:
- Reported revenue was $16.3 million, an increase of 133% compared to $7.0 million in the second quarter;
- Pro forma revenue was $31.7 million for Q3 2020, an increase of 17% compared to $27.2 million in the second quarter;
- Reported gross margin was $4.1 million, an increase of 28% compared to $3.2 million in the second quarter;
- Pro forma gross margin was $5.3 million, an increase of 18% compared to $4.5 million in the second quarter;
- Reported operating expenses were $8.2 million, an increase of 9% compared to $7.5 million in Q2;
- Pro forma operating expenses were $9.3 million, an increase of 4% compared to $8.9 million in the second quarter;
- Net loss and comprehensive loss for Q3 was $8.0 million, compared to $6.5 million in the second quarter, resulting in a net and comprehensive loss per share, basic and diluted, of $0.10 and $0.09, respectively;
- Pro forma total views across written and video content were 10.6 billion for Q3, and 32.2 billion year-to-date;
- Direct sales were approximately $1.0 million, an increase of 67% compared to the second quarter;
- Closed the acquisition of Omnia Media on August 30, 2020;
- Closed a $17.25 million bought deal public offering on August 31, 2020;
- Introduced two new paid subscription offerings, Siliconera+ and The Escapist+; and,
- Added three senior media executives to the leadership team.