Second Quarter 2021 Results Consolidated revenue of $37.1 million, including record direct sales of $4.4 million
Paid subscribers grew to a record 155,000
TORONTO, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX) (TSX:EGLX), (“Enthusiast Gaming” or the “Company”), today announced financial results for the three and six months ended June 30, 2021. All amounts are stated in Canadian dollars unless otherwise indicated.
Second Quarter 2021 Financial and Operating Highlights
- Revenue of $37.1 million for the three months ended June 30, 2021 vs the three months ended June 30, 2020 (“Q2 2020”) revenue of $7.0 million
- Gross profit of $8.0 million vs Q2 2020 gross profit of $3.2 million
- Direct advertising sales of $4.4 million compared to direct advertising sales of $0.6 million in Q2 2020
- The Company’s common shares commented trading on the Nasdaq
- Raised gross proceeds of $60.1 million (USD$49.5 million) in a public offering
- Completed acquisitions of popular web properties Tabstats and Icy Veins
- Paid subscribers of approximately 155,000 as at June 30, 2021, as compared to approximately 111,000 subscribers as at June 30, 2020
- Net and comprehensive loss of $12.8 million, or $0.11 on a per common share basis
- Esports division, Luminosity Gaming, ranked as the most watched team on Twitch for each month of the second quarter
“After listing on the Nasdaq, completing two major acquisitions and raising $60.1 million (USD$49.5 million) to further accelerate our accretive M&A strategy, this has been an exemplary quarter for Enthusiast Gaming,” commented Adrian Montgomery, CEO of Enthusiast Gaming. “We expect to see sequential revenue growth and margin improvements throughout the remainder of the year, driven by momentum in direct sales and our pipeline of acquisitions. While we continue to grow our subscription business from current and newly acquired properties, the game-changer for this vertical is expected to come from Project GG and its premium subscription offering, which will launch as an exclusive alpha to select gamers in late September. Our team’s ability to continue acquiring accretive properties, attract quality partners, and deliver fresh content to our fan communities continues to exceed expectations.”
Certain information provided in this news release is extracted from the unaudited condensed consolidated interim financial statements (the “Financial Statements”) and Management’s Discussion & Analysis (“MD&A”) of the Company for the three months ended June 30, 2021 and should be read in conjunction with them. It is only in the context of the information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A can be found under the Company’s profile on SEDAR and EDGAR.
Earnings Announcement and Supplemental Information
Management will host a conference call and webcast on August 10, 2021, at 5:00 p.m. ET to review and discuss the second quarter 2021 results.
Conference call dial-in details:
North America (toll-free): +1 877-300-8521
International: +1 412-317-6026
Conference ID: 10159262
A live webcast can be accessed at https://www.enthusiastgaming.com/investors/.
If you are unable to join live, an archived recording of the webcast will be available on the investor relations section of the Enthusiast Gaming website.
About Enthusiast Gaming
Enthusiast Gaming is building the largest media platform for video game and esports fans to connect and engage worldwide. Combining the elements of its four core pillars; Media, Talent, Esports and Experiences, Enthusiast Gaming provides a unique opportunity and integrated approach to reach and connect with its coveted GenZ and Millennial audience. Through its proprietary mix of digital media and entertainment assets, Enthusiast Gaming has built a vast network of like-minded communities to deliver the ultimate fan experience.