Fourth Quarter and Fiscal Year 2021 Financial Results FY 2021 Revenue of $37.2 million, up from $10.5 million in FY 2020, an increase of 253% YoY
FY Q4'2021 revenue of $11.8 million, up from $7.0 million in FY Q4'2020, an increase of 67% YoY, and up 22% from $9.6 million in FY Q3'2021
Cash position of $15.3 million with another $8.6 million in receivables as of fiscal year end
NEW YORK, NY / ACCESSWIRE / November 23, 2021 / Engine Gaming and Media, Inc. ("Engine" or the "Company"); (NASDAQ:GAME)(TSXV:GAME), an esports/sports social gaming, commerce, and next-generation media solutions company, today announced results for its fourth quarter and fiscal year ended August 31, 2021. All amounts are stated in US dollars unless otherwise indicated.
For the year ended August 31, 2021, total revenue was $37.2 million, up from $10.5 million in FY 2020, an increase of 253% YoY. Total revenue for FY Q4'2021 was $11.8 million, up from $7.0 million in FY Q4'2020, an increase of 67% YoY, and 22% higher than sequential FY Q3'2021 of $9.6 million.
For the year ended August 31, 2021, net loss was $40.7 million, an increase in net loss of $8.4 million from FY 2020 net loss of $32.3 million. Net loss for FY Q4'2021 was $13.5 million, an increase in net loss of $3.4 million from $10.1 million in FY Q4'2020. For the year ending August 31, 2021, net loss included $18.5 million in non-cash expense (income), and $8.1 million in FY Q4'2021. Refer to the table below for itemized listing of these expenses.
The Company had cash of $15.3 million and $8.6 million in receivables as of August 31, 2021. In addition, the Company had working capital surplus of $10.4 million after excluding non-cash warrant liability and legal proceedings provision.
Key segment revenue growth that contributed to the strong revenue performance:
- Software-as-a-Service: SaaS revenue for FY 2021 was $6.4 million, up from $2.6 million in FY 2020, an increase of 147% YoY. Revenue for FY Q4'2021 was $2.0 million, 28% higher than sequential FY Q3'2021 of $1.5 million.
- Advertising: Advertising revenue for FY 2021 was $26.7 million. Advertising revenues grew 37% quarter-over-quarter, with FY Q4'2021 revenues of $8.8 million, compared to FY Q3'2021 revenues of $6.4 million.
- Games Development: Games development revenue for FY 2021 was $3.4 million, excluding $1.3 million of deferred revenue as of August 31, 2021, which has been billed and collected, and is being deferred due to a client acceptance provision. Adjusting FY 2021 and FY 2020 revenue to include deferred revenue outstanding at each year end, adjusted game development revenue for FY 2021 was $4.7 million, a 72% growth over FY 2020 revenue of $2.7 million.