Enthusiast Gaming Reveals Q3 2024 Financial Results

Enthusiast Gaming Reveals Q3 2024 Financial Results

Business

18 November 2024 15:08

Enthusiast Gaming Holdings (TSX: EGLX), , announced its financial results for the third quarter of 2024.The company reported revenue of $16.8 million for Q3 2024, a decrease from $45.6 million in the same period last year. This decline was primarily attributed to the strategic deprioritization of low-margin video platform revenue. Despite the revenue drop, Enthusiast Gaming posted a gross profit of $11.8 million, reflecting an expansion in gross margin to 70.3% from 36.7% in Q3 2023.

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According to release, operating expenses were significantly reduced, falling to $12.7 million from $25.0 million in the prior year.The company also reported a positive Adjusted EBITDA of $0.1 million, a $3.6 million improvement compared to a loss of $3.5 million in Q3 2023. While Enthusiast Gaming still reported a net loss of $7.3 million for the quarter, this marked a substantial improvement from the $57.2 million loss reported in the same quarter last year. The company attributed its improved performance to its efforts to optimize operations, reduce costs, and focus on higher-margin business segments.

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Enthusiast Gaming Reveals Q3 2024 Financial Results

Business

18 November 2024 15:08

Tags: Enthusiast Gaming

Enthusiast Gaming Holdings (TSX: EGLX), , announced its financial results for the third quarter of 2024.The company reported revenue of $16.8 million for Q3 2024, a decrease from $45.6 million in the same period last year. This decline was primarily attributed to the strategic deprioritization of low-margin video platform revenue. Despite the revenue drop, Enthusiast Gaming posted a gross profit of $11.8 million, reflecting an expansion in gross margin to 70.3% from 36.7% in Q3 2023.

More:Best Guns in Call of Duty Black Ops 6

According to release, operating expenses were significantly reduced, falling to $12.7 million from $25.0 million in the prior year.The company also reported a positive Adjusted EBITDA of $0.1 million, a $3.6 million improvement compared to a loss of $3.5 million in Q3 2023. While Enthusiast Gaming still reported a net loss of $7.3 million for the quarter, this marked a substantial improvement from the $57.2 million loss reported in the same quarter last year. The company attributed its improved performance to its efforts to optimize operations, reduce costs, and focus on higher-margin business segments.

Share:

Sources:

Report mistake   

Submit news   

Related news

View All

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Enthusiast Gaming announced today securing a $20m non-revolving term loan for a four-year period. This financing was secured through...

Business

Jul 17, 2024

Enthusiast Gaming to Sell Assets

Enthusiast Gaming (TSX: EGLX) has finalized a definitive agreement for the sale of certain non-core and unprofitable casual gaming...

Business

Apr 01, 2024

Enthusiast Gaming Partners with Netflix

Enthusiast Gaming partnered with Netflix to launch ONE PIECE Fortnite Experience.Parties will promote the release of the new live-action adaption...

Business

Sep 07, 2023

Valnet Acquires Polygon

Polygon, one of the most prominent video game and pop culture websites of the last decade, has been acquired by...

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