Thu, Aug 15, 8:53 PM (152 days ago)
GameSquare Holdings, Inc. reported significant financial changes for the quarter ending June 30, 2024. Revenue surged to $28.6 million, up from $11.4 million in the prior year, driven by acquisitions of FaZe and Engine, with total revenue for the six months reaching $46.3 million compared to $14.2 million. However, the company faced a net loss of $12 million for the quarter, worsening from a $4 million loss in Q2 2023, largely due to increased operating expenses totaling $12.5 million, up from $8.2 million. The operating cash outflow was $17.6 million for the first half of 2024, emphasizing ongoing liquidity challenges. Cash and restricted cash rose significantly to $14.5 million by June 30, 2024, aided by financing activities including a $10 million PIPE financing. Notably, GameSquare's accumulated deficit reached $90.3 million, highlighting the need for effective capital management amidst growth efforts and significant operational costs. The company continues to navigate uncertainties related to its debt obligations and market conditions, emphasizing the importance of future capital raising initiatives.