Esports technology company ESE Entertainment announced its unaudited interim consolidated financial results for Q3 2021, showing zero debt.
For the three-month period ending July 31, 2021, ESE reported revenue of CAD $4.23 million (~£2.44 million), a 491 percent increase over Q3 2020.
Reported net loss decreased from CAD $3.81 million (£2.2 million) last quarter to CAD $1.26 million (~£727,000) In addition, the company’s cash balance increased to CAD $9.17 million (£5.29 million) and zero debt. Moving forward, ESE plans to continue its investment in platform development as well as improvement in back-office functions.
ESE attributes this quarter’s growth to its IPO (CAD $8.6 million — ~£4.96 — from institutional investors at a price of CAD $1.40 per unit), as well as the acquisition of Digital Motorsports completed on September 14th.
In addition, ESE touted its content production contract with Bitcoin Vault for an esports and gaming talent show, ‘strengthening ESE’s presence in the global esports and gaming markets and expanding its production and media rights capabilities globally’.
Konrad Wasiela, CEO of ESE Entertainment commented: “After significant growth in the ESE group, launching our acquisition Digital Motorsports and raising $8.6 million to accelerate expansion, Q3 was a standout quarter for ESE Entertainment.
“In the coming months, we anticipate revenue growth and margin expansion. We expect this growth to be driven by momentum in the existing business, performance of the newly completed Digital Motorsports acquisition, direct sales to our increasing pipeline of clients, and new business from our scalable technology and growing ecommerce platform. Further, our acquisition pipeline is robust and our team is working tirelessly to find and execute on prospective accretive transactions to maximize shareholder value.”
Esports Insider says: It’s not surprising to see the type of profits reported by ESE Entertainment this quarter, considering its string of acquisitions and partnerships. As Wasiela told ESI in the Esports Journal, ESE is determined to be the next €1 billion company, and they’re going to do it with products and services at every level on the way to the top: a skyscraper of offerings.