Enthusiast Gaming, the parent company of North American esports organisation Luminosity Gaming, has announced its financial results for both Q2 and H1 2022, ending June 30th 2022.
The company has announced a net loss of $26.05m (~£21.56m) for H1 2022, which is a marginal decrease from the $26.4m (~£21.8m) loss recorded for the same period last year.
Enthusiast Gaming did report increased revenues for both Q2 and H1 — which totalled $51.11m (~£42.3m) and $98.26m (~£81.34m) respectively. In comparison, June 2021’s figures were $37.05m and $67.07m for Q2 and H1 respectively.
Alongside owning Luminosity, Enthusiast Gaming’s other properties include media platform Upcomer, Overwatch League franchise Vancouver Titans and Call of Duty League franchise Seattle Surge.
2022 has been an eventful year for the company. The company secured a partnership with digital asset mining company Hut 8 in March. However, in May it faced striking public scrutiny from its largest shareholder Greywood Investments — as well as its staff, according to The Washington Post.
Other notable figures detailed in the final report include esports player, team and games expenses amounting to $1.43m (~£1.18m) for Q2 2022. Moreover, Enthusiast has paid $17.8m (~£14.73m) in salaries and wages for the first six months of 2022.
Last year, Enthusiast Gaming recorded a total loss of $41.6m (~£31m) in 2021.
Speaking about the financial results, Adrian Montgomery, CEO of Enthusiast Gaming, said: “During the first half of 2022, we delivered our strongest half-year results to date, led by accelerated revenue growth and substantial gross margin expansion.
“Q2 2022 was strong, with gross profit up 91% versus Q2 2021, driven by more subscription revenue and higher direct sales with repeat and new customers.”