Esports and gaming holding company GameSquare Holding has announced its second quarter reports for 2024 ending June 30th, reporting $28.6m (~£22m) in revenue.
These results were similar to Q2 2023, where the company generated a gross profit of $4.6m (~£3.6m) and a revenue of $23.1m (~£17.9m) on a proforma basis. Despite this, GameSquare recorded a higher net loss in Q2 2024 with $12m (~£10.8m) in comparison to $4.1m (~£3.2m) from last year.
The aforementioned Q2 2023 and 2024 numbers are from GameSquare’s proforma financial results. The proforma financial results include a full-quarter contribution of FaZe Clan in the 2024 period and a full-quarter contribution from Engine and FaZe Clan in the 2023 period. The latter of which was before GamesSquare acquired FaZe Clan.
Aside from the net loss and revenues, in Q2 2024 the company recorded a gross profit of $4.2m (~£3.3m) and decreased operating expenses to $10m (~£7.7m).
GameSquare has underwent a very busy Q22024 which saw the company announce many significant developments in the business. In the last month of the second quarter alone, GameSquare sold a 25.5% stake in FaZe Media to Richard ‘FaZe Banks’ Bengston for $9.5m (~£7.5m), became a programming partner for SEICon, and had one of its companies, Stream Hatchet, secure a partnership with Riot Games.
According to the release, the reasons behind the strong quarterly growth can be attributed to a growing demand for the Unreal Editor for Fortnite (UEFN) world-building creative services. Moreover, FaZe Media’s reboot and new creator roster, which has garnered over 1.2bn views during the quarter, was also seen as major factor.
Justin Kenna, CEO of GameSquare, spoke about the strong financial report from GameSquare: “GameSquare delivered strong growth and record quarterly revenue, demonstrating the benefits of the next generation media platform we have created.
“Second quarter revenue of $28.6m increased 22% over proforma revenue for the 2024 first quarter, as we continue to focus on integrating the FaZe Clan acquisition and benefit from accelerating momentum across many areas of our business.
“We believe GameSquare has never been in a stronger financial position. As we look to the second half of the year, we are extremely excited by the direction GameSquare is headed.”
