Enthusiast Gaming (TSX: EGLX) reported on Wednesday its third quarter financial results, posting revenues of $43.3 million. This is higher than Q2 2021’s revenue of $37.1 million and Q3 2020’s revenue of $16.3 million.
Gross margins also increased to $10.1 million from last quarter’s $8.0 million and last year’s $4.1 million. Corollary, operating expenses also jumped to $21.4 million coming from $8.2 million for the same comparable period last year. Salaries and wages amounting to $6.6 million and share-based compensation amounting to $5.0 million contributed the lion’s share of the quarterly operating expenses.
Following this, the company still posted a net loss of $12.4 million compared to net losses of $12.8 million last quarter and $8.1 million last year. The quarterly loss translates to $0.10 per share.
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At the end of the quarter, the company had $33.5 million in cash coming from a starting balance of $4.3 million at the start of the quarter. The influx of cash mainly came from net proceeds of share offerings amounting to $95.2 million. The balance of the current assets came in at $64.6 million while current liabilities ended at $52.0 million.
Enthusiast Gaming last traded at $3.77 on the TSX.
Information for this briefing was found via Sedar and Enthusiast Gaming. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
