Enthusiast Gaming Posts Q2 Revenues of $37.1 Million, Net Loss

Enthusiast Gaming (TSX: EGLX) last night reported its second quarter financial results, posting revenues of $37.1 million. Despite making gains on a quarter over quarter basis in terms of revenue, the company still posted a net loss that was relatively unchanged from the prior quarter.

Revenues grew 23.7% on a quarter over quarter basis, climbing from $30.0 million to $37.1 million, with revenues growing as a result of acquisitions made during the quarter. Gross margins were also up, with the company posting $8.0 million in gross margins for the three month period, compared to $5.9 million in the prior period.

In terms of operating expenses, the company appears to be making marginal gains. While revenues were up 23.7%, Enthusiast Gaming saw its total operating expenses climb just 4.8%. The largest expense here is salaries and wages at $5.6 million, followed by share based compensation at $4.0 million.

After other expenses that include $0.5 million in interest and accretion as well as $0.2 million in transaction costs, the company posted a net loss of $12.8 million, a slight improvement over the $13.6 million loss posted in the first quarter of 2021.

As of June 30, Enthusiast reporting holds a cash position of $51.4 million, an improvement from the $24.4 million held at the end of the prior quarter. The increase is attributed to the company raising gross proceeds of $60.1 million during the quarter.

Enthusiast Gaming last traded at $6.36 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.

Video Articles

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Discovery Silver in Advanced Talks to Acquire Barrick’s Last Canadian Gold Mine

Emerita Reports Aznalcollar Public Tender Trial Hearings Have Concluded, Verdict Expected This Fall

Related News

Enthusiast Gaming To Begin Trading On Nasdaq April 21

Enthusiast Gaming Holdings Inc. (TSX: EGLX) announced today that its common shares have been approved...

Tuesday, April 20, 2021, 08:42:17 AM

Enthusiast Gaming Sees Canaccord Give Slight Lift To Price Target

On May 16th, Enthusiast Gaming (TSX: EGLX) reported its first quarter financial results. The company...

Sunday, May 22, 2022, 05:19:00 PM

Canaccord Lowers Enthusiast Gaming’s Price Target Despite Prelim Earnings Beat

On February 8th, Enthusiast Gaming (TSX: EGLX) reported its preliminary fourth quarter 2021 results. The...

Thursday, February 17, 2022, 05:06:00 PM

Hut 8 Mining Slowly Steps Into Esports Space Via Partnership With Enthusiast Gaming

Hut 8 Mining (TSX: HUT) is apparently looking to muddy its once-simple investment thesis. The...

Wednesday, March 2, 2022, 08:22:12 AM

Enthusiast Gaming Prices Financing, Looks To Raise US$46 Million

Enthusiast Gaming Holdings Inc. (TSX: EGLX) announced today the pricing of its previously announced equity...

Friday, June 11, 2021, 09:14:05 AM