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Preliminary Q2 revenue estimated to exceed $27 million
Management reaffirms 2024 annual guidance, and expects proforma revenue of over $100 million and annual gross margin of 22.5% to 27.5%
FRISCO, TX / ACCESSWIRE / July 10, 2024 / GameSquare Holdings, Inc. (NASDAQ:GAME), ("GameSquare", or the "Company"), today announced preliminary financial results for the second quarter ended June 30, 2024, reaffirmed its 2024 annual financial expectations and provided a business update for the second half of 2024. The Company expects to report second quarter financial results and host a conference call with investors on August 14, 2024.
Justin Kenna, CEO of GameSquare stated, "Our strong second quarter top-line results demonstrate the growing success of the platform we have created and a full quarter's contribution of the March 7, 2024, FaZe Clan Acquisition. Positive sales and deal momentum accelerated throughout the second quarter as the value we provide our brand partners expands and we convert more of our pipeline to sales. As a result, we believe we will achieve between $55 and $60 million in revenue during the second half of 2024. In addition, we expect to show a significant improvement in profitability in the second half of the year, benefitting from higher sales, expanded gross margin, and continued operating expense reductions. As a result, we believe we are well positioned to achieve our 2024 guidance."
Preliminary 2024 Second Quarter Financial Results
Q2 2024 (preliminary) | |
| Revenue | |
| Owned and Operated IP | $ 12 million |
| Agency + Media | $ 13 million |
| SaaS | $ 2 million |
| Revenue | $ 27 million |
Mr. Kenna concluded, "The first half of 2024 was an exceptionally busy period that included multiple non-core asset sales, and the acquisition and integration of FaZe Clan. As a result, we have upgraded our infrastructure, simplified our business model, reduced our cost structure and strengthened our balance sheet. GameSquare has never been in a stronger position, and global brands are taking notice of the valuable platform we have created. I am extremely excited by the direction we are headed and want to thank everyone at GameSquare for their hard work and dedication throughout the year. I look forward to providing additional details on our success and outlook when we report final second-quarter results in the coming weeks."
GameSquare Reaffirms 2024 Annual Proforma Guidance
2024 First Half Proforma* Results (preliminary) | 2024 Second Half Guidance | 2024 Full Year Guidance (proforma*) | |||
| Revenue | $ 50 million | $ 55 - 60 million | $ 100+ million |
*2024's annual guidance is based on a proforma basis and includes a full 12 months of contribution from FaZe Clan, which was acquired on March 7, 2024. Guidance also assumes GameSquare continues to fully consolidate the financial results of FaZe Media, Inc.
Additional 2024 Guidance
$18 million of annualized cost savings associated with the FaZe Clan acquisition are expected, with the majority of these costs anticipated being removed during the second and third quarters of 2024
Management anticipates sequential quarterly improvements to profitability throughout 2024, supported by sales growth, gross margin improvement, and the benefit of cost saving initiatives
GameSquare's financial closing procedures for the second quarter ended June 30, 2024, are not yet complete. It is possible that the final results may differ from the preliminary results, and that the Company's annual 2024 outlook may change from the initial outlook discussed above between now and when results are finalized.
Posted In: GAME
