Business
Allied Esports Entertainment Announces First Quarter 2022 Financial Results
NEW YORK--(BUSINESS WIRE)-- Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the “Company” or “AESE”), a global esports entertainment company, today
About this update from Allied Gaming & Entertainment Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nAllied Esports Entertainment, Inc. (NASDAQ: AESE) (the “Company” or “AESE”), a global esports entertainment company, today announced financial results for the first quarter ended March 31, 2022, as well as an update on key business initiatives. This release refers to “continuing” and “discontinued” operations due to the sale of the Company’s subsidiaries owning and operating its poker-related business, the World Poker Tour® (“World Poker Tour,” or “WPT®”) on July 12, 2021. Unless otherwise noted, results presented in this release relate to the continuing operations of the Company and its Allied Esports business, and excludes the operations of the World Poker Tour, which are classified as discontinued operations of the Company.\n\nCommenting on the first quarter 2022 results and strategic process, the Company’s Interim CEO, Lyle Berman, said, “I am very pleased with the operational performance of our Esports business, which generated record revenue and adjusted EBITDA during the quarter and has continued to gain momentum as we emerge from the pandemic and move to a more normalized environment. This solid operational recovery is helping drive strong interest from outside parties as we move ahead with our previously stated objective to pursue strategic alternatives for the Esports operations, including a potential sale of the business.”\n\nMr. Berman continued, “Concurrently, we continue to make progress in our ongoing efforts to invest the cash on our balance sheet to acquire or merge with an existing business. At the end of the first quarter, our cash balance totaled nearly $96 million, including restricted cash. We remain focused on finding the best opportunity available to maximize value for our shareholders. While we are limited in what we can currently disclose about the process, I look forward to providing the market with an update on our progress at the appropriate time.”\n\nFirst Quarter 2022 Financial Results\n\nRevenues: Total revenues of $2.4 million increased 381% for the first quarter of 2022 compared to the first quarter of 2021. The improvement was driven by increased foot traffic at the Company’s HyperX Arena Las Vegas due to an increased number of events, sponsorship revenue from the launch of Allied Esports’ first original branded content offering, as well as first time Non-Fungible ...