Business
Enthusiast Gaming Reports Q4 and Full Year 2024 Financial Results
Quarterly Adjusted EBITDA of $1.9 Million in Q4, a $4.9 Million Improvement YoY Annual Ad...
About this update from Enthusiast Gaming Holdings Inc
[{"type":"text","content":"Enthusiast Gaming Reports Q4 and Full Year 2024 Financial Results\n\n\n\n\n Quarterly Adjusted EBITDA of $1.9 Million in Q4, a $4.9 Million Improvement YoY\n \n\n\n\n Annual Adjusted EBITDA of $(0.2) Million in 2024, a $12.8 Million Improvement YoY\n \n\n\n\n Gross Margins of 76% in Q4, up 3600 bps YoY\n \n\n\n TORONTO, March 31, 2025 (GLOBE NEWSWIRE) -- Enthusiast Gaming Holdings Inc. (“Enthusiast Gaming” or the “Company”) (TSX: EGLX), a leading gaming media and entertainment company, today announced financial results for the three months (“Q4 2024”) and year ended December 31, 2024 (“FY 2024”).\n \n\n “2024 was a milestone year for Enthusiast Gaming, as we repositioned the business for long-term, high-margin growth,” said Adrian Montgomery, Interim CEO of Enthusiast Gaming. “By streamlining operations and enhancing monetization, we have established an efficient, scalable model that delivers stronger returns. With this solid foundation in place, our focus is now on audience expansion—spending more time with more gamers across our owned and operated properties. As we enter 2025, we are positioned to drive sustained growth by deepening engagement and maximizing the value of our gaming ecosystem.”\n \n\n “The Company’s realignment towards higher-margin, owned and operated revenue streams and a significantly reduced cost base has established a strong financial foundation, including profitability, expanded gross margins, and growing operating leverage,” said Alex Macdonald, Chief Financial Officer of Enthusiast Gaming. “With this structure in place, we are now focused on scaling revenue in ways that accelerate EBITDA growth and drive free cash flow. Every user is more valuable under our current monetization structure, and audience expansion is a key operational focus for 2025. We are also investing in our direct sales team to reestablish it as a meaningful driver of high-margin, top-line revenue growth. With this foundation, the business is structured for efficient growth and increasing EBITDA contribution at scale.”\n \n\n\n Financial Highlights for Q4 2024\n \n\n\n\n Revenue of $17.8 million, compared to $47.1 million in Q4 2023, with the vast majority of the decline being attributable to the strategic depr...