Business
ESE Entertainment Announces 2022 Audited Financial Results with Record Revenue and Gross Profit
Record annual revenue of $58.82 million in fiscal 2022, year-over-year increase of 417% Reco...
About this update from Ese Entertainment Inc
[{"type":"text","content":"ESE Entertainment Announces 2022 Audited Financial Results with Record Revenue and Gross ProfitRecord annual revenue of $58.82 million in fiscal 2022, year-over-year increase of 417%Record quarterly revenue of $19.86 million in fiscal Q4 2022, year-over-year increase of 218%Record gross profit of $7.70 million, year-over-year increase of 569%VANCOUVER, BC / ACCESSWIRE / March 1, 2023 / ESE Entertainment Inc. (\"ESE\" or the \"Company\") (TSXV:ESE)(OTCQX:ENTEF), a gaming and esports company that provides a range of services to leading video game developers and publishers, is pleased to announce that is has filed its audited annual consolidated financial statements (the \"Financial Statements\") and related Management Discussion and Analysis (the \"MD&A\") for the 12 months ended October 31, 2022 (\"Fiscal 2022\"), the highlights of which are presented in this news release. The Financial Statements and MD&A are available under the Company's profile on www.sedar.com and on the Company's website.Financial Highlights:Revenue of $19.86 million for the three months ended October 31, 2022, representing a 218% increase from revenue for the three months ended October 31, 2021 of $6.24 million.Annual consolidated revenue in Fiscal 2022 of $58.82 million, representing a 417% increase from annual consolidated revenue for the 12 months ended October 31, 2021 (\"Fiscal 2021\") of $11.38 million.Annual gross profit in Fiscal 2022 of $7.70 million, representing a 569% increase from annual gross profit in Fiscal 2021 of $1.15 million.Adjusted EBITDA [1] loss of $0.18 million in Fiscal 2022, compared to adjusted EBITDA loss of $3.50 million in Fiscal 2021.Total assets as at October 31, 2022 of $21.45 million, representing a 38% increase from total assets as at October 31, 2021 of $15.50 million.\"We are thrilled to announce our 2022 audited financial results, which showcase our strongest performance to date with record-breaking revenue, gross profit, and improvement in adjusted EBITDA.\" said Konrad Wasiela, CEO of ESE.\"We set out many corporate goals in 2022, and I am proud to say we accomplished every single one of them. This is a testament to the relentless dedication and hard work from our world class team. Further, our financial discipline, technology, strategic investments and intellectual property will help us to further hone our o...