Business
ESE Entertainment Reports First Quarter 2023 Results
Quarterly revenue of $13.92 million, year-over-year increase of 73% Gross profit of $2.45 mi...
About this update from Ese Entertainment Inc
[{"type":"text","content":"ESE Entertainment Reports First Quarter 2023 ResultsQuarterly revenue of $13.92 million, year-over-year increase of 73%Gross profit of $2.45 million, year-over-year increase of 283%Positive Adjusted EBITDA1 for the three months ended January 31, 2023VANCOUVER, BC / ACCESSWIRE / March 31, 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 it has filed its unaudited condensed interim consolidated financial statements (the \"Financial Statements\") and related management's discussion and analysis (the \"MD&A\") for the three months ended January 31, 2023 (\"Q1 2023\") the highlights of which are presented in this news release. The Financial Statements and MD&A are available on www.sedar.com and on the Company's website.Q1 2023 Financial Highlights:Revenue of $13.92 million for Q1 2023, representing a 73% increase from Q1 2022 revenue of $8.03 million.Gross profit of $2.45 million for Q1 2023, representing a 283% increase from Q1 2022 gross profit of $0.64 million.Positive Adjusted EBITDA1 of $9,480 for the three months ended January 31, 2023, compared to adjusted EBITDA loss of $795,338 for the three months ended January 31, 2022.Total assets as at January 31, 2023 of $18.87 million, achieving a positive current ratio.2\"At ESE, we are dynamic and adapt to market conditions and listen to shareholder feedback, which is why we are committed to focusing on achieving profitability and high gross margins as we celebrate new milestones in our year-over-year growth. We believe that the market has not adequately valued the Company, so we have taken actionable steps to unlock value. Firstly, we have executed an LOI for the sale of Frenzy and Digital Motorsports for consideration valued at $41 million. Secondly, we are focusing more on our core intellectual property and technology offering, GameAddik. This quarter has been a period of implementation for our 2023 success plan, which will allow us to establish long term sustainability and pursuit of profitability.\" stated Konrad Wasiela, CEO of ESE.\"We are confident that our strategic investments and commitment to our shareholders' priorities will result in increased profitability and higher gross profits in the c...