Business
FansUnite Announces Preliminary Unaudited Fiscal 2023 Financial Results
FansUnite Announces Preliminary Unaudited Fiscal 2023 Financial Results.
About this update from Fansunite Entertainment Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - March 14, 2024) - FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) (\"FansUnite\" or the \"Company\"), a global online gaming and affiliate business leader, is pleased to report preliminary unaudited revenue and gross margin results for the fiscal year ended December 31, 2023 (\"Fiscal 2023\"). All amounts are stated in Canadian dollars unless otherwise indicated.Preliminary Unaudited Fourth Quarter and Fiscal 2023 Financial Highlights: Total revenue for the twelve months ended December 31, 2023 was in the range of $23.4 million to $23.9 million.Gross margin for the twelve months ended December 31, 2023 ranged from 61% to 65%, compared to 56% over the same period in Fiscal 2022.For Fiscal 2023, the strategic divestment of iGaming assets resulted in annualized cash savings of $7.8 million.Total revenue for the three months ended December 31, 2023 was in the range of $6.2 million to $6.7 million, an increase of at least 12% as compared to continuing operations from the three months ended December 31, 2022.\"I'm pleased to announce our 2023 unaudited financial results, reflecting our commitment to restructuring the business for stability and growth,\" said Scott Burton, CEO of FansUnite. \"Despite the broader economic challenges, we have focused our business on streamlining operational costs while continuing to focus on our top line. Through strategic measures, we have reduced our debt, saw growth in our new business units and maintained our leadership position in live activations, laying a strong foundation for the future. Looking ahead, our priority is to shore up our balance sheet while positioning our affiliate business for success.\"About FansUnite Entertainment Inc.FansUnite is a global sports entertainment and gaming company. Our business is focused on the regulated and lawful sports betting affiliate market which includes customer acquisition, retention, support and reactivation. FansUnite has established itself as a leader in the North American affiliate market through its subsidiary American Affiliate Co LLC (\"AmAff'' or \"American Affiliate\"). AmAff is a North American omni-channel customer acquisition company, covering both retail and digital customer activation for sportsbooks, casinos, poker and fantasy sports platforms.For further information, please contact:Pri...