Business
FansUnite Reports First Quarter 2023 Financial Results
FansUnite Reports First Quarter 2023 Financial Results.
About this update from Fansunite Entertainment Inc.
[{"type":"text","content":"Gross margin of $5.41 million (62%) for the first quarter of Fiscal 2023 as compared to $5.90 million (61%) over the same period in Fiscal 2022Unrestricted cash increased to $5.18 million as of March 31, 2023 as compared to $2.91 million on December 31, 2022Completion of a $3.04 million non-brokered private placement, led by strategic investor Tekkorp CapitalCompany to host Q1 Fiscal 2023 Earnings Call on Tuesday, May 16, 2023, at 10:00 AM EST / 7:00 AM PSTVancouver, British Columbia--(Newsfile Corp. - May 15, 2023) - FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) (\"FansUnite\" or the \"Company\") announced that it has filed its condensed consolidated interim financial statements and associated management's discussion and analysis (\"MD&A\") for the three months ended March 31, 2023. All amounts are stated in Canadian dollars unless otherwise indicated.Q1 Fiscal 2023 Earnings Call DetailsDay: Tuesday, May 16, 2023Time: 10:00 AM (EST) / 7:00 AM (PST)Topic: FansUnite's Q1 Fiscal 2023 financial results and growth outlook for the remainder of 2023Please click the link below to register for the earnings call.https://us02web.zoom.us/webinar/register/WN_vF3kuYDrQh6QPylcYuYqSg First Quarter Fiscal 2023 Financial Highlights:Total revenue of $8.73 million, a decrease of approximately 11% over the same period in Fiscal 2022Gross margin of $5.41 million (62%) as compared to $5.90 million (61%) over the same period in Fiscal 2022Net loss of $6.15 million in Q1 Fiscal 2023 which includes non-cash expenses of $6.39 million, as compared to $9.17 million over the same period in Fiscal 2022, which includes non-cash expenses of $10.31 millionUnrestricted cash increased to $5.18 million as of March 31, 2023 as compared to $2.91 million on December 31, 2022As of March 31, 2023, the Company had a net working capital of $5.90 million as compared to $(4.16) million as of December 31, 2022First Quarter Fiscal 2023 Operational Highlights:On February 2, 2023, FansUnite announced that the Company's customer acquisition, retention, and development brand, Betting Hero, has been shortlisted as finalists for the following five award categories in the 2023 iGB Affiliate Awards:Best Sports Betting AffiliateBest Casino AffiliateRising StarInnovation AwardAffiliate Employer of the YearOn February 9, 2023, FansUnite announced a transaction that will r...