Business
FansUnite Reports Second Quarter 2023 Financial Results
FansUnite Reports Second Quarter 2023 Financial Results.
About this update from Fansunite Entertainment Inc.
[{"type":"text","content":"Total revenue of $5.3 million in Q2 Fiscal 2023, an increase of 14% over Q2 Fiscal 2022Gross margin of $3.3 million (62%) in Q2 Fiscal 2023, an increase of 70% as compared to $2.0 million (41%) in Q2 Fiscal 2022EBITDA of $4.3 million in Q2 Fiscal 2023, an increase of $15.3 million as compared to ($11.1) million in Q2 Fiscal 2022Unrestricted cash increased to $3.5 million as of June 30, 2023, as compared to $2.9 million as of December 31, 2022Company to host Q2 Fiscal 2023 Earnings Call on Tuesday, August 15, 2023, at 10:00 AM EST / 7:00 AM PSTVancouver, British Columbia--(Newsfile Corp. - August 14, 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 and six month periods ended June 30, 2023. All amounts are stated in Canadian dollars unless otherwise indicated.Q2 Fiscal 2023 Earnings Call DetailsDay: Tuesday, August 15, 2023Time: 10:00 AM (EST) / 7:00 AM (PST)Topic: FansUnite's Q2 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_lJB_LAyMRCSio04kGQl8Cw#/registration \"We are excited to announce a significant increase in revenue and gross margins during the second quarter of Fiscal 2023,\" said Scott Burton, CEO of FansUnite. \"During the quarter, we saw a 14% increase in revenues year-over-year while our overall gross margins exceeded 60% due to our focus on higher margin operations. This renewed focus allowed us to record an EBITDA of $4.3 million during the quarter which was up from a loss of $11.1 million during the same quarter last year.\" Mr. Burton added, \"Following the sale of McBookie and the Chameleon iGaming Platform, we will focus more on growing business segments that produce significant cash flow. We intend to achieve this goal by scaling our affiliate business segment, led by Betting Hero, which has generated substantial revenue and high gross margins as well as identifying more opportunities to improve our operational and financial efficiency.\" Second Quarter Fiscal 2023 Financial Highlights:Total revenue of $5.3 million in Q2 Fiscal 2023, an increase of approximately 14% ov...