Business
FansUnite Reports Second Quarter Fiscal 2022 Financial Results
FansUnite Reports Second Quarter Fiscal 2022 Financial Results.
About this update from Fansunite Entertainment Inc.
[{"type":"text","content":"Total revenue of $5.46 million in Q2 Fiscal 2022, an increase of 461% over Q2 Fiscal 2021Total revenue for the six months ended June 30, 2022 was $15.13 millionCompany signed licensing deal with Welsh bookmaker Dragon Bet to launch new sports betting portal, powered by FansUnite's Chameleon platformVancouver, British Columbia--(Newsfile Corp. - August 29, 2022) - FansUnite Entertainment Inc. (TSX: FANS) (OTCQX: FUNFF) (\"FansUnite\" or the \"Company\") announced that it has filed its consolidated interim financial statements and associated management's discussion and analysis (\"MD&A\") for the three and six months ended June 30, 2022. All amounts are stated in Canadian dollars unless otherwise indicated.Second Quarter Fiscal 2022 Financial Highlights:Total revenue for the three months ended June 30, 2022 was $5.46 million, an increase of approximately 461% as compared to $0.97 million over the same period in the last fiscal yearTotal revenue for the six months ended June 30, 2022 was $15.13 million, an increase of approximately 640% as compared to $2.04 million over the same period in the last fiscal yearGross margin of $2.25 million (41%) in Q2 Fiscal 2022, as compared to $0.41 million (42%) over the same period in the last fiscal yearNet loss of $15.91 million in Q2 Fiscal 2022, which includes non-cash expenses of $9.50 million, as compared to $2.93 million over the same period in the last fiscal year, which includes non-cash expenses of $0.68 millionAs of June 30, 2022, the Company had net working capital of $8.8 million compared to $14.9 million at December 31, 2021Second Quarter Fiscal 2022 Operational Highlights:On April 19, 2022, the Company signed a Memorandum of Understanding to enter into a long-term licensing agreement with prominent Welsh bookmaking services provider Lovell Brothers Limited, owners of the Dragon Bet brand, to launch a new online sports wagering portal, www.dragonbet.co.uk, which will be powered by FansUnite's Chameleon iGaming platformOn June 9, 2022, the Company announced its intention to initiate a normal course issuer bid (\"NCIB\") with respect to its common shares through the facilities of the Canadian Securities Exchange. Pursuant to the NCIB, FansUnite may purchase up to 16,115,728 Shares, representing 5% of the issued and outstanding shares of that class as of June 9, 2022On June 30, 202...