Business
FansUnite Reports Third Quarter Fiscal 2022 Financial Results
FansUnite Reports Third Quarter Fiscal 2022 Financial Results.
About this update from Fansunite Entertainment Inc.
[{"type":"text","content":"Total revenue of $4.95 million in Q3 Fiscal 2022, an increase of 753% over Q3 Fiscal 2021Total revenue for the nine months ended September 30, 2022 was $20.08 million, which is an all-time high for any nine-month period in FansUnite's historyGross margin of $2.40 million (48%) in Q3 Fiscal 2022 as compared to $0.08 million (14%) in Q3 Fiscal 2021Net income of $23.41 million, which includes a $51.76 million gain on revaluation of contingent consideration less non-cash expenses and impairment of $22.39 million, in Q3 Fiscal 2022Company to host investor webinar on Wednesday, November 16, 2022 at 4:30 PM (EST)/1:30 PM (PST)Vancouver, British Columbia--(Newsfile Corp. - November 15, 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 nine months ended September 30, 2022. All amounts are stated in Canadian dollars unless otherwise indicated.Q3 F2022 Investor WebinarDay: Wednesday, November 16, 2022 Time: 4:30 PM (EST)/1:30 PM (PST) Topic: Company's Q3 Fiscal 2022 financial results and growth outlook for the remainder of 2022.Register: https://us02web.zoom.us/webinar/register/WN_l9MpfpSZSTOxFyUfDrN8aA Third Quarter Fiscal 2022 Financial Highlights:Total revenue for the three months ended September 30, 2022 was $4.95 million, an increase of approximately 753% as compared to $0.58 million over the same period in the last fiscal year.Total revenue for the nine months ended September 30, 2022 was $20.08 million, an increase of approximately 665% as compared to $2.62 million over the same period in the last fiscal year.Gross margin for the three months ended September 30, 2022 was $2.40 million (48%) as compared to $0.08 million (14%) over the same period in the last fiscal year.Net income for the three months ended September 30, 2022 was $23.41 million, which includes a $51.76 million gain on revaluation of contingent consideration less non-cash expenses and impairment of $22.39 million, as compared to a net loss of $2.64 million over the same period in the last fiscal year, which includes non-cash expenses of $0.77 million.As of September 30, 2022, the Company had a net working capital of $6.01 million compared to $14.92 million as of D...