Business
GameSquare Holdings Reports Second Quarter 2023 Results
Record pipeline and recent contract wins expected to accelerate revenue growth in second half of 2023Merger integration underway with $8 million of annualized
About this update from Gamesquare Holdings, Inc.
[{"type":"text","content":"Record pipeline and recent contract wins expected to accelerate revenue growth in second half of 2023Merger integration underway with $8 million of annualized cost savings expected in 2023Company reiterates 2023 full-year guidance reflecting sales of $75 to $80 million,and gross margins of 30% - 35%TORONTO, ON / ACCESSWIRE / August 14, 2023 / GameSquare Holdings, Inc. (\"GameSquare\", or the \"Company\") (NASDAQ:GAME)(TSXV:GAME) today announced financial results for the three and six-months ended June 30, 2023.\"Throughout the second quarter we focused on completing the integration of the April 2023 merger with Engine Gaming, while optimizing our cost structure and combining our enhanced offerings and talent. We removed an estimated $5 million of annualized operating costs during the quarter and we continue to expect to realize at least $8 million of total annualized cost savings by the end of the year as we drive efficiencies and cost synergies across our business. By combining leading marketing, creative, and esports organizations with best-in-class data and technology assets, we have developed a differentiated platform that expands our capabilities and creates leading solutions for our global customers,\" said Justin Kenna, CEO of GameSquare.\"Our newly acquired market intelligence and AI driven technology assets significantly enhance the value of our marketing services by combining data into our commercialization strategies. This creates a powerful performance marketing platform that helps us improve our clients' customer acquisition costs by expanding the effectiveness of our influencers and our campaigns. As a result, we have seen both the number and average value of our pipeline increase over the past three months. In addition, we have recently closed multiple seven figure, multi-year deals with customers across the healthcare, automotive, and CPG sectors,\" Mr. Kenna continued.\"I am excited by the opportunities we are pursuing as we enter the seasonally strong second half of the year, supported by strong closed revenue quarter-to-date and 60% of annual revenue historically falling in the second half. As a result, we expect sales in the second half to be between $47 million and $52 million, which combined with first-half pro-forma sales of $28 million are expected to produce full-year 2023 pro-forma sales of between $75 ...