Business
GameSquare Holdings Reports Standalone First Quarter 2023 Results for GameSquare Esports and Provides First Quarter Pro-Forma Income Statement
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 initiates 2023 guidance reflecting pro-forma sales of $75 to $80 million, and annual gross margins of 30% - 35%TORONTO, ON / ACCESSWIRE / May 18, 2023 / GameSquare Holdings, Inc. (\"GameSquare\", or the \"Company\") (NASDAQ:GAME)(TSXV:GAME) announced that GameSquare Esports, Inc. has filed its standalone financial results for its first quarter ended March 31, 2023. As a result of the April 11, 2023 merger of GameSquare Esports and Engine Gaming and Media, Inc. (\"Engine Gaming\"), GameSquare provided a pro-forma income statement for the 2023 first quarter. The Company expects to file its second quarter 2023 consolidated financial statements for the combined entity, in August of 2023. The Company also provided 2023 guidance as a consolidated company.\"With the merger now behind us, our business momentum is accelerating, driven by a record pipeline, increasing ad spend, and the benefits of the merger. In addition, we believe advertising partners are already recognizing the value of our combined company's assets. We recently have signed several significant brand deals across numerous verticals, including healthcare, automotive, and CPG, with average expected contract values north of seven figures. We believe that our record pipeline and recent wins indicate that global brands see the value of GameSquare's leading end-to-end media platform and our success helping companies connect with gaming and youth audiences. As a result of the merger, GameSquare now serves approximately 350 brands, 1,500 creators, and has an aggregate audience reach over 500 million,\" said Justin Kenna, CEO of GameSquare.\"Since our inception in late 2020, we have invested heavily in our business to build industry leading capabilities, create new and innovative revenue opportunities, complete a transformational merger, and assemble a team of experienced, motivated, and passionate leaders, talent, and influencers. With a solid foundation, we are focused on successfully integrating the merger, scaling our business, and pursuing a path to profitability. As we look forward, we believe pro-forma annual sales of the combined company in 2023 will be between $75 and $80 milli...