Business
Super League Gaming Reports Third Quarter 2020 Results
SANTA MONICA, Calif., Nov. 11, 2020 (GLOBE NEWSWIRE) -- Super League Gaming (Super League or the Company) (NASDAQ: SLGG), a leader in bringing live and
About this update from Super League Enterprise, Inc.
[{"type":"text","content":"SANTA MONICA, Calif., Nov. 11, 2020 (GLOBE NEWSWIRE) -- Super League Gaming (Super League or the Company) (NASDAQ: SLGG), a leader in bringing live and digital esports entertainment directly to everyday gamers around the world, reported financial results for the third quarter ended September 30, 2020.\n Highlights Highest quarterly revenue in the Company’s history, up 105% over the prior year.Gross margin of 54%, reflecting lower cost digital activations.Operating expenses relatively flat versus prior year period.Continued expansion of strategic partnerships including Topgolf, HIT PARADER, the Singleton Foundation and others. Key Performance Indicators (KPIs) Through September 30, 2020 Registered users up 144% to 2.4 million versus 1.0 million at year end 2019.Engagement hours increased 218% to 47.7 million hours of gameplay versus 15.0 million hours for the full year 2019.Viewer Impressions grew to 1.4 billion, nearly 12 times the level for the full year 2019. Management Commentary“In the third quarter, we saw many of the elements of our strategic and operating plans come together to produce our strongest quarterly revenues to date,” said Ann Hand, CEO of Super League. “We continue to track far ahead of our 2020 audience growth targets. In addition, we are selling more effectively against our growing ad inventory and expanding the breadth of our partnerships. We are pleased to have been able to produce this growth in the midst of a global pandemic, which continues to constrain the advertising market.” Third Quarter 2020 Financial ResultsRevenues in the third quarter of 2020 increased 105% to $718,000 compared to $350,000 in the comparable prior year quarter. The increase was primarily driven by a significant increase in advertising and content sales revenues relative to the comparable prior year quarter, reflecting our continued focus on the acceleration of the monetization of our expanding advertising inventory and amateur gameplay content. Third quarter 2020 cost of revenue increased 70% to $327,000 compared to $192,000 in the comparable prior year quarter, as compared to the 105% increase in related revenues for the same period. The decrease in cost of revenue as a percentage of revenue was driven by the significant increase in lower cost advertising and content sales revenues in the third quarter of 2020. Total operating ex...