Esports and gaming holding company GameSquare Holding has unveiled its financial results for the second quarter of 2024, which ended on June 30th. The company reported revenue of $28.6 million (£22 million), a notable increase from the $23.1 million (£17.9 million) earned in the same period last year.
Despite the revenue growth, GameSquare faced a higher net loss in Q2 2024, totaling $12 million (£10.8 million), compared to $4.1 million (£3.2 million) in Q2 2023. These figures reflect GameSquare’s proforma results, which account for the full-quarter contributions of FaZe Clan in 2024 and both Engine and FaZe Clan in 2023, prior to GameSquare’s acquisition of FaZe Clan.
The company’s gross profit for the quarter was $4.2 million (£3.3 million), slightly down from last year’s $4.6 million (£3.6 million). Operating expenses were reduced to $10 million (~£7.7 million), demonstrating some cost management improvements.
Q2 2024 was a period of significant activity for GameSquare. Notably, the company sold a 25.5% stake in FaZe Media to Richard ‘FaZe Banks’ Bengston for $9.5 million (~£7.5 million). GameSquare also became a programming partner for SEICon and secured a partnership with Riot Games through its subsidiary, Stream Hatchet.
The increase in revenue is attributed to the growing demand for Unreal Editor for Fortnite (UEFN) world-building services and the successful reboot of FaZe Media, which attracted over 1.2 billion views during the quarter.
Justin Kenna, CEO of GameSquare, commented on the results: “GameSquare delivered strong growth and record quarterly revenue, demonstrating the benefits of the next-generation media platform we have created. Second quarter revenue of $28.6 million increased 22% over proforma revenue for the 2024 first quarter, as we continue to focus on integrating the FaZe Clan acquisition and benefiting from accelerating momentum across many areas of our business.”
Kenna expressed optimism about the company's future: “We believe GameSquare has never been in a stronger financial position. As we look to the second half of the year, we are extremely excited by the direction GameSquare is headed.”