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Enthusiast Gaming Holdings Inc
Enthusiast Gaming Holdings, Inc. engages in the provision of platform of communities that comprises of media, e-sports, and events for gamers and e-sports fans. The company is headquartered in Toronto, Ontario and currently employs 60 full-time employees. The company went IPO on 2018-12-12. The firm is focused on building a media platform for video game and esports fans to connect and engage worldwide. The firm's operates media and content, and Esports and Entertainment. The firm's digital media platform includes more than 100 gaming related websites and 1,00 YouTube channels. Its Esports and Entertainment, Luminosity Gaming, is a global esports franchise, which consists of seven professional esports teams under ownership and management, including the Vancouver Titans and the Seattle Surge Call of Duty team. The firm's entertainment business owns and operates gaming expo, such as Enthusiast Gaming Live Expo (EGLX) and mobile gaming event in Europe.
Enthusiast Gaming Holdings, Inc. engages in the provision of platform of communities that comprises of media, e-sports, and events for gamers and e-sports fans. The company is headquartered in Toronto, Ontario and currently employs 60 full-time employees. The company went IPO on 2018-12-12. The firm is focused on building a media platform for video game and esports fans to connect and engage worldwide. The firm's operates media and content, and Esports and Entertainment. The firm's digital media platform includes more than 100 gaming related websites and 1,00 YouTube channels. Its Esports and Entertainment, Luminosity Gaming, is a global esports franchise, which consists of seven professional esports teams under ownership and management, including the Vancouver Titans and the Seattle Surge Call of Duty team. The firm's entertainment business owns and operates gaming expo, such as Enthusiast Gaming Live Expo (EGLX) and mobile gaming event in Europe.
Revenue Decline: Q1 revenue was $12.2 million, down from $23.3 million in the prior year, mainly due to the deprioritization of a low-margin video network and sale of legacy assets.
Margin Improvement: Gross margin improved sharply to 74% from 60% last year, driven by higher-yielding owned and operated properties and a more profitable revenue mix.
Cost Reductions: Cash-based operating expenses fell by over $3 million year-over-year as a result of focused cost controls and a leaner business model.
Subscription Growth: Paid subscribers totaled 251,000 at quarter-end, up from 238,000 at year-end, with The Sims Resource hitting record subscriber highs.
Event Expansion: Pocket Gamer Connects events saw attendance, sponsorship, and revenue growth, with significant international expansion planned for 2025.
Debt Maturity and Covenants: The company is negotiating with lenders to extend debt maturities past June 2025 and amend covenants, aiming to resolve these issues before maturity.
Gross Margin Outlook: Management expects gross margins to remain stable at current mid-70% levels for the rest of the year.
Direct Sales Momentum: Direct sales team bookings increased to $2.4 million in Q1 from $2.1 million in Q4, with more sellers ramping up to drive future growth.
