The company also reaffirmed its FY22 revenue guidance of $100 million, driven primarily by the platform-building and strategic diversification acquisitions completed in calendar year 2021
Esports Entertainment Group Inc said revenue in the first quarter of its fiscal year 2021 nearly doubled year-over-year.
The company also reaffirmed its FY22 revenue guidance of $100 million, or 490% growth, driven primarily by the platform-building and strategic diversification acquisitions completed in the calendar year 2021.
For its 1Q ended September 30, 2021, Esports said it generated revenue of $16.4 million, up $16.2 million year-over-year and an 86% increase compared to $8.8 million in the 4Q of 2021.
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It also marked a gross profit of $10 million, up $10.2 million compared to the year-ago quarter and a 92% increase versus $5.2 million in 4Q. Its gross margin was 61%, compared to 59% in the previous quarter.
Esports added that it ended the quarter with cash and cash equivalents of $900,000 but noted that in November it raised $8 million via a preferred stock offering.
“Our first-quarter revenue nearly matched our performance for the entirety of FY21 and reflects our recent platform building transactions,” said Esports CEO Grant Johnson in a statement.
“With the strong start to FY22 and continued momentum in our business, we are reiterating our expectation that Esports Entertainment will eclipse more than $100 million in revenue this fiscal year. The powerful combination of marquee partnerships, expansive portfolio of products and services and strategic acquisitions is expected to drive double-digit year-over-year and quarterly sequential financial growth throughout fiscal 2022.”
Johnson added: “We remain ideally positioned in iGaming and e-sports, two of the fastest growing entertainment verticals, and our team is focused on executing our rapid expansion strategy, which we expect will further strengthen our market position and allow us to scale and achieve operating leverage from our portfolio of unique and powerful assets.”
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