The next generation sports fantasy sports platform, GameOn, released its latest condensed consolidated interim financial report. On Thursday, the company revealed details regarding its third quarter of 2023 performance, as well as year-to-date results, pointing to significant growth in revenue.
Overall, Q3 year-to-date revenue posted by GameOn hit $1,017,369. This result marked a significant 456% increase year-over-year, considering the revenue result from the corresponding period in 2022 when it halted at $183,106.
Additionally, GameOn released details regarding its net loss and comprehensive loss. According to the new report, the company posted $2,555,209 in net loss and comprehensive loss, a 16% year-on-year decrease when compared to the $3,057,233 result from 2022.
Further details disclosed by GameOn revealed a 25% decrease year-on-year in net cash outflows from operations to $1,594,663. In contrast, for the same period in 2022, net cash outflows from operations hit $2,114,034.
Matt Bailey, GameOn's CEO, commented on the topic in a statement. "Q3’s results and recent news is a validation of our relentless building in a bear market, setting us up to be a successor of the next bull run," he explained. Finally, Bailey said: "Our next-gen fantasy games will scale bigger and faster with partners like LALIGA, PFL, Sportsology, and Arbitrum. Q4 and then 2024 are expected to deliver our best results yet."
The new report highlighted important achievements completed after the third quarter of 2023. In the period after Q3, GameOn announced it signed a grant agreement with The Arbitrum Foundation. As a result of the collaboration, the company agreed to launch three games for the Arbitrum One network. Such will include PFL and LALIGA titles that are expected to arrive soon.
Another achievement announced after the recent trading period was an important partnership. At the time, GameOn joined forces with Sportsology for a new five-year partnership. Under the terms of that deal, the company agreed to develop the next generation of fantasy sports infrastructure called $GAME.
The collaboration with Sportsology is expected to propel the growth of GameOn. The company said that it anticipates $2.3m from development fees during the fourth quarter of 2023, boosting its finances and resulting in a profitable quarter. Additionally, GameOn said that its collaboration with Sportsology is expected to drive $1.4m in annual recurring revenue from 2024, positively impacting the year's finances. Ultimately, the company confirmed that the total expected value of its partnership with Sportsology is expected to hit $9.3m for the next five years.
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