Allied Esports loses $7.4M in H1 2022

Esports entertainment company Allied Esports has posted its financial results for the first half of 2022.

Brass tacks: The company is building momentum, according to Interim CEO Lyle Berman.

• Total revenues of $1.2M in Q2, driven by an increase in revenue from the company's portable esports studios in relation to a deal with NASCAR. Revenue for H1 2022 totalled $3.6M.
• Total costs and expenses of $4.8M for the quarter and $10.9M for the first half of the year. General and administrative expenses reached $6.1M for the half.
• Net loss of $3.7M for the quarter, up from $2.9M year-on-year, with an Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss of $2.7M. Its net loss for the half was $7.4M, up from $6.3M in 2021.

The company: It had a net income of $62.9M in 2021 after selling its World Poker Tour property for $77.9M.

• Allied Esports produced 91 events, 26 of which were third-party productions, in the quarter.
• Its Esports Trucks attended ICE London in the UK and the eNASCAR Arcade across numerous speedway events.
• It also notes its first NFT collection, EPICBEAST, as an operational highlight for the quarter. The collection serves as a "global rewards program" for the company with over 5,000 holders across 8,591 NFTs.