How esports organizations performed financially in 2021

by Adam Fitch  · 
Updated
How esports organizations performed financially in 2021

With an increasing amount of esports organizations becoming public companies, we finally have financial information that provides real insight into the state of the esports industry. Here are all of the available financial results of organizations for 2021.

Astralis: The Danish organization is best known for its Counter-Strike: Global Offense team, having won multiple Majors, but the organization hasn't been able to replicate that success financially just yet.

  • Net revenue of $11M (75M DKK), up from $7.6M (51.5M DKK) in 2020.
  • Its CS:GO division accounted for 70% of the total revenue, with 51% of the company's total revenue coming from sponsorships.
  • Earnings before interest, taxes, depreciation, and amortization (EBITDA) was -$1.16M (-7.9M DKK), down from -$2M (-14M DKK) in 2020.
  • Pre-tax loss of $5.2M (35.2M DKK), down from $7.8M (53.2M DKK) in 2020.

Full financial results here.

BLAST

Complexity Gaming: The Texas-based organization is owned by Gamesquare Esports, so the following results also include other companies under its ownership.

  • Revenue of $10.8M ($13.7M CAD) for the thirteen-month period ending December 31, 2021.
  • Its competitive business unit (which includes Complexity) generated total revenue of $2.36M ($3M CAD) from sponsorships, prize winnings, and player-related activity, and posted a gross loss of $65,776.67 ($83,777 CAD).
  • Net loss of $20.9M ($26.6M CAD). Excluding non-cash expenses and one-time costs totalling $13.7M ($17.4M CAD), the loss would be $7.1M ($9.1M CAD).

Full financial results here.

Complexity Gaming

Copenhagen Flames: The Danish organization competes in Counter-Strike: Global Offensive and Fortnite.

  • Gross profit of $1.38M (10.18M DKK) with staff costs of $1.39M (10.24M DKK).
  • Income for the year of $21,068 (154,933 DKK) and expenses of $6,705 (49,309 DKK).
  • Profit of $6,351 (46,718 DKK).

Full financial results here.

PGL

Enthusiast Gaming: It owns team brand Luminosity Gaming, Call of Duty League franchise Seattle Surge, and Overwatch League franchise Vancouver Titans. It's important to note it also owns numerous media publications.

  • Revenue of $133.8M ($167.4M CAD), up from $58.2M ($72.8M CAD) in 2020.
  • Cost of sales of $104M ($130M CAD), leaving a gross margin of $30.2M ($37.8M CAD).
  • Net loss of $41.6M ($52M CAD), up from $21.5M ($26.9M CAD) in 2020.

Full financial results here.

Enthusiast Gaming

FaZe Clan: Financial information for FaZe Clan comes from its proposed public merger with B. Riley Principal 150 Merger Corp, which may be in trouble at the time of publication.

  • Revenue of $52.9M, up from $37.2M in 2020.
  • Adjusted EBITDA of -$28.7M, up from $23.4M in 2020.
  • Net loss of $36.9M, up from $28.8M in 2020.

Full financial results here.

FaZe Clan

Guild Esports: The financial results of the London-based organization are for October 1st, 2020 to September 30th, 2021.

  • Revenue of $2.6M (£1.9M).
  • Sponsorships from HyperX, Subway, and Samsung provide collective revenues of $5.2M (£3.9M), though only $1.3M (£1M) was received in the given period.
  • Pre-tax loss of $11.8M (£8.8M), up from $3.6M (£2.7M) in 2020.

Full financial results here.

Guild Esports

K1CK Esports: The European esports organization is owned by ESE Entertainment, a gaming holding company that's listed on the TSX Venture Exchange.

  • Revenue of $9M ($11.4M CAD) for the financial year ending October 31, 2021.
  • Cost of sales of $8.1M ($10.2M CAD), resulting in a gross profit of $952,706 ($1.2M CAD). ESE paid $95,270 ($120,000 CAD) to "acquire K1CK assets."
  • Net loss of $14.8M ($18.7M CAD).

Full financial results here.

Twitter: K1CK Esports

OverActive Media: The Canadian company houses Spanish team brand MAD Lions, Call of Duty League franchise Toronto Ultra, and Overwatch League franchise Toronto Defiant.

  • Revenue of $11.3M ($14.2M CAD), an increase of 69% from 2020.
  • 109% year-on-year increase of revenues from business operations, with the majority coming from partnerships.
  • Adjusted EBITDA of $5.5M ($7M CAD), down from EBITDA of $8.6M ($10.8M CAD) in 2020.
  • Net loss of $15.4M ($19.4M CAD) for 2021, up from $5M ($6.3M CAD) in 2021.

Full financial results here.