FaZe Clan loses $9.3M in Q2 2022
Brass tacks: The results are for the quarter ending June 30.
- FaZe Clan raised $57.8M in net proceeds when listing on the Nasdaq.
- Revenues of $18.8M for the period, up 19% from $15.8M in the previous quarter.
- Net loss of $9.3M, compared to $7.6M for the same quarter in 2021.
- Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss of $4.1M. For Q2 2021, the organization's Adjusted EBITDA loss totalled $6.2M. FaZe states that the loss reflects "investments in leadership personnel and marketing costs."
The company: It went public on July 20.
- Recent highlights for the company include launching a ghost kitchen brand with DoorDash, signing four new content creators, announcing a new content series with the NFL, and — of course — becoming a public company.
- FaZe Clan has seen success in Counter-Strike: Global Offensive in recent months, winning both the PGL Major Antwerp and IEM Cologne. Its Call of Duty franchise, Atlanta FaZe, just finished second at the CDL Championship and took home $650,000 in prize winnings.
- "We are building business momentum into the second half of the year and we are working to launch new business initiatives, particularly in the creator economy and Web3," said FaZe Clan CEO Lee Trink.