Complexity parent company Gamesquare lost $4M in Q1 2022
Esports holding company Gamesquare has shared its financial performance for the first three months of 2022.
Brass tacks: The company is perhaps best known for owning longstanding esports organization Complexity Gaming.
- Gamesquare generated total revenue of $5M for the period, up from $820,129 in the same period last year.
- $3M of the revenue came from its multiple agencies, achieving a gross profit of $882,626. Its new company, Fourth Frame Studios, generated $122,500. Revenue for its teams wasn't revealed but it made a gross profit of $793,862.
- All-in-all, the company posted a total loss of $4M across the three months. The report notes that the loss would have been $2.7M excluding non-cash expenses.
- "We continue to make excellent progress building a leading esports and gaming company," said Gamesquare CEO Justin Kenna. "We exceeded our internal sales target for Q1 2022, and we are progressing well on our path to profitability."
The company: Gamesquare has a sizeable portfolio.
- The holding company generated $10.8M in revenue and posted a net loss of $20.9M in 2021.
- It counts veteran skateboarder Tony Hawk, Jordan Belfort of Wolf of Wall Street fame, and Conor McGregor's agency Paradigm Sports — led by Audie Attar — as advisors.
- Companies under its umbrella include Complexity Gaming, Fourth Frame Studios, Cut+Sew, Zoned Code Red Esports, Team Reciprocity, and Gaming Community Network.
- The company named signing creator Dennis "Cloakzy" Lepore, entering a multi-year sponsorship with Lenovo through Complexity, and launching its new studio as highlights for the quarter.