Gfinity reveals $2.1M loss in second half of 2021

London-based esports publisher and events company Gfinity has shared its financial performance for the six-month period ending on December 31, 2021.

Brass tacks: Gfinity's working its way towards profitability.

• The company generated revenue of $4.3M (£3.3M), up from $3.5M (£2.7M) in the previous six months. It made a gross profit of $2.5M (£1.9M), a 43% improvement year-on-year, with a cost of sales of $1.7M (£1.3M) and administrative expenses of $4.6M (£3.5M).
• Operating loss for the six months totalled $2.1M (£1.6M). It had an operating loss of $1.7M (£1.3M) in the same six-month period just the year prior.
• Publishing revenues were $2.1M (£1.6M) in the six months with the company growing to amass 13.9M average monthly active users.
• Gfinity acquired Stock Informer on September 13, 2021 and generated $0.5M (£0.4M) of revenue through the company up until December 31.

The business: Gfinity has a diversified portfolio of websites and technologies.

• The company has three core pillars: a media group consisting of over a dozen publications, its owned technology that is utilised by the likes of the Premier League and Formula 1, and joint ventures such as the Global Racing Series with Abu Dhabi Motorsport Management.
• Gfinity raised $3.5M (£2.7M) in investment on March 14, 2022 with plans to continue with its current operations, as well as investing in its 'Gfinity Engage' platform to create an "owned, recurring and high margin revenue stream."
• "Although the sector is still recovering from the impacts of Covid-19, macro trends remain in our favour and following a successful fundraise post-period, we now have the operating liquidity we need to deliver on our target of reaching profitability by 2023," said Gfinity CEO John Clarke.