Canadian esports company OverActive Media has posted its financial results for the first half of 2022, ending June 30.

Brass tacks: OAM made a net loss of $15.4M in 2021.

Total revenue of $1.8M ($2.3M CAD) in Q2 2022 and $3.45M ($4.4M CAD) in H1 2022, up from $1.65M ($2.1M CAD) and $2.67M ($3.4M CAD) respectively in 2021.
Net loss of $1.8M ($2.3M CAD) in Q2 2022 and $5.5M ($7M CAD) in H1 2022. In the first half of 2021, OAM posted a net loss of $6.4M ($8.2M CAD).
Adjusted EBITDA loss of $4.6M ($5.9M CAD) for H1 2022, up from a loss of $3.37M ($4.3M CAD) in the same period of the previous year.
The company named its "multi-million-dollar, five-year" deal with TD Bank as a highlight for the period. Revenue from "business operations" such as partnerships grew year-on-year, but "team revenue" declined over the same period due to a reduction in earned prize winnings.

The landscape: Many orgs are scaling back due to economic uncertainty.

OverActive Media owns franchise slots in Activision Blizzard esports leagues Call of Duty League (Toronto Ultra) and Overwatch League (Toronto Defiant), as well as Riot Games' European LEC competition (MAD Lions). It also operates events through OAM Live.
The likes of Dignitas, Guild, ORDER, 100 Thieves, TSM, and Semper Fortis have all reduced their workforce in recent times, illustrating the need to downsize as we globally enter a period of financial turbulence. This, of course, follows lockdowns that greatly affected the esports industry, among others.
Despite the significant loss for OverActive Media in 2022 so far, CEO Chris Overholt noted there the company has "positive momentum" and "value opportunities."
The financial report positively highlights the acquisition of Misfits' LEC slot by Team Heretics in July due to the increase in value of membership over time. It's unclear if that means OAM sees a sale of its slot as an opportunity in the near-term.

OverActive Media posts $5.5M net loss in H1 2022