Tiidal Gaming posts $800K loss in latest financial quarter
Esports and gaming company Tiidal Gaming has shared its financial results for the three-month period ending July 31, 2022.
Brass tacks: "We are still on the ground floor of what is an amazing company with our market-leading technology," said CEO Tom Hearne.
- Total revenue of $86,160 (CAD $118,394) with prize revenue of $27,448 (CAD $37,717), betting solutions revenue of $11,542 (CAD $15,860), and sponsorship & other revenue of $47,168 (CAD $64,817).
- Operating expenses of $800K (CAD $1.1M), including $150K (CAD $205,607) in share-based payments and $479K (CAD $658,280) in general and administrative expenses.
- Net loss of $800K (CAD $1.1M) for the period.
The company: It's looking to get out of the esports team space and instead focus on betting.
- It was revealed in August 2022 that Tiidal is seeking to sell assets related to its competitive esports team, Lazarus.
- The company is pivoting to focus entirely on Sportsflare, one of its properties that provides services for others to launch sportsbooks.
- Once Lazarus has been sold, Tiidal will rebrand as Sportsflare to reflect the emphasis it's placing on betting. In the financial report, the company explained that it would "periodically need to raise funds to continue its operations."