The esports company recently experienced positive financial results after announcing net losses of $35 million for the first half of its financial year. This was followed by a revelation that the company only had $1 million remaining on its balance sheet and had violated its covenants with some noteholders. However, the company has since enjoyed 10 consecutive weeks of revenue over $1 million, with January recording its highest-ever revenue month, exceeding $6 million.
Esports Entertainment CEO Grant Johnson expressed optimism despite the challenges faced in the second quarter of fiscal year 2022. He highlighted the strong momentum in the company’s igaming business and attributed the consistent net gaming revenue of over $1 million per week to their successful transition from BetConstruct to their proprietary Idefix platform.
2022 has also brought positive developments for Esports Entertainment. The company received approval to operate in New Jersey, making it the first esports operator to receive a transactional waiver in the state. Stuart Tilly was appointed as the new Chief Operating Officer at the end of January, further strengthening the company’s leadership team. Additionally, the company announced the start of an underwritten public offering of shares of common stock, subject to market conditions.
