GameSquare Holdings, Inc. GAME
vertically integrated, digital media, entertainment and technology company that connects global brands with gaming and youth culture
audiences. GameSquare's end-to-end platform includes Swingman LLC dba as Zoned, a gaming and lifestyle marketing agency, Code Red
Esports Ltd. ("Code Red"), a UK based esports talent agency, Click Management Pty Ltd ("Click"), an Australia
based gaming and esports talent agency, FaZe Holdings Inc. ("FaZe"), a lifestyle and media platform rooted in gaming and
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $45.0M | $27.5M | $41.3M | $28.1M | $33.3M | $10.5M | — |
| Cost of revenue | $25.5M | $18.1M | $31.2M | $18.4M | — | — | — |
| Gross profit | $19.5M | $9.5M | $10.1M | $9.7M | — | — | — |
| R&D | $2.0M | $1.9M | $3.1M | — | — | — | — |
| SG&A | $19.6M | $16.3M | $13.6M | $17.5M | — | — | — |
| Total operating expenses | $44.8M | $43.8M | $35.5M | $27.9M | — | — | — |
| Operating income | -$25.2M | -$34.4M | -$25.4M | -$18.2M | — | — | — |
| Interest expense | — | $571.0K | $672.6K | $169.6K | — | — | — |
| Pre-tax income | -$30.0M | -$34.8M | -$26.3M | -$18.4M | — | — | — |
| Income tax | $63.7K | — | $55.1K | $304.4K | — | — | — |
| Net income | -$40.1M | -$48.8M | -$31.3M | -$18.1M | -$40.7M | -$42.7M | — |
| EPS, basic | -0.61 | -1.75 | -2.81 | -3.26 | — | — | — |
| EPS, diluted | -0.61 | -1.75 | -2.81 | -3.26 | — | — | — |
| Shares, diluted (wtd. avg.) | $65.7M | $27.9M | $11.1M | $5.6M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.4M | $13.1M | $3.0M | $977.4K | — | — | — |
| Receivables | $8.7M | $21.3M | $16.5M | $8.1M | — | — | — |
| Total current assets | $22.2M | $36.5M | $22.2M | $10.1M | — | — | — |
| Property, plant and equipment | $114.1K | $303.9K | $2.5M | $3.0M | — | — | — |
| Goodwill | $5.9M | $12.7M | $16.3M | — | — | — | — |
| Other intangibles | $5.4M | $15.3M | $18.6M | $4.6M | — | — | — |
| Total assets | $79.3M | $78.7M | $64.7M | $20.2M | $57.2M | $43.1M | — |
| Accounts payable | $21.9M | $27.3M | $23.5M | $4.8M | — | — | — |
| Short-term debt | — | $15.4M | $7.0M | — | — | — | — |
| Total current liabilities | $40.9M | $54.8M | $36.2M | $10.5M | — | — | — |
| Total liabilities | $43.6M | $66.7M | $46.3M | $12.9M | — | — | — |
| Retained earnings | -$162.3M | -$122.2M | -$73.4M | -$42.1M | — | — | — |
| Total equity | $35.7M | $12.0M | $18.4M | $7.3M | $17.7M | -$10.1M | -$7.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18.4M | -$30.6M | -$16.1M | -$11.9M | — | — | — |
| Depreciation and amortisation | $1.6M | $3.5M | $3.3M | $700.0K | — | — | — |
| Stock-based compensation | $2.9M | $2.1M | $1.7M | $1.6M | — | — | — |
| Capital expenditure | $77.1K | $5.1K | $2.2K | $31.3K | — | — | — |
| Investing cash flow | -$60.3M | $2.7M | $14.1M | $18.1K | — | — | — |
| Financing cash flow | $72.7M | $38.0M | $4.0M | $6.8M | — | — | — |
| Buybacks | $1.8M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-015717.
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