GMBL - eSports Entertainment Group Inc. (GMBL) - Hitting The Reset Button
Fiscal Q3 results disappoint. The company reported fiscal Q3 revenue of $15.7 million, 8.7% below our forecast of $17.2 million. Adj. EBITDA loss of $7.3 million missed our expectation of a loss of $4.5 million. Updates fiscal full year outlook. The company plans to generate $55 million to $60 million in revenues, below our original expectations. Part of the revenue miss is expected to be due to cost cutting of businesses that do not generate positive cash flow. We are lowering our fiscal Q4 revenue forecast from $20.9 million to $10.8 million for full year 2022 revenue of $58.9 million, in line with guidance. We are posting Q4 adj. EBITDA of a loss of $4.8 million and full year 2022 adj. EBITDA loss of $22.0 million. Read More >>