What is GAMESQUARE HLDGS INC's earnings per share (EPS)?

GAMESQUARE HLDGS INC (GAME) reported diluted earnings per share of $-0.61 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

GAMESQUARE HLDGS INC Financials

GAME

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows GAMESQUARE HLDGS INC (GAME) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GAME FY2025 2026-04-22

Fresh financing is keeping the company operating while margin recovery still has not covered its overhead base.

In FY2025, equity rose to $35.7M even as the company reported a -$40.1M net loss, so the stronger book value did not come from operations. Debt-to-equity fell from 5.6x to 1.2x while shares outstanding roughly tripled, showing the balance-sheet repair came from outside capital and dilution rather than internally generated cash.

FY2025's gross margin expansion to 43.4% from 34.3% lifted gross profit much faster than sales, so the core unit economics improved. But SG&A plus R&D still sat above gross profit, which explains why a better top line translated into an operating loss instead of breakeven.

Operating cash burn improved to -$18.4M from -$30.6M, and receivables fell sharply while revenue recovered, a sign that working capital stopped absorbing as much cash. Even so, current liabilities still exceeded current assets and the current ratio was only 0.5x, so the company remains dependent on continued financing to bridge day-to-day obligations.

Financial Health Signals

Financial Profile 20/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of GAMESQUARE HLDGS INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

GAMESQUARE HLDGS INC has an operating margin of -56.1%, meaning the company retains $-56 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -124.8% the prior year.

Growth

GAMESQUARE HLDGS INC's revenue surged 63.4% year-over-year to $45.0M, reflecting rapid business expansion. This strong growth earns a score of 41/100.

Leverage

GAMESQUARE HLDGS INC carries a low D/E ratio of 1.22, meaning only $1.22 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

GAMESQUARE HLDGS INC's current ratio of 0.54 is below the typical benchmark, resulting in a score of 5/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While GAMESQUARE HLDGS INC generated -$18.4M in operating cash flow, capex of $77K consumed most of it, leaving -$18.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

GAMESQUARE HLDGS INC generates a -112.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -406.1% the prior year.

Piotroski F-Score Neutral

4/9

GAMESQUARE HLDGS INC passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.46x

For every $1 of reported earnings, GAMESQUARE HLDGS INC generates $0.46 in operating cash flow (-$18.4M OCF vs -$40.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-103.8x

GAMESQUARE HLDGS INC earns $-103.8 in operating income for every $1 of interest expense (-$25.2M vs $243K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$45.0M

YoY+63.4%

GAMESQUARE HLDGS INC generated $45.0M in revenue in fiscal year 2025. This represents an increase of 63.4% from the prior year.

EBITDA

-$24.1M

YoY+26.9%

GAMESQUARE HLDGS INC's EBITDA was -$24.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 26.9% from the prior year.

Net Income

-$40.1M

YoY+17.7%

GAMESQUARE HLDGS INC reported -$40.1M in net income in fiscal year 2025. This represents an increase of 17.7% from the prior year.

EPS (Diluted)

$-0.61

GAMESQUARE HLDGS INC earned $-0.61 per diluted share (EPS) in fiscal year 2025. This represents an increase of 65.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$18.5M

YoY+39.6%

GAMESQUARE HLDGS INC generated -$18.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 39.6% from the prior year.

Cash & Debt

$6.4M

YoY-51.5%

GAMESQUARE HLDGS INC held $6.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

98M

GAMESQUARE HLDGS INC had 98M shares outstanding in fiscal year 2025. This represents an increase of 200.5% from the prior year.

Margins & Returns

Gross Margin

43.4%

YoY+9.0pp

GAMESQUARE HLDGS INC's gross margin was 43.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 9.0 percentage points from the prior year.

Operating Margin

-56.1%

YoY+68.7pp

GAMESQUARE HLDGS INC's operating margin was -56.1% in fiscal year 2025, reflecting core business profitability. This is up 68.7 percentage points from the prior year.

Net Margin

-89.1%

YoY+87.9pp

GAMESQUARE HLDGS INC's net profit margin was -89.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 87.9 percentage points from the prior year.

Return on Equity

-112.5%

YoY+293.6pp

GAMESQUARE HLDGS INC's ROE was -112.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 293.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.0M

YoY+8.5%

GAMESQUARE HLDGS INC invested $2.0M in research and development in fiscal year 2025. This represents an increase of 8.5% from the prior year.

Share Buybacks

$1.8M

GAMESQUARE HLDGS INC spent $1.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$77K

YoY+1407.0%

GAMESQUARE HLDGS INC invested $77K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1407.0% from the prior year.

GAME Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	$45.0M+63.4%	$27.5M-33.3%	$41.3M+47.1%	$28.1M
Cost of Revenue	$25.5M+40.9%	$18.1M-42.0%	$31.2M+69.3%	$18.4M
Gross Profit	$19.5M+106.4%	$9.5M-6.4%	$10.1M+4.6%	$9.7M
R&D Expenses	$2.0M+8.5%	$1.9M-38.4%	$3.1M	N/A
SG&A Expenses	$19.6M+20.0%	$16.3M+20.3%	$13.6M-22.1%	$17.5M
Operating Income	-$25.2M+26.6%	-$34.4M-35.4%	-$25.4M-39.1%	-$18.2M
Interest Expense	$243K-52.1%	$508K-27.0%	$696K+310.5%	$170K
Income Tax	$64K	N/A	-$55K+81.9%	-$304K
Net Income	-$40.1M+17.7%	-$48.8M-55.8%	-$31.3M-72.6%	-$18.1M
EPS (Diluted)	$-0.61	$-1.75+37.7%	$-2.81+13.8%	$-3.26

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	$11.3M-28.6%	$15.9M-24.9%	$21.1M	N/A	$9.3M-47.8%	$17.8M+0.6%	$17.7M
Cost of Revenue	N/A	$5.7M-57.4%	$13.4M-24.5%	$17.8M	N/A	$5.1M-66.7%	$15.3M+6.8%	$14.3M
Gross Profit	N/A	$5.6M+130.5%	$2.4M-27.2%	$3.3M	N/A	$4.2M+67.2%	$2.5M-25.7%	$3.4M
R&D Expenses	N/A	$519K-6.8%	$557K-27.5%	$769K	N/A	$451K-23.0%	$585K-14.6%	$685K
SG&A Expenses	N/A	$6.2M+51.4%	$4.1M-29.2%	$5.8M	N/A	$3.7M-23.9%	$4.9M0.0%	$4.9M
Operating Income	N/A	-$2.4M+49.3%	-$4.7M+33.7%	-$7.1M	N/A	-$3.1M+49.1%	-$6.2M+1.7%	-$6.3M
Interest Expense	N/A	N/A	N/A	$50K	N/A	$54K-71.9%	$192K-55.8%	$435K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	-$808K+73.2%	-$3.0M+41.5%	-$5.2M	N/A	-$5.5M+52.8%	-$11.6M-120.8%	-$5.3M
EPS (Diluted)	N/A	$-0.01+87.5%	$-0.08+42.9%	$-0.14	N/A	$-0.18+52.6%	$-0.38-26.7%	$-0.30

GAME Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$79.3M+0.7%	$78.7M+21.7%	$64.7M+220.3%	$20.2M
Current Assets	$22.2M-39.1%	$36.5M+64.0%	$22.2M+120.3%	$10.1M
Cash & Equivalents	$6.4M-51.5%	$13.1M+339.3%	$3.0M+206.2%	$977K
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	$8.7M-59.1%	$21.3M+29.6%	$16.5M+102.8%	$8.1M
Goodwill	$5.9M-53.5%	$12.7M-22.1%	$16.3M	N/A
Total Liabilities	$43.6M-34.6%	$66.7M+44.0%	$46.3M+258.2%	$12.9M
Current Liabilities	$40.9M-25.4%	$54.8M+51.4%	$36.2M+243.9%	$10.5M
Long-Term Debt	N/A	N/A	N/A	N/A
Total Equity	$35.7M+197.0%	$12.0M-34.6%	$18.4M+152.7%	$7.3M
Retained Earnings	-$162.3M-32.8%	-$122.2M-66.4%	-$73.4M-74.2%	-$42.1M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$79.3M-34.5%	$121.1M+174.7%	$44.1M-35.0%	$67.8M-13.9%	$78.7M-22.1%	$101.1M-4.2%	$105.5M+3.6%	$101.9M
Current Assets	$22.2M-15.3%	$26.2M+27.1%	$20.6M-20.1%	$25.8M-29.2%	$36.5M-12.6%	$41.8M-10.1%	$46.4M+21.5%	$38.2M
Cash & Equivalents	$6.4M-14.9%	$7.5M+15.4%	$6.5M+11.6%	$5.8M-55.8%	$13.1M0.0%	$13.1M0.0%	$13.1M0.0%	$13.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$8.7M-34.2%	$13.3M+2.4%	$13.0M-29.2%	$18.3M-14.2%	$21.3M-16.5%	$25.6M-6.1%	$27.2M+5.3%	$25.8M
Goodwill	$5.9M+40.1%	$4.2M-24.1%	$5.6M-56.3%	$12.7M0.0%	$12.7M-44.2%	$22.8M0.0%	$22.8M0.0%	$22.8M
Total Liabilities	$43.6M+3.0%	$42.4M-14.6%	$49.6M-13.3%	$57.3M-14.2%	$66.7M+10.1%	$60.6M-4.1%	$63.2M-0.2%	$63.3M
Current Liabilities	$40.9M+1.4%	$40.3M-16.5%	$48.3M+6.8%	$45.2M-17.5%	$54.8M-6.2%	$58.4M+9.1%	$53.5M+0.9%	$53.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$35.7M-54.7%	$78.7M+1520.8%	-$5.5M-152.7%	$10.5M-12.4%	$12.0M-70.3%	$40.5M-4.4%	$42.3M+9.9%	$38.5M
Retained Earnings	-$162.3M-23.7%	-$131.2M-0.6%	-$130.3M-2.4%	-$127.3M-4.2%	-$122.2M-27.6%	-$95.8M-6.1%	-$90.3M-14.8%	-$78.7M

GAME Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	-$18.4M+39.8%	-$30.6M-90.1%	-$16.1M-34.8%	-$11.9M
Capital Expenditures	$77K+1407.0%	$5K+128.5%	$2K-92.8%	$31K
Free Cash Flow	-$18.5M+39.6%	-$30.6M-90.1%	-$16.1M-34.5%	-$12.0M
Investing Cash Flow	-$60.3M-2329.8%	$2.7M-80.8%	$14.1M+77634.9%	$18K
Financing Cash Flow	$72.7M+91.4%	$38.0M+860.2%	$4.0M-42.2%	$6.8M
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	$1.8M	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$1.1M+89.0%	-$10.4M-710.4%	$1.7M+119.8%	-$8.6M-64.7%	-$5.2M+32.9%	-$7.8M+19.0%	-$9.6M-19.6%	-$8.0M
Capital Expenditures	$101	$0-100.0%	$2K-97.9%	$75K	$0-100.0%	$3K+70.4%	$2K+112.7%	$758
Free Cash Flow	-$1.1M+89.0%	-$10.4M-711.0%	$1.7M+119.6%	-$8.7M-66.2%	-$5.2M+32.9%	-$7.8M+19.0%	-$9.6M-19.6%	-$8.0M
Investing Cash Flow	$1.4M+102.3%	-$60.7M-9420.9%	-$638K-69.9%	-$375K	$0+100.0%	-$63K-285.2%	$34K-98.8%	$2.7M
Financing Cash Flow	-$1.3M-101.8%	$72.0M+14621.4%	$489K-66.5%	$1.5M-80.6%	$7.6M+82.9%	$4.1M-75.4%	$16.8M+77.3%	$9.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GAME Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	43.4%+9.0pp	34.3%+9.9pp	24.5%-9.9pp	34.4%
Operating Margin	-56.1%+68.7pp	-124.8%-63.3pp	-61.5%+3.5pp	-65.0%
Net Margin	-89.1%+87.9pp	-177.0%-101.3pp	-75.7%-11.2pp	-64.5%
Return on Equity	-112.5%+293.6pp	-406.1%-235.8pp	-170.4%+79.0pp	-249.4%
Return on Assets	-50.6%+11.3pp	-61.9%-13.6pp	-48.3%+41.4pp	-89.7%
Current Ratio	0.54-0.1	0.67+0.1	0.61-0.3	0.96
Debt-to-Equity	1.22-4.3	5.56+3.0	2.52+0.7	1.78
FCF Margin	-41.1%+70.0pp	-111.0%-72.1pp	-38.9%+3.6pp	-42.6%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	49.4%+34.1pp	15.3%-0.5pp	15.8%	N/A	45.3%+31.1pp	14.1%-5.0pp	19.1%
Operating Margin	N/A	-21.1%+8.6pp	-29.8%+4.0pp	-33.7%	N/A	-33.8%+0.9pp	-34.6%+0.8pp	-35.4%
Net Margin	N/A	-7.1%+11.9pp	-19.0%+5.4pp	-24.4%	N/A	-58.9%+6.2pp	-65.1%-35.5pp	-29.7%
Return on Equity	N/A	-1.0%	N/A	-49.0%	N/A	-13.6%+13.9pp	-27.4%-13.8pp	-13.7%
Return on Assets	N/A	-0.7%+6.2pp	-6.9%+0.8pp	-7.6%	N/A	-5.4%+5.6pp	-11.0%-5.9pp	-5.2%
Current Ratio	0.54-0.1	0.65+0.2	0.43-0.1	0.57-0.1	0.67-0.0	0.71-0.2	0.87+0.1	0.72
Debt-to-Equity	1.22+0.7	0.54+9.5	-8.95-14.4	5.45-0.1	5.56+4.1	1.500.0	1.49-0.2	1.64
FCF Margin	N/A	-91.7%-102.4pp	10.7%+51.7pp	-41.0%	N/A	-83.4%-29.6pp	-53.8%-8.5pp	-45.2%

Note: The current ratio is below 1.0 (0.54), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

GD CULTURE GROUP LTD GDC

$256.7M

$123.4M

$56.4M

$8.1M

$26.7M

Frequently Asked Questions

What is GAMESQUARE HLDGS INC's annual revenue?

GAMESQUARE HLDGS INC (GAME) reported $45.0M in total revenue for fiscal year 2025. This represents a 63.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is GAMESQUARE HLDGS INC's revenue growing?

GAMESQUARE HLDGS INC (GAME) revenue grew by 63.4% year-over-year, from $27.5M to $45.0M in fiscal year 2025.

Is GAMESQUARE HLDGS INC profitable?

No, GAMESQUARE HLDGS INC (GAME) reported a net income of -$40.1M in fiscal year 2025, with a net profit margin of -89.1%.

What is GAMESQUARE HLDGS INC's EBITDA?

GAMESQUARE HLDGS INC (GAME) had EBITDA of -$24.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is GAMESQUARE HLDGS INC's gross margin?

GAMESQUARE HLDGS INC (GAME) had a gross margin of 43.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is GAMESQUARE HLDGS INC's operating margin?

GAMESQUARE HLDGS INC (GAME) had an operating margin of -56.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is GAMESQUARE HLDGS INC's net profit margin?

GAMESQUARE HLDGS INC (GAME) had a net profit margin of -89.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is GAMESQUARE HLDGS INC's return on equity (ROE)?

GAMESQUARE HLDGS INC (GAME) has a return on equity of -112.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is GAMESQUARE HLDGS INC's free cash flow?

GAMESQUARE HLDGS INC (GAME) generated -$18.5M in free cash flow during fiscal year 2025. This represents a 39.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is GAMESQUARE HLDGS INC's operating cash flow?

GAMESQUARE HLDGS INC (GAME) generated -$18.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are GAMESQUARE HLDGS INC's total assets?

GAMESQUARE HLDGS INC (GAME) had $79.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are GAMESQUARE HLDGS INC's capital expenditures?

GAMESQUARE HLDGS INC (GAME) invested $77K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does GAMESQUARE HLDGS INC spend on research and development?

GAMESQUARE HLDGS INC (GAME) invested $2.0M in research and development during fiscal year 2025.

Does GAMESQUARE HLDGS INC buy back shares?

Yes, GAMESQUARE HLDGS INC (GAME) spent $1.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does GAMESQUARE HLDGS INC have outstanding?

GAMESQUARE HLDGS INC (GAME) had 98M shares outstanding as of fiscal year 2025.

What is GAMESQUARE HLDGS INC's current ratio?

GAMESQUARE HLDGS INC (GAME) had a current ratio of 0.54 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is GAMESQUARE HLDGS INC's debt-to-equity ratio?

GAMESQUARE HLDGS INC (GAME) had a debt-to-equity ratio of 1.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is GAMESQUARE HLDGS INC's return on assets (ROA)?

GAMESQUARE HLDGS INC (GAME) had a return on assets of -50.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is GAMESQUARE HLDGS INC's cash runway?

Based on fiscal year 2025 data, GAMESQUARE HLDGS INC (GAME) had $6.4M in cash against an annual operating cash burn of $18.4M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is GAMESQUARE HLDGS INC's Piotroski F-Score?

GAMESQUARE HLDGS INC (GAME) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are GAMESQUARE HLDGS INC's earnings high quality?

GAMESQUARE HLDGS INC (GAME) has an earnings quality ratio of 0.46x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can GAMESQUARE HLDGS INC cover its interest payments?

GAMESQUARE HLDGS INC (GAME) has an interest coverage ratio of -103.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is GAMESQUARE HLDGS INC?

GAMESQUARE HLDGS INC (GAME) scores 20 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.