Welcome to our dedicated page for Enthusiast Gaming Holdings news (Ticker: EGLX), a resource for investors and traders seeking the latest updates and insights on Enthusiast Gaming Holdings stock.
Enthusiast Gaming Holdings Inc. (EGLX) is a prominent player in the gaming world, seamlessly bridging online and offline gaming experiences. Initially established through grassroots efforts by dedicated gaming enthusiasts, the company has evolved into a comprehensive network of gaming websites and events. Key platforms like Nintendo Enthusiast, Gaming Enthusiast, and PlayStation Enthusiast were among its first ventures, with the addition of TV and Film Enthusiast in 2015.
Enthusiast Gaming operates a diverse array of editorial content and domains, both managed internally and externally, creating engaging and readable content tailored for gamers, by gamers. The company's mission is to foster a global online community of gamers, enhancing their experience through accessible and relatable content.
In addition to its digital presence, Enthusiast Gaming organizes and manages live gaming events, competitions, markets, and gatherings within local communities. These activities not only entertain but also give back to the communities that have supported the company’s growth.
Recent achievements include a significant strategic focus on cross-platform offerings and brand solutions, which has driven an improved revenue mix and a 400 basis point expansion in gross margins year-over-year. Collaborations with major names like Netflix and Metavision have further enriched the gaming experiences across digital platforms.
Financially, Enthusiast Gaming has navigated the challenges of the market with resilience. An amended and restated credit facility now provides up to $7.0 million of additional liquidity, facilitating the execution of their business strategies. Leadership changes, such as the appointment of the former CFO of BuzzFeed, Inc., underscore the company’s commitment to profitable growth and digital media expertise.
Enthusiast Gaming’s contact points include Alex Macdonald, Chief Financial Officer, and investor relations through FNK IR representatives Rob Fink and Matt Chesler, CFA. They are accessible for queries and further insights into the company's operations and financial health.
For the latest updates, upcoming events, and detailed financial reports, visit the Enthusiast Gaming investor relations page.
Enthusiast Gaming has acquired Outplayed, Inc., owner of U.GG, a leading League of Legends fan community, for approximately $45 million, structured in cash and stock. The deal includes potential earnouts of up to $12 million based on performance milestones. U.GG, which serves around 8 million active users, is expected to generate around $8 million in revenue and $3 million in net income in 2022. This acquisition is positioned to enhance Enthusiast's media offerings and audience engagement within esports.
Enthusiast Gaming achieved a record 47.8 million unique visitors in the U.S. for October 2021, significantly boosting its ranking in the gaming media landscape. The company now ranks second in the overall Games category, placing between Twitch and Roblox. Enthusiast Gaming also rose five spots to 86th in Comscore's Top 100 Internet Properties, climbing nine positions since last year. This growth highlights the platform's appeal to the valuable Gen Z and Millennial demographics as gaming continues to dominate internet traffic.
Enthusiast Gaming Holdings (EGLX) announced that CEO Adrian Montgomery will participate in the RBC Capital Markets Technology, Internet, Media, and Telecom Conference from November 16-17, 2021. Montgomery's fireside chat with RBC's Drew McReynolds is scheduled for November 16th, 2021, from 3:30 to 3:50 ET. A live audio webcast of the discussion will be available on the company's Investor page, with a replay accessible afterward. Enthusiast Gaming aims to build a comprehensive media platform for video game and esports fans, targeting GenZ and Millennials.
Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX) reported a record revenue of $43.3 million for Q3 2021, marking a 165% increase from Q3 2020. Direct sales surged to $6.8 million, a 580% rise. Gross profit reached $10.1 million, up 146%. Paid subscribers hit 207,000, an 85% increase. The cash balance stood at $33.5 million as of September 30, 2021. However, the company faced a net loss of $12.3 million, compared to $8.0 million in Q3 2020. Acquisitions of GameKnot and Addicting Games were completed during this period, showcasing the company's growth strategy.
Enthusiast Gaming is set to host two new conferences, Pocket Gamer Connects Digital NEXT and Beyond Games, from November 15-19, 2021. These events will focus on critical topics like NFTs, blockchain gaming, and the metaverse, attracting over 1,000 attendees from 70 countries. With insights from more than 200 industry leaders and access to a matchmaking platform, the conferences aim to shape gaming's future. CEO Adrian Montgomery highlighted the significance of these events for mobile gaming and the increasing relevance of NFTs. Registrations are open at pgconnects.com.
Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX; TSX:EGLX) is set to release its third quarter financial results for the period ending September 30, 2021, on November 10, 2021, post-market close. A conference call and webcast will be held on the same day at 5:00 p.m. EST to review the financials. Enthusiast Gaming focuses on creating the largest media platform for video game and esports fans, integrating media, talent, esports, and experiences to engage its audience of GenZ and Millennials.
Enthusiast Gaming Holdings (NASDAQ:EGLX; TSX:EGLX) has announced exciting updates for several popular games on its Addicting Games platform, enhancing user engagement. The updates include new maps, exclusive Halloween-themed items, and user interface improvements across titles like Little Big Snake, TypeRacer, ev.io, and mope.io. These features are designed to increase in-game purchases and attract more users, underscoring the company's commitment to creating compelling content for its gaming community.
Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX) has announced the launch of Project GG, a gaming-centric social network designed for gamers to connect on desktop and mobile. The initial invitation-only version, Project GG Alpha, aims to enhance user experience through personalized profiles, content feeds linked to gaming accounts, and matchmaking features. The platform targets the English-speaking gaming market, leveraging Enthusiast Gaming's extensive media reach, which generated approximately 10.4 billion views in Q2 2021. Monetization strategies include ads and premium subscriptions.
Enthusiast Gaming Holdings (NASDAQ:EGLX) has acquired Addicting Games, Inc for approximately US$34.4 million. This acquisition enhances Enthusiast Gaming's presence in the casual gaming market, targeting key demographics like Gen Z and Millennials. The deal includes US$10 million in cash and US$12 million in stock, with additional deferred payments. Addicting Games boasts a diverse library of over 1,500 games and attracts around 10 million monthly users. This strategic move aims to increase user engagement and unlock new revenue streams.
Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX) has acquired GameKnot LLC, a chess community site, for US$2.75 million. This acquisition aligns with the company's strategy to grow its gaming community amidst increasing global interest in chess. GameKnot generates approximately 35 million monthly pageviews, with 80% from logged-in users. The payment structure includes US$1.5 million in cash, US$0.75 million in company shares, and a US$0.5 million deferred payment. The move is expected to capitalize on the growing chess viewership on platforms like Twitch.
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