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Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX) announced a correction in its financial results press release. The company mistakenly reported that Tabwire LLC had 13 billion gamer profiles instead of the correct figure of 13 million. This error pertains specifically to the acquisition announcement of Tabwire and does not affect any other information or figures from the initial press release. Enthusiast Gaming focuses on creating a media platform for video game and esports fans, engaging a targeted GenZ and Millennial audience.
Enthusiast Gaming announced impressive first quarter results for 2021, revealing a 321% revenue growth to $30 million compared to $7.1 million last year. Gross profit surged by 80% to $5.9 million. Direct sales soared to $2.2 million from $60,000 and subscription revenue increased by 50%. Despite a net loss of $13.6 million, the company reported a 49% growth in paid subscribers, reaching 137,000. Significant partnerships were formed with Samsung and TikTok, and the company strengthened its balance sheet by approximately $50 million through strategic financing.
Enthusiast Gaming Holdings Inc. has announced its acquisition of Tabwire LLC for US$11 million to develop a subscription-based social network for gamers, codenamed Project GG. This acquisition will enhance Enthusiast's technological capabilities and provide access to over 13 million gamer profiles, enabling real-time game data tracking. Tabwire has established a robust user base, with over half a billion views last year on its platforms. The deal is expected to close by the end of Q2 2021, positioning Enthusiast Gaming strategically in the gaming community.
Enthusiast Gaming Holdings has successfully completed the acquisition of Vedatis SAS for €7 million, enhancing its portfolio of fan communities. The purchase involved an initial payment of €3.5 million in cash, along with 226,563 common shares. The remaining balance may also be settled with additional shares. This acquisition is projected to boost Enthusiast Gaming's revenue and profit margins, leveraging its monetization strategies across channels like YouTube and eCommerce. Icy Veins, owned by Vedatis, is a significant fan community with over 3 billion views.
Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX, TSX:EGLX) will release its financial results for Q1 2021 on May 12, 2021, after market close. A conference call and webcast are scheduled for the same day at 5:00 p.m. EDT to discuss the results. Enthusiast Gaming is focusing on building a major media platform for video game and esports fans, emphasizing its integration of media, talent, esports, and experiential elements to reach GenZ and Millennial audiences.
Enthusiast Gaming Holdings has filed a preliminary short form base shelf prospectus with Canadian securities commissions and a corresponding registration statement with the SEC. This allows the company to offer securities worth up to CAD$250 million over a 25-month period. The offerings can include common shares, preferred shares, debt securities, warrants, and subscription receipts. However, no securities may be sold until the registration statement becomes effective. The company aims to strengthen its position in the gaming and esports sector.
Enthusiast Gaming Holdings (EGLX) has announced a partnership with ExitLag, aimed at enhancing its reach in the North American gaming market. This collaboration will utilize Enthusiast's extensive media assets and influencer networks to boost ExitLag's visibility. The partnership includes an official sponsorship of Luminosity Gaming and focuses on delivering improved gaming experiences for players.
With a monthly audience of over 300 million, Enthusiast Gaming continues to be a dominant player in the esports media landscape.
Enthusiast Gaming Holdings has appointed NFL star Richard Sherman to its Board of Directors, enhancing its leadership with his expertise in technology and gaming. Sherman, a five-time All-Pro cornerback, has significant involvement in the tech community and is passionate about gaming, having served as a global brand ambassador for the Company's esports division since 2019. CEO Adrian Montgomery noted Sherman's leadership experience and connections in Silicon Valley would provide fresh perspectives on business strategy, aligning with Enthusiast Gaming's goal of capitalizing on the booming gaming market.
Enthusiast Gaming Holdings Inc. has announced the approval of its common shares for listing on the Nasdaq Global Select Market under the ticker symbol EGLX. Trading is set to commence on April 21, 2021. The company maintains its listing on the Toronto Stock Exchange under the same symbol. Enthusiast Gaming is the largest gaming media platform in North America, engaging over 300 million monthly users through its media, esports, talent, and experiential segments. In 2020, the company’s media segment generated 42 billion views across its platforms.
Enthusiast Gaming Holdings Inc. (TSX:EGLX, OTCQB:ENGMF) has filed a Registration Statement on Form 40-F with the SEC, marking a key step towards listing its common shares on NASDAQ. This filing is part of the company's strategy to expand its U.S. presence, where it generates significant revenue. CEO Adrian Montgomery emphasized the importance of this milestone for attracting a broader shareholder base and accelerating growth. Enthusiast Gaming ranks among the top Internet Properties in the U.S. and boasts a vast audience of over 300 million gamers monthly.
