Allied Esports Entertainment reports $2.8m in revenue during Q1 2022
The Interim CEO said the company is pleased with the quarterly results.
Allied Esports Entertainment has published its financial reports for 2022’s first quarter. The company reported total revenues of $2.8m during Q1.
The report reflected a revenue increase during the first quarter of 381% when compared to the first quarter in 2021.
During Q1, total costs and expenses reached $6.2m, which reflected a 15% rise from Q1 2021’s report. The company reported a net loss of $3.8m for Q1. Adjusted EBITDA loss during Q1 was $2.5m.
Allied Esports Entertainment Interim CEO Lyle Berman commented: “I am very pleased with the operational performance of our Esports business, which generated record revenue and adjusted EBITDA during the quarter and has continued to gain momentum as we emerge from the pandemic and move to a more normalized environment.
“This solid operational recovery is helping drive strong interest from outside parties as we move ahead with our previously stated objective to pursue strategic alternatives for the esports operations, including a potential sale of the business.”
Allied Esports Entertainment had close to 39.1 million shares of outstanding common stock by the end of March, according to its quarterly report. The company also reported a cashing position of $95.7m at the end of the first quarter. That figure includes $5m of restricted cash.
Berman commented about the company’s cash position. He concluded by saying: “Concurrently, we continue to make progress in our ongoing efforts to invest the cash on our balance sheet to acquire or merge with an existing business. At the end of the first quarter, our cash balance totaled nearly $96m, including restricted cash.
“We remain focused on finding the best opportunity available to maximize value for our shareholders. While we are limited in what we can currently disclose about the process, I look forward to providing the market with an update on our progress at the appropriate time.”
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