Full year 2021 report for Allied Esports displays net loss of $15.8m
Located within the Luxor, the company reported a net loss of $6.3m for the quarter ending December 31.
Efforts to sell the company were delayed in 2021, but the company’s revenue rebounded due to relaxed Covid-19 restrictions.
Based in Irvine, California, Allied Esports Entertainment reported a net loss of $6.3m on revenue of $1.9m for Q4 of 2022.
For the full year, the company reported a net loss of $15.8m on revenue of $5m in 2021. Back in 2020, Allied Esports posted a net loss of $31.7m on revenue of $3.2m. Net losses were significantly down in 2021 versus 2020.
Chief Financial Officer Roy Anderson said: “We are proud of the progress we’ve made throughout the year through our esports business. We saw the effects of the Covid-19 pandemic subside and return to a more normalized operating environment, which led to a strong return to growth in our in-person pillar.”
He continued: “We also made significant strides in our multiplatform content pillar by growing our library of esports content and securing distribution agreements with several digital streaming platforms.”
During a conference call, the company revealed that it produced 110 events during the fourth quarter, including 29 proprietary events and 81 third-party online and in-person productions.
More than 17,000 total players competed in both online and in-arena events during the fourth quarter of 2021, which was a company record. Third-party events were also up quarter over quarter by 14%.
The uptick in third-party events was powered by a 24% increase in third-party events and productions booked at Luxor’s HyperX Arena Las Vegas.
The company is expected to reveal its Q1 2022 earnings later this week. Nasdaq stated Allied Esports has until June 20 to file a report for the financial period, which ended on March 31, to remain in compliance with the listing service.
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