On August 10th, Enthusiast Gaming Holdings Inc. unveiled the company’s financial results for the second quarter of 2021. This period ran from the end of Q1 to June 30th.
The organization reported revenues of $29.64 million during the second quarter of this year. Meanwhile, gross profits rose to $6.39 million. The company also broke a record this quarter with $3.52 million in direct advertising sales.
“After listing on the Nasdaq, completing two major acquisitions, and raising $49.5 million to further accelerate our accretive M&A strategy, this has been an exemplary quarter for Enthusiast Gaming,” said Adrian Montgomery, the CEO of Enthusiast Gaming. “We expect to see sequential revenue growth and margin improvements throughout the remainder of the year, driven by momentum in direct sales and our pipeline of acquisitions. While we continue to grow our subscription business from current and newly acquired properties, the game-changer for this vertical is expected to come from Project GG and its premium subscription offering, which will launch as an exclusive alpha to select gamers in late September. Our team’s ability to continue acquiring accretive properties, attract quality partners, and deliver fresh content to our fan communities continues to exceed expectations.”
Enthusiast Gaming Holdings Inc. currently trades on the NASDAQ and the Toronto Stock Exchange under the ticker symbol “EGLX”. As of 4:15 PM EST on August 12th, 2021, one share of stock in Enthusiast Gaming is worth $4.97.