ESE Entertainment recently announced it recorded no debt during the third quarter of the 2021 fiscal year. Additionally, the company said it generated $3.37 million in revenue during the three-month period ending on July 31st, 2021.
“After significant growth in the ESE group, launching our acquisition Digital Motorsports and raising $8.6 million to accelerate expansion, Q3 was a standout quarter for ESE Entertainment,” said Konrad Wasiela, CEO of ESE Entertainment. “In the coming months, we anticipate revenue growth and margin expansion. We expect this growth to be driven by momentum in the existing business, performance of the newly completed Digital Motorsports acquisition, direct sales to our increasing pipeline of clients, and new business from our scalable technology and growing e-commerce platform. Further, our acquisition pipeline is robust and our team is working tirelessly to find and execute on prospective accretive transactions to maximize shareholder value.”
The organization also said that net losses decreased by $2.03 million from Q2 to Q3. Furthermore, the company reported its cash balance went up to $7.29 million.
ESE said there were a few things that factored into this successful quarter. This included the launch of its IPO and the acquisition of Digital Motorsports.
(All information was provided by Esports Insider)