OverActive Media recently announced the company’s financial result for the third quarter of 2021. Overall, the organization experienced respectable growth during the previous financial quarter.
Total revenues for the company were roughly $4.3 million during Q3 2021. This signifies a 9.8% increase year-over-year. Additionally, OAM reported a cash balance of about $28.3 million during the third quarter of this year.
“We are delighted to report such strong third-quarter financial performance with adjusted revenue growth of 108.1% and near break-even EBITDA. Significant contributors to our revenue growth included strong sponsor revenue and league revenue share, as well as increased prize money winnings. We believe this year-over-year momentum will continue in the fourth quarter, driven largely by the significant contracted recurring revenue base, and as more sponsorship partners see the value of our team franchise model and additional league share revenue,” said Chris Overholt, the CEO of OverActive Media. “Looking beyond the fourth quarter, we believe our healthy balance sheet will allow us to pursue a multi-faceted growth strategy, including potential acquisitions to enhance our reach. We are convinced that continued league revenue share growth, as well as the maturation of our sponsorship model, will drive considerable revenue growth while longer-term, the income generated from our performance venue project following its completion will drive significant value creation.”
OverActive Media is a Canadian esports and entertainment organization that was founded in 2017. Some of the company’s most famous subsidiaries and brands are the Toronto Ultra, the Toronto Defiant, and MAD Lions.
(All information was provided by Esports Insider and Google)
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