International gaming company GameSquare Esports Inc. announced that management and directors acquired 632,100 common shares of the company in the open market between November 3rd and December 1st. Management and the board’s purchases reflect confidence in the intrinsic value of the stock, near-term and long-term growth prospects, and the people that work within the company at Code Red, Complexity Gaming, Cut+Sew, and GCN.
The Company’s Q3 2021 financial results included $2.5M of revenue and more than $13 million of cash on hand. With these results, management indicated that GameSquare had generated more than $3.5 million of revenue in Q4 2021, as of October 28th, 2021, and reiterated 2022 revenue guidance of $28 million.
“We are seeing increased sales activity within the GameSquare companies, and a growing pipeline that includes global brands that are entering gaming and esports,” said Justin Kenna, CEO of GameSquare Esports. “Our portfolio of companies is showing leadership within esports, and we are making tremendous progress as we execute on our growth strategy across our teams, our streaming org, our newly announced athlete and celebrity division, and our digital agencies that are working with global brands.”
GameSquare Esports has made significant progress since going public in October 2020. Following a period of active M&A, having acquired Code Red, Reciprocity, Complexity Gaming, and Cut+Sew, management has turned its attention to integration and accelerating revenue growth with a focus on profitability.
(All information was provided by MarketWatch)
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