On March 28th, Enthusiast Gaming Holdings Inc. announced the company’s financial results for the year ending on December 31st, 2021. Overall, the company saw revenues increase but also saw a sizable loss in 2021 as well as a rise in operating costs.
Revenues grew from $72.8 million in 2020 to $167.4 million in 2021. This represents a 130% increase from the previous year. Additionally, gross profits rose to $30.3 million from 2020 to 2021.
It wasn’t all good news for Enthusiast Gaming, though. The organization recorded a loss of $41.6 million in 2021, which is a $20.1 million increase when compared to the year prior.
“Our momentum continues and we are pleased to confirm our record-breaking results from Q4 2021,” said Enthusiast Gaming’s CEO, Adrian Montgomery. “We are seeing strong repeat business in direct sales, continued conversions of viewers into paying subscribers, and strength in our product offerings, particularly in Addicting Games and U.GG. We expect this momentum to carry into 2022 and beyond.”
Enthusiast Gaming also announced some personnel changes alongside its financial results. Nicole Musicco stepped down from the company’s board of directors. Also, Menashe Kestenbaum left his role as the organization’s President to join Enthusiast’s Board of Directors.