Overactive Media recently unveiled its financial results for the fourth quarter of last year as well as the full 2021 fiscal year. Overall the organization saw revenues increase as well as net losses.
During Q4 2021, the company said revenues grew by 49% compared to the same period in 2020. The organization also finished the fourth quarter with $29.6 million in cash, which is a huge boost compared to the $5.6 million the company had on December 31st, 2020.
For the full year, revenues rose from $6.55 million in 2020 to $11.08 million in 2021. Additionally, Overactive Media saw net losses grow to $15.14 million, which is way up from $4.92 million two years ago.
“We are very proud of the strong and scalable business that we are building,” said Chris Overholt, the CEO of OverActive Media. “We are focused on generating high quality, long term, and recurring revenue streams and we are succeeding. Furthermore, our business model offers a tremendous amount of operating leverage when delivered at scale. In fact, in 2021, of the $5.8 million increase to total revenue, $3.8 or over 65%, contributed directly to an improvement in our Adjusted EBITDA.”
Overactive Media is a Toronto, Canada-based entertainment organization that was launched in 2017. Some of the company’s most famous properties include the OWL’s Toronto Defiant, the Call of Duty League’s Toronto Ultra, and the Spanish League of Legends team MAD Lions.
(All information was provided by Esports Insider, Globenewswire, and Wikipedia)
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