On May 25th, Allied Esports Entertainment Inc. announced the company’s financial result for the fourth quarter of 2021 and the entirety of the 2021 fiscal year. Overall the fourth quarter and the entire fiscal year were successful ones for Allied Esports.
The organization reported that total revenues hit $1.9 million during Q4 2021, representing a 108% increase from the same period in 2020. Meanwhile, net losses dropped off significantly, going from $18.9 million during Q4 2020 to $6.3 million in Q4 2021.
Meanwhile, FY21 signified a year of steady improvement for the company. Total revenues rose 54% to hit $5 million. Meanwhile, costs and expenses decreased by 41% from 2020 to 2021.
“As our Esports operations continue to recover from the effects of the COVID-19 pandemic, our process to explore strategic alternatives for the business is gaining traction and we are in active discussions with several interested parties. We ended the year with a cash position of nearly $98 million, including restricted cash, and we are continuing to identify opportunities to invest this cash to acquire or merge with an existing business, along with any cash from any sale of the Esports business,” said Interim CEO Lyle Berman. “Over the past several months, we have reviewed the merits of a number of potential target investment opportunities with our financial and legal advisors. Our due diligence and the continued sourcing of other opportunities remains ongoing. We continue to work with a sense of urgency in these efforts and we are very focused on finding the absolute best opportunity available to maximize value for our shareholders.”
(All information was provided by Business Wire)