On August 15th, Enthusiast Gaming Holdings Inc. announced the organization’s financial results for the second quarter of this year, which ended on June 30th, 2022. Overall, this most recent quarter was incredibly prosperous for the company.
Revenues increased by 38% from the same time last year to hit $51.1 million, which is up from $37.1 million. Meanwhile, gross profits increased 91% year-over-year to reach $15.3 million.
“During the first half of 2022, we delivered our strongest half-year results to date, led by accelerated revenue growth and substantial gross margin expansion. Q2 2022 was strong, with gross profit up 91% versus Q2 2021, driven by more subscription revenue and higher direct sales with repeat and new customers,” said Adrian Montgomery, the CEO of Enthusiast Gaming. “These results were made possible by the commitment and dedication of our over 250 global staff that make us better each day. As we refine our flywheel model, we continue to unlock new revenue opportunities, while expanding our margin and driving towards near-term profitability.”
Headquartered in Toronto, Canada, Enthusiast Gaming was founded in 2014. The organization currently trades stock on the NASDAQ Global Select Market under the ticker symbol “EGLX”. As of 3:05 PM EST on August 22nd, 2022, one share of stock in the company is worth $1.48.
(All information was provided by Google, Yahoo! Finance, and Yahoo! Life)
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