On November 14th, Enthusiast Gaming Holdings announced the company’s financial results for the third quarter of 2022 as well as the first nine months of the year. Overall, the organization has shown tremendous growth in all the important areas of finance.
Revenue increased by 17% from Q3 2021 to reach $50.6 million. According to a press release, this growth was driven by “increased direct sales, higher subscription revenue” and the acquisitions of “Addicting Games and U.GG.”
Gross Profits also topped out at $16.6 million, a 64% increase from the third quarter of last year. This was the company’s highest quarterly gross profits to date.
Enthusiast also managed to set a record for direct sales and subscription revenue. Direct sales grew by 49% year-over-year while subscription revenues rose by 51% year-over-year.
“We are pleased to report that we have achieved yet another record quarter on the back of all-time-highs in key KPIs, including quarterly gross profit, gross margins, direct sales, and subscriptions, all despite the macroeconomic headwinds impacting the digital media and entertainment industry,” said Adrian Montgomery, the CEO of Enthusiast Gaming. “These results reflect the strength and resilience of our flywheel business model, which has allowed us to maintain strong financial growth while building out diversified revenue streams.”
(All information was provided by GlobeNewswire)