For the six months ended February 28, 2022, total revenue increased 47% to $21.5 million from $14.7 million in the same year-ago period.Įxpenses in the fiscal second quarter of 2022 decreased by 39.3% to $16.9 million, compared to $27.8 million in the same year-ago quarter. The increase was primarily driven by a 18.6% increase in Advertising revenue to $7.1 million from $6.0 million in the same year-ago quarter, and to a lesser extent, a 25.4% increase in Software-as-a-Service (SaaS) revenue to $1.8 million from $1.4 million the same year-ago quarter. Total revenue in the fiscal second quarter of 2022 increased 20% to $9.3 million, compared to $7.7 million in the same year-ago quarter.
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We believe that putting ourselves on a trajectory to achieve cash flow breakeven, coupled with the growth opportunities that we are putting our resources against, will allow the stock price of Engine to better reflect the full value of the Company."įY Q2 2022 and Year-To-Date Financial Results Tom Rogers, Executive Chairman of the Company, added: "In this environment, it is increasingly clear that cash-flow negative companies are facing significant market headwinds with their stock prices suffering. "Subsequent to the end of the quarter, we fortified our balance sheet with the strategic sale of Eden Games, which provided net proceeds of $15.3 million and provides enough non-dilutive capital to meet our operating needs for the foreseeable future as we drive shareholder value and become a much larger, profitable company." "We have also taken aggressive steps to reduce costs, which will be more apparent as we move through the second half of fiscal 2022 as we work towards becoming cash flow breakeven on a run-rate basis in fiscal 2023.
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"The fiscal second quarter of 2022 was highlighted by our continued year-over-year revenue growth in our core advertising and SaaS businesses, which increasingly showcase our ability to pursue high-growth opportunities that bring higher margins and predictability to our model," said Lou Schwartz, Chief Executive Officer of Engine.
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Total revenue increased 20.3% to $9.3 million in the fiscal second quarter of 2022, compared to $7.7 million in the same year-ago quarter.dollars unless otherwise indicated.įY Q2 2022 Financial Highlights (Current and historical results recasted to reflect Eden Games in discontinued operations): ("Engine" or the "Company") (NASDAQ:GAME) (TSX-V:GAME), a data-driven, gaming, media and social influencer marketing solutions company, today announced results for its fiscal second quarter 2022 ended February 28, 2022. NEW YORK, NY / ACCESSWIRE / Ap/ Engine Gaming and Media, Inc. Fiscal Q2 2022 Revenues Increase 20% YoY to $9.3 million, Balance Sheet Fortified with $15.3 Million From Strategic Sale of Eden Games