For FY 2023, the company reported:
For Q4 2023, the company reported:
The company claimed a “cash and short-term investments position” of $78.6M—including $5M of restricted cash—as of Dec. 31, 2023. This compared to $86.8M in cash and short-term investments on Dec. 31, 2022, which also included $5M of restricted cash.
The company also noted a working capital position of $66.4M at the end of 2023, compared to $79.1M at the end of 2022, and 6.8M shares of outstanding common stock which includes 2.3M shares repurchased under the Company’s 2022 Stock Repurchase Plan.
AGAE said that total revenues during the fiscal year were “primarily driven” by an increase in sponsorship revenue related to its esports facility HyperX Arena Las Vegas (the company renewed its naming right deal with HyperX), Season Two of Elevated, and two months of revenue from its October 2023 strategic investment in Z-Tech.
AGAE produced 64 events in Q4, with 30 proprietary events and 34 third-party events. Third-party events included the Omen Showcase Party, World Esports Day – TwitchCon Afterparty, EA Sports F1 23 Las Vegas Showrun, and All MLB Team Awards Show.
In November 2023, AGAE closed on a strategic investment in casual mobile game developer and operator Z-Tech. As of Oct.31, 2023, AGAE took a controlling interest in the Board of the company for the “purpose of financial statement consolidation and became the largest shareholder of Z-Tech.”
In December, Elite Fun Entertainment Co. Ltd. agreed to a strategic investment in AGAE. Also in December, AGAE announced the formation of Skyline Music Entertainment, a joint venture based in Macau, with AGAE subsidiary Allied Experiential Entertainment, Inc., owning 51% of Skyline Music Entertainment.
The Esports Advocate has learned that Chinese esports organizations Edward Gaming (EDG) and Bilibili Gaming…
China-based ByteDance has appointed a new CEO for Moonton Games, the developer behind the popular…
North American esports organization NRG Esports announced that, in cooperation with partner Samsung Galaxy, it…
Chinese pop singer Hua Chenyu and China-based esports organization LGD Gaming jointly announced on Thursday…
Publicly traded gaming and esports company GameSquare Holdings (NASDAQ: GAME) announced the launch of a…
Riot Games announced Thursday that Cisco will continue to be a key partner related to…