Company: GAME
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-023972
Chunk: 149

Company: GameSquare Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 149
---
 in comparison to $17.9 million for the same period in 2024. The decrease
was primarily related to decrease in revenue at Frankly Media (SaaS + Advertising), primarily driven by decease in ad impressions as
compared to prior year period. Further, Frankly Media sold its remaining SaaS assets on May 31, 2024, contributing to the decline in
revenue in the 2025 period.

Team
Revenue

Teams
revenue for the three months ended June 30, 2025, was $1.8 million, in comparison to $2.5 million for the same period in 2024. The decrease
was due to no specific tournament prizes in the 2025 period as compared to the 2024 period.

Agency
Revenue

Agency
revenue for the three months ended June 30, 2025, was $2.2 million, in comparison to $2.0 million for the same period in 2024. The variance
between the periods was not significant.

Software-as-a-service
(“SaaS”) + Advertising revenue

SaaS
+ Advertising revenue for the three months ended June 30, 2025, was $11.8 million, in comparison to $13.3 million for the same period
in 2024. The decrease was primarily related to decrease in revenue at Frankly Media (SaaS + Advertising), primarily driven by decease
in ad impressions as compared to prior year period. Further, Frankly Media sold its remaining SaaS assets on May 31, 2024, contributing
to the decline in revenue in the 2025 period.

Cost
of Sales

Cost
of sales for the three months ended June 30, 2025, was $13.4 million, in comparison to $15.3 million for the same period in 2024. The
decrease was primarily related to the decrease in revenue discussed above, and varying margins of the Company product mix.

Operating
expenses

General
and administrative

General
and administrative expenses for the three months ended June 30, 2025, was $4.1 million, in comparison to $4.9 million for the same period
in 2024. The decrease was primarily related to continued efforts made by the Company to reduce operating expenses during the second half
of 2024 and first half of 2025, primarily through reductions in headcount, technology expenses and other overhead.

Selling