Company: GAME
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023589
Chunk: 182

Company: GameSquare Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 182
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 in ETH fund. The gain is primarily driven by the change in unrealized gain of $9.6 million from our investment in ETH fund.
This was partially offset by change in unrealized losses on digital assets, Anime and Rekt token holdings during the period.

Net
income (loss) from discontinued operations

Net
income (loss) from discontinued operations for the nine months ended September 30, 2025, was $(9.2) million, in comparison to $(9.5)
million for the same period in 2024. The historical results of Frankly, FaZe Media and Complexity are included in discontinued operations.

Three
months ended September 30, 2025 and 2024

Revenue

Revenues
for the three months ended September 30, 2025, were $11.3 million, in comparison to $9.3 million for the same period in 2024. The increase was primarily related to increases in our SaaS and managed services segment for launch of management
services offering and increase in agency services primarily driven by new web3 deals, initiated as the result of the launch of our digital
asset treasury, that closed in the third quarter. Lastly, there was yield income from our DAT in the third quarter of 2025 that contributed
to the increase.

Owned and operated IP Revenue

Owned and operated IP revenue for the three months ended September 30, 2025, was $3.7 million, in comparison to $4.7
million for the same period in 2024. The decrease was driven by changes in prize winnings between the two periods, which was primarily
driven by the Esports World Cup.

Agency Revenue

Agency revenue for the three months ended September 30, 2025, was $5.4 million, in comparison to $3.3 million for
the same period in 2024. The increase was primarily due new web3 deals, initiated as the result of the launch of our digital asset treasury,
that closed in the third quarter of the current period combined with revenue from the acquisition of Click that contributed 19 days of
operating results post close in the current period.

SaaS and managed services

SaaS and management services revenue for the three months ended September 30, 2025, was $1.6 million, in comparison
to $1.2 million for the same period in 2024. The increase was primarily due to launch of a management services offering within the SaaS
segment