Company: GAME
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023589
Chunk: 179

Company: GameSquare Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 179
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.6 million, in comparison to $7.7 million for the same
period in 2024. The increase was primarily related to the acquisition of FaZe on March 7, 2024 and FaZe Esports not being a full
nine months in the prior year period.

Agency
Revenue

Agency
revenue for the nine months ended September 30, 2025, was $9.9 million, in comparison to $8.3 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 nine months ended September 30, 2025, was $7.5 million, in comparison to $3.9 million for the
same period in 2024. The increase was primarily due to launch of a management services offering within the SaaS segment.

Yield

DAT yield revenue for the nine months ended September 30, 2025, was $0.6 million, in comparison to $0 for the same
period in 2024. The Company launched its DAT in the third quarter of 2025.

Cost
of Revenue

Cost
of revenue for the nine months ended September 30, 2025, was $15.5 million, in comparison to $12.4 million for the same period in
2024. The increase was primarily related to the increase in revenue discussed above, and varying margins of the Company product
mix.

Operating
expenses

General
and administrative

General
and administrative expenses for the nine months ended September 30, 2025, was $13.8 million, in comparison to $11.8 million for the
same period in 2024. The increase was due to $1.9 million in stock based compensation recorded during the current period from new RSU
grants to employees and warrant grant to a service provider, in addition to the operations of Click that contributed 19 days of operating
results post close in the current period.

Selling
and marketing

Selling
and marketing expenses for the nine months ended September 30, 2025, was $4.2 million, in comparison to $4.1 million for the same period in