Company: GAME
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023589
Chunk: 222

Company: GameSquare Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 222
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, as well as M&A growth opportunities. From August 2020 to September 2025, the Company
has completed six acquisitions and divested three non-core assets. GameSquare’s organic growth strategy focuses on growing
audience and reach within its operating segments. GameSquare’s digital agencies, owned and operated IP, and
 SaaS segments serve the gaming and esports market, and more broadly sports and entertainment through content creation, audience
development and growing brand relationships. The digital agency industry is highly fragmented, and these businesses are generally
characterized by high revenue growth with healthy earnings before income, taxes, depreciation and amortization margins, which
management believes positions the Company well for sustainable growth through organic efforts and presents significant opportunities
to grow through accretive acquisitions.

The
Company has invested in its sales organization and continues to see significant growth in the number, and the size, of requests for proposals
within its agency businesses. The Company’s financial profile compares very favorably against its esports peers, as well as other
companies seeking to engage with youth audiences.

The
Company believes enterprise growth may come as a result of synergistic approaches to combining the strengths of its  SaaS companies
that it can present as a unified offering to the market.

The
following is a summary of the Company’s financial performance highlights for the three and nine months ended September 30,
2025 and 2024. This summary should be considered in the context of the additional disclosures in this MD&A which further
highlight Company results by segment.

Results
of Operations

The
following table summarizes our results of operations for the three and nine months ended September 30, 2025 compared to the three
and nine months ended September 30, 2024. FaZe Media and Frankly are now reported in discontinued operations. Historical results of
operations of FaZe Media and Frankly are netted in discontinued operations within the below figures.

    Nine months ended September 30,  

    2025  
    2024  
    Variance 
  
    Revenue 
    $26,542,646  
    $19,930,359  
    $6,612,287 
  
    Cost of revenue 
     15,500,495  
     12,439,479  
     3,061,016 
  
    Gross profit 
     11,042,151  
     7,490,880  
     3,551,271