Company: GAME
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010979
Chunk: 111

Company: GameSquare Holdings, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 111
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 March 31, 2025 and 2024

Revenue

Revenues
for the three months ended March 31, 2025, were $21.1 million, in comparison to $17.8 million for
the same period in 2024. The increase was primarily related to the acquisition of FaZe on March 7, 2024 and FaZe only being in
last 24 days in the prior year period.

Team
Revenue

Teams
revenue for the three months ended March 31, 2025, was $9.5 million, in comparison to $2.6 million for the same period in 2024. The increase
was primarily related to the acquisition of FaZe on March 7, 2024 and FaZe only being in last 24 days in the prior year period.

Agency
Revenue

Agency
revenue for the three months ended March 31, 2025, was $2.9 million, in comparison to $2.3 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 March 31, 2025, was $9.3 million, in comparison to $12.2 million for the same period
in 2024. The decrease was related to decline in our programmatic advertising business of approximately $3 million.

Cost
of Sales

Cost
of sales for the three months ended March 31, 2025, was $17.8 million, in comparison to $14.3 million for the same period in 2024. The
increase was primarily related to an increase in revenue associated with the acquisition of FaZe discussed above, and varying margins
of the Company product mix.

Operating
expenses

General
and administrative

General
and administrative expenses for the three months ended March 31, 2025, was $5.8 million, in comparison to $4.9 million for the same period
in 2024. The increase was primarily related to our acquisition of Faze as discussed above.

Selling
and marketing

Selling
and marketing expenses for the three months ended March 31, 2025, was $2.0 million, in comparison to $2.2 million for the same period
in 2024. The decrease was due to a $0.3 million reduction in third party