Esports Entertainment reports FY23 revenue $23M vs $58.4M last year

Esports Entertainment Group provided strategic, financial, and operational updates for the fiscal year end June 30, 2023. Sales and marketing expense totaled $5.9 million for the fiscal year ended June 30, 2023, a decrease of $19.8 million, or 77%, compared to $25.7 million in the 2022 fiscal year. General and administrative expense totaled $28.9 million for the fiscal year ended June 30, 2023, a decrease of $22.4 million, or 44%, compared to $51.3 million for the 2022 comparable period. Net loss for the fiscal year ended June 30, 2023, was $32.3 million, compared to $102.2 million for the 2022 fiscal year. “Over recent months, the Company has undertaken a comprehensive examination of our organization, focusing on the anticipated trajectory of the esports and iGaming sectors,” commented Alex Igelman, CEO of Esports Entertainment. “Through this process, we conducted a deep dive into our business from top to bottom and pinpointed operations and contracts that weren’t profitable, leading to decisive actions that have set us up for a promising future. Although the restructuring came with one-time expenses, we are confident that the long-term advantages will significantly outweigh these costs. Moving forward, the Company anticipates a reduction in annual operating expenses of more than $4 million. We have also reduced total liabilities by approximately $51.8 million since January 2023. By focusing resources around core assets, we believe we are establishing a robust foundation for our future. This period of time in the Company’s evolution marks a pivotal shift and new beginning, allowing us to leave behind past barriers and shape a path that maximizes our potential for success, which we believe will drive significant revenue growth and value for our shareholders.”