GameSquare Holdings, Inc.

Listed Company

GAMECIK 0001714562NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthServices-Amusement & Recreation ServicesA6FY ends Dec 31

Period

FY 2025

Revenue

$45.00M

Net Income

$-40.10M

Total Assets

$79.30M

Equity

$35.65M

Shares Out

95.76M

Op. Cash Flow

$-18.40M

Business

GameSquare Holdings, Inc. is a vertically integrated digital media, entertainment and technology company that connects global brands with gaming and youth culture audiences. It offers an end-to-end platform including digital media, agency and creative services, talent management, merchandise and consumer products, content production, programmatic advertising, live-streaming analytics and influencer marketing, as well as SaaS tools. Key business segments include its digital agencies, media network, teams, SaaS and advertising services, creative production, talent agency and merchandise operations. The Company serves global Gen Z, Gen Alpha and Millennial audiences through its media network, creator roster, brand partnerships, streaming platforms and B2B distribution with operations in the United States, Spain and the United Kingdom.

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Revenue	45	28	41	28
Cost of revenue	25	18	31	18
Gross profit	20	9	10	10
General and administrative	20	16	14	17
Selling and marketing	6	5	6	7
Research and development	2	2	3	—
Depreciation and amortization	1	1	2	2
Contract exit costs	1	19,848	—	—
Impairment expense	12	13	7	—
Other operating expenses	3	6	3	355,417
Total operating expenses	45	44	35	28
Loss from continuing operations	−25	−34	−25	−18
Interest income (expense)	586,152	156,986	—	—
Loss on debt extinguishment	—	−1	−2	—
Change in fair value of convertible debt carried at fair value	289,883	559,212	538,354	—
Change in fair value of investment	−2	−473,563	−515,277	—
Change in fair value of warrant liability	7	84,449	968,757	—
Arbitration settlement reserve	106,333	229,250	1	—
Realized and change in unrealized gain (loss) on digital assets and investment in ETH fund	−12	—	—	—
Other income (expense), net	1	62,038	−103,463	35,273
Total other income (expense), net	−5	−413,698	−947,826	−134,297
Loss from continuing operations before income taxes	−30	−35	−26	−18
Income tax expense	−63,721	—	55,096	304,369
Net income (loss) from continuing operations	−30	−35	−26	−18
Net income (loss) from discontinued operations	−12	−20	−5	−29,841
Net loss	−42	−54	−31	−18
Net loss attributable to non-controlling interest	2	6	—	−13,718
Net loss attributable to attributable to GameSquare Holdings, Inc.	−40	−49	−31	−18
Change in foreign currency translation adjustment	−378,374	−76,536	136,972	−405,034
Comprehensive loss	−42	−54	−31	−19
Comprehensive loss attributable to non-controlling interest	2	6	—	−13,718
Comprehensive loss	−40	−49	−31	−19
From continuing operations - basic	−0.46	−1.25	−2.36	−3.26
From continuing operations - diluted	−0.46	−1.25	—	—
From discontinued operations - basic	−0.15	−0.5	−0.45	−0.01
From discontinued operations - diluted	−0.15	−0.5	—	—
Loss per common share attributable to GameSquare Holdings, Inc. - basic	−0.61	−1.75	−2.81	−3.26
Loss per common share attributable to GameSquare Holdings, Inc. - assuming dilution	−0.61	−1.75	−2.81	−3.26
Weighted average common shares outstanding - basic	66	28	11	6
Weighted average common shares outstanding - diluted	66	28	11	6

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-07-31	FY 2024 2024-12-31	FY 2024 2024-02-29	FY 2023 2023-12-31
Cash	5	—	12	250	3
Restricted cash	2	—	1	—	47,465
Accounts receivable, net	9	—	21	—	16
Digital assets	6	—	—	—	—
Government remittances	343,488	—	119,721	—	—
Promissory note receivable, current	—	—	379,405	—	—
Prepaid expenses and other current assets	771,902	—	1	—	916,740
Total current assets	22	—	36	—	22
Investments	383,503	—	2	—	3
Investment in ETH fund	41	—	—	—	—
Promissory note receivable, non-current	549,000	—	9	—	—
Property and equipment, net	114,054	—	303,950	—	2
Goodwill	6	—	13	—	16
Intangible assets, definite lived, net	5	—	15	—	—
Intangible assets, indefinite lived	2	—	—	—	—
Right-of-use assets	1	—	3	—	2
Total assets	79	—	79	—	65
Accounts payable	22	—	27	—	23
Accrued expenses and other current liabilities	7	—	14	—	5
Players liability account	47,535	—	47,535	—	47,465
Deferred revenue	4	—	3	—	—
Current portion of operating lease liability	441,485	—	748,916	—	367,487
Line of credit	—	—	4	—	5
Promissory notes payable, current	2	—	—	—	—
Convertible debt carried at fair value, current	—	—	6	—	—
Warrant liability	2	9	14,314	—	102,284
Deferred purchase consideration	4	—	—	—	—
Arbitration reserve	93,041	—	199,374	—	428,624
Total current liabilities	41	—	55	—	36
Convertible debt carried at fair value, non-current	—	—	10	—	8
Contingent purchase consideration, non-current	807,000	—	—	—	—
Deferred tax liability	810,704	—	—	—	—
Operating lease liability	1	—	2	—	2
Total liabilities	44	—	67	—	46
Commitments and contingencies (Note 20)	—	—	—	—	—
Preferred stock ($0.0001 par value, 50,000,000 authorized, 3,433 and 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)	4	—	—	—	—
Common stock ($0.0001 par value, 100,000,000 shares authorized, 98,066,751 and 32,635,995 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)	9,807	—	3,264	—	—
Additional paid-in capital	195	—	119	—	92
Treasury stock	−580,715	—	—	—	—
Accumulated other comprehensive loss	−586,991	—	−208,617	—	−132,081
Non-controlling interest	—	—	15	—	—
Accumulated deficit	−162	—	−122	—	−73
Total shareholders equity	36	—	12	—	18
Total liabilities and shareholders equity	79	—	79	—	65

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Amortization and depreciation	2	3	3	—
Amortization of operating lease right-of-use assets	476,464	520,963	335,640	309,293
Gain on disposition of subsidiary	−3	−3	—	—
Loss on disposition of assets	—	8	—	—
Deferred income taxes	−44,296	—	—	—
Unrealized (gain) loss on investment in ETH fund	8	—	—	—
Realized (gain) loss on investment in ETH fund	−247,892	—	—	—
Unrealized (gain) loss on digital assets	5	—	—	—
Realized (gain) loss on digital assets	−49,215	—	—	—
Yield on digital assets	−3,203	—	—	—
Yield on investment in ETH fund	−1	—	—	—
Impairment expense	23	13	7	—
Accretion of promissory note receivable	−1	−909,765	—	—
Change in fair value of contingent consideration	—	501,118	45,648	338,522
Change in fair value of arbitration reserve	−106,333	−229,250	−1	—
Share-based compensation	3	2	2	2
Accounts receivable, net	11	502,648	−880,481	−5
Government remittances	−123,004	37,196	−493,834	—
Prepaid expenses and other current assets	371,036	581,675	723,612	−177,628
Accounts payable, accrued expenses and other current liabilities	−12	−212,765	5	6
Deferred revenue	−4	−831,250	−358,383	765,937
Operating lease liability	−478,247	−490,875	−336,229	−301,355
Net cash used in operating activities	−18	−31	−16	−12
Purchase of property and equipment	−77,115	−5,117	−2,239	−31,251
Purchase of intangible assets	−300,000	−60,000	—	—
Purchase of digital assets	−58	—	—	—
Proceeds from sale of digital assets	3	—	—	—
Cash used in acquisition of Click, net of cash acquired	−5	—	—	—
Cash acquired in Faze Clan acquisition	—	2	—	—
Disposal of Frankly Media assets	—	35,500	3	—
Disposal of Complexity, net of cash disposed	—	328,284	—	49,356
Disposal of Faze Media, net of cash disposed	−636,377	—	—	—
Net cash provided by investing activities	−60	3	14	18,105
Proceeds from registered offerings, net of issuance costs	78	—	—	—
Proceeds from private placements, net of issuance costs	—	10	—	6
Payment for acquisition of treasury stock	−2	—	—	—
Non-controlling interest in Faze Media, Inc.	—	21	—	—
Proceeds from payments on promissory notes receivable, net	712,500	150,000	—	—
Proceeds from issuance of promissory notes payable	4	—	185,397	—
Repayment of promissory notes payable	−3	—	—	−149,442
Proceeds from issuance of convertible debt	—	16	—	—
Repayment of convertible debt	−2	−8	—	—
Proceeds (repayments) on line of credit, net	−4	−1	5	—
Net cash provided by financing activities	73	38	4	7
Effect of exchange rate changes on cash and restricted cash	−711,588	53,664	65,820	16,289
Net increase (decrease) in cash and restricted cash	−7	10	2	−5
Cash paid for interest expense	1	1	561,335	11,950
Cash paid for income taxes	—	—	—	—
Operating lease payments in operating cash flows	638,607	700,473	543,676	535,148
Issuance of preferred stock to acquire NFT	4	—	—	—
Purchase of NFTs with digital assets - ETH	2	—	—	—
Acquisition of digital asssets for services - Anime and Rekt	5	—	—	—
Contribution of digital assets - ETH into ETH fund	55	—	—	—
Redemption of digital assets - ETH from ETH fund	7	—	—	—
Disposal of Faze Media in exchange for conversion of convertible debt	10	—	—	—
Reclass equity classifed warrants to warrant liability	9	—	—	—
Disposal of Frankly assets in exchange for promissory note receivable	—	2	—	—
Disposal of Complexity in exchange for promissory note receivable	—	7	—	—
Shares, options, and warrants issued for acquisition of FaZe	—	15	41	—
Conversion of convertible debt	4	645,161	—	—
Shares issued to settle legal and other amounts payable	1	270,000	363,914	—

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