OverActive Media (OAM), the parent company of Toronto Ultra, Toronto Defiant, and MAD Lions, has reported its earnings for the third quarter of 2021.
According to the report, the total revenue was $5.5 million CAD (~£3.2 million), representing a year-over-year (YoY) increase of 9.8%.
RELATED: OverActive Media begins trading on the OTCQB Venture Market
As of September 30th, 2021, OAM had a cash balance of $36.2 million CAD (~£21.2 million), a significant increase compared to its $5.6 million CAD (~£3.2 million) balance that was recorded at the end of 2020.
Over the course of 2021, OAM has entered partnerships with the likes of TD Bank, Red Bull, Cavea, and more following a $40 million (~£29.6 million) investment in the second close to its private placement.
Chris Overholt, CEO of OverActive Media, commented on the report in a release: “We are delighted to report such strong third-quarter financial performance with adjusted revenue growth of 108.1% and near break-even EBITDA. Significant contributors to our revenue growth included strong sponsor revenue and league revenue share, as well as increased prize money winnings.”
RELATED: OverActive Media reports $2.1M CAD revenue for Q2 2021
Overholt additionally shared his thoughts on fourth-quarter performance: “We believe this year-over-year momentum will continue in the fourth quarter, driven largely by the significant contracted recurring revenue base, and as more sponsorship partners see the value of our team franchise model and additional league share revenue.”
“Looking beyond the fourth quarter, we believe our healthy balance sheet will allow us to pursue a multi-faceted growth strategy, including potential acquisitions to enhance our reach. We are convinced that continued league revenue share growth, as well as the maturation of our sponsorship model, will drive considerable revenue growth while longer-term, the income generated from our performance venue project following its completion will drive significant value creation.”
Esports Insider says: OverActive Media’s Q3 revenue consolidates its position as one of the biggest companies in the esports industry and as it begins trading on the OTCQB Venture Market, it should continue its upward path. With approval to build its new esports venue in Toronto, it will be interesting to see what the company does next and how it fares in its next financial report.
Sign up to our ESI Dispatch Newsletter
Source: Read Full Article