Engine Gaming and Media Inc (NASDAQ: GAME) stock fell 6.06% (As on Jan 14, 11:35:28 AM UTC-4, Source: Google Finance) though the company in the first quarter of FY 22 has reported the total revenue of $14.3 million, up from $7.5 million in FY Q1’2021, an increase of 92% YoY, and 22% higher than sequential FY Q4’2021 of $11.8 million. For the first quarter ended November 30, 2021, Net loss was $(1.3) million, a decrease in loss of $4.7 million from FY Q1’2021 Net loss of $(6.0) million. For the first quarter ended November 30, 2021, Adjusted EBITDA was $(5.0) million, an increase in loss of $100 thousand from FY Q1’2021 Adjusted EBITDA of $(4.9) million. The Company had cash of $9.7 million and $10.1 million in receivables as of November 30, 2021. In addition, the Company had working capital surplus of $3.2 million after excluding non-cash warrant liability and arbitration reserve.
Moreover, Software-as-a-Service (SaaS) revenue for FY Q1’22 was $2.1 million, up from $1.4 million in FY Q1’21, an increase of 45% YoY and, 7% higher than sequential FY Q4’21 of $2.0 million. Advertising revenue for FY Q1’22 was $10.0 million. Advertising revenues grew 84% YoY, with FY Q1’21 revenues of $5.5 million and 14% quarter-over-quarter, with FY Q4’21 revenues of $8.8 million. Game development revenues for FY Q1’22 was $2.1 million. Game development revenues grew 320% YoY, with FY Q1’21 revenues of $0.5M and 157% quarter-over-quarter, with FY Q4’21 revenues of $0.8 million.
On the other hand, the Company has also announced the addition of highly respected private equity fund manager Stu Porter, CEO of Denham Capital, and one of the Company’s largest investors, to its board of directors.
Meanwhile, Frankly Media renewed its digital media agreement with its largest radio station operator that serves hundreds of owned and operated stations delivering premium content to over a quarter billion people each month. Sideqik’s leading influencer marketing and social commerce platform continues to scale, signing a multi-year extension with leading gaming hardware brand HyperX, recently acquired by HP, as well as onboarding global apparel leader Nike and multinational computer and phone hardware company ASUS to its long list of partners and clients. UMG Gaming’s greatly enhanced production of Microsoft’s Gears Esports competition series debuted on the official Xbox Channel, driving over 250,000 of hours watched within the first split.