Allied Gaming & Entertainment Inc. ( (AGAE) ) has released its Q3 earnings. Here is a breakdown of the information Allied Gaming & Entertainment Inc. presented to its investors.
Allied Gaming & Entertainment Inc., listed on NASDAQ as AGAE, is a global experiential entertainment company that focuses on providing unique gaming and concert experiences through a variety of assets, products, and services.
In its third quarter of 2024, Allied Gaming & Entertainment reported a significant 93% increase in revenues compared to the same period last year, driven by strategic investments and increased demand in their entertainment offerings. Despite the revenue growth, the company faced a net loss primarily due to a settlement agreement and foreign currency transaction losses.
The company achieved total revenues of $2.2 million for the quarter, with notable contributions from its HyperX Arena events and casual mobile gaming segment. However, total costs and expenses rose to $3.3 million, resulting in a net loss of $4.0 million. The increase in expenses was largely due to investments and certain one-time financial adjustments. Allied Gaming also reported an adjusted EBITDA loss of $0.1 million, showing improvement from previous periods.
Looking forward, Allied Gaming & Entertainment remains optimistic about its growth trajectory. The company is poised to leverage its strategic investments and partnerships, such as the recent collaboration with Yellow River Global Capital, to explore new growth opportunities in location-based entertainment and intellectual property development.
