GameSquare Holdings, Inc. announced preliminary financial results for the third quarter ended September 30, 2024, with estimated revenue exceeding $26.5 million. The company also reported an expected adjusted EBITDA loss of approximately $2.4 million, marking a $3.0 million improvement from the second quarter of 2024.
The estimated third-quarter gross margin was approximately 18%, an increase from 14.8% in the second quarter of 2024. This margin improvement was attributed to a favorable revenue mix, partially offset by start-up costs for new programs expected to benefit future revenue and profitability.
As a result of its strong third-quarter and year-to-date performance, GameSquare increased its 2024 annual proforma revenue guidance to a range of $105 million to $110 million. This updated outlook reflects the company's ongoing cost-cutting initiatives and revenue growth strategies.
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