The Toronto-based esports and entertainment company said its total revenue for the quarter fell 23 per cent to $1.6 million, while its net loss grew to $5.7 million from $4.6 million year over year. (The Logic)
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The Toronto-based esports and entertainment company said its total revenue for the quarter fell 23 per cent to $1.6 million, while its net loss grew to $5.7 million from $4.6 million year over year. (The Logic)
Talking point: The revenue decline came mostly from a timing difference between 2022 and 2023 in the recognition of league share funds, said the company, which also cited lower sponsorship and the fact it hosted no live events during the quarter. The larger net loss is partly offset by lower operating costs, the company said. OverActive, which counts Bell among its investors, aims to build a 7,000-seat venue in Toronto, slated for completion in 2025. In February, the company’s CEO Chris Overholt left to pursue an unannounced new opportunity, later revealed to be a senior vice-president role at Madison Square Gardens. OverActive replaced him with co-founder Adam Adamou while it searches for a permanent replacement.
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