VANCOUVER, BC — July 12, 2024 — GameOn (CSE: GET) (OTCQB: GMETF), a mobile-first, next-gen sports gaming company, today announced that it has filed its audited financial statements for the 2023 fiscal year ended December 31, 2023.
Highlights of the financial statements include record numbers:
- GAAP Revenue reached $1.51m (295% increase year-on-year)
- Non-GAAP Adjusted Revenue¹ reached $2.44m (123% increase year-on-year)
- Net loss was $3.21m, including share-based comp (25% decrease year-on-year)
- Net cash flows used in operating activities was $942k (56% decrease year-on-year)
“2023 saw a year of exponential growth for the company,” said GameOn CEO, Matt Bailey. “As proven by the numbers, the business is rapidly improving each period. We’ve been emboldened to remain patient, optimize resources, and focus diligently on our fastest path to scaled revenue and profitability.”
The Company believes the following Non-GAAP financial measures provide meaningful insight to its shareholders in understanding the Company’s performance, and may assist in the evaluation of the Company’s business relative to that of its peers:
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2023 business highlights and subsequent events include:
- Partnered with premier sports leagues, LALIGA, PFL, and Karate Combat
- Received non-dilutive grant funding from leading blockchains, Hedera and Arbitrum
- Partnered with Sportsology to design, develop, and launch the $GAME token
- Launched the GameOn beta mobile app on the Apple App Store and Google Play
“2024 is set to be another leap of progress for the company,” said Bailey. “Continued growth will be spearheaded by new league partnerships, $GAME’s recent launch on major exchanges, and GameOn’s launch on the Apple App Store and Google Play. We're well on track to continue the upward trajectory we’ve seen since going public.”
See SEDAR for full copies of the Company's consolidated financial statements and MD&A.
On Behalf of the Board of Directors:
Matt Bailey,
Director & Chief Executive Officer
GameOn Entertainment Technologies Inc.
matt@gameon.app
About GameOn
Founded in 2018, GameOn (CSE: GET) (OTCQB: GMETF) is a mobile-first, next-gen sports gaming company, integrating Web3 technology to enhance player engagement and asset ownership. Through partnerships with premier sports leagues such as LALIGA, PFL, and Karate Combat, and leveraging blockchain solutions from Arbitrum, GameOn is delivering a rich, interactive fantasy sports gaming experience. The $GAME token, crafted in partnership with Sportsology, allows fans globally to compete, engage, and win rewards based on actual sports results. GameOn is setting new standards in the evolution of fantasy gaming, offering unprecedented ways for fans to connect with the sports they love.
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could," "estimates," "expects," "forecasts," "projects" and similar expressions, and the negative of such expressions. All statements other than statements of historical facts contained in this news release are forward looking statements. Forward-looking information in this news release includes, without limitation, statements regarding the future plans and objectives of the Company, execution of business strategy, future performance and future growth, business prospects, synergies and opportunities of the Company and its related subsidiaries, and other factors beyond the Company’s control.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made, including, but not limited to the Company being able to capitalize on the acquired assets, the ability of acquired assets to maintain its value as presently contemplated, the synergies of the acquired assets with the Company’s operations, and such other assumptions presented in the Company’s disclosure record. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and GameOn disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Use of Non-GAAP Financial Measures
This release contains references to non-GAAP financial measures Adjusted Revenue. The Company defines Adjusted Revenue as gross cash income before adjustments for the deferred portion of business partner setup, license, and sponsorship fees and gross and accrued receipts from blockchain grant funding. The Company believes that the measure provides information useful to its shareholders and investors in understanding the Company’s 2023 operating cash flow and may assist in the evaluation of the Company’s business relative to that of its peers more accurately than GAAP financial measures alone. This data is furnished to provide additional information and does not have any standardized meaning prescribed by GAAP. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of other metrics presented in accordance with GAAP.
