Parent company MAD Lions lost $5.5 million in the first quarter of 2022

OverActive Media, the global sports, media and entertainment company and owner of esports organization MAD Lions, has released its financial statements for the second quarter and first half of the reporting period ended June 30, 2022.

The company reported that its total second-quarter revenue increased by £1.5m, but team revenue was down by £300,000. OverActive Media's revenue for the first six months of 2022 was £2.8m. Losses are also evident, but the net loss for the first six months of 2022 is less than the same period last year at £4.5m compared to £5.25m in 2021.

Chris Overholt, President and CEO of OverActive Media: "We continue to see positive momentum and appreciate the opportunities associated with the strong and scalable business we are building. We benefit from more than just our focus on partnerships, as evidenced by the deals with Bell and TD, but the annual industry growth and third party confirmation of significant increases in the value of our franchised assets continue to support our core business thesis."

As in the first three months of 2022, OverActive Media stated that the increase in total revenue is due to an increase in "revenue from business operations." The company earned £2.2m in the first six months of 2021. In 2022, that figure rose slightly to £2.8m.

The increase in OverActive Media's sponsorship revenue is due to two large-scale deals completed in the first six months of 2022; renewed multi-million dollar partnership with financial institution TD Bank Group and multi-year extension with Canadian communications company Bell.

Company financial results for the second quarter of 2022:

• Total revenue for the second quarter of 2022 increased 11% to $2.3 million, driven primarily by a 52% increase in sponsorship revenue.
• Revenue for the first six months of 2022 was $4.4 million, up 30% year-over-year, primarily driven by a 47% increase in business operations revenue.
• Adjusted EBITDA loss was approximately $3.9 million, up 109% from an adjusted EBITDA loss of approximately $1.9 million in the prior year comparative period.
• Net loss was $2.3 million, up 47% from $4.4 million in the same period last year.
• The net loss for the first six months of 2022 was $7.0 million, up 15% from the 2021 comparative period.
• As of June 30, 2022, the company had $22.0 million in cash and cash equivalents, compared to $15.7 million as of June 30, 2021.