Complexity reports 53% loss reduction for 1H 2022

GameSquare Esports, the parent company of North American esports organization Complexity, has released its 1H 2022 financial results. According to the report, the club recorded a 53% decrease in losses compared to the same period last year. These figures are a significant improvement over the $10.2 million loss recorded over the same time period in 2021.

On the morning of August 29, GameSquare Esports shared its financial results for the first half of 2022 with investors. While the Complexity organization remains GameSquare Esports' primary focus, it's important to remember that the company also owns a marketing agency, a talent agency, a media company, and a production studio, all of which are included in its financial statements. In addition, the company also acquired esports-related assets from Reciprocity Gaming in March 2021 for approximately $11.4 million.

Justin Kenna, CEO of GameSquare Esports: "The consistent year-over-year improvement that the company achieved in the second quarter reflects the successful execution of our growth plan and the positive century-old trends seen in the global esports and gaming markets. We are also continuing to optimize our cost structure while driving margin growth on our path to profitability."

GameSquare Esports reported $11.7 million in revenue for the first half, representing an increase of over 500% from $1.7 million in revenue for the first half of 2021. Operating expenses for the same period were $11.2 million, while the company reported an expense of $11 million for the first two quarters of 2021.

First of all, the company's losses decreased by 52.6% from $10.2 million to $6.7 million in the first half of the year, which is an incredible improvement given the increase in the volume of the company's operations.