1 month ago - https://www.marketscreener.com

Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company, today announced financial results for the first quarter ended March 31, 2024. "After building momentum throughout 2023, we’ve had a strong start to the year," stated Yinghua Chen, Chief Executive Officer of AGAE. "Along with the exciting events we have confirmed for the second quarter, we have a strong pipeline of opportunities in front of us, both locally and abroad throughout 2024. In addition, Z-Tech is trending well for the remainder of the year as we look to further capitalize on the massive and growing market of gaming & entertainment." First Quarter 2024 Financial Results Revenues: Total revenues of $2.4 million increased 99% compared to $1.2 million in the first quarter of 2023. The year-over-year increase was primarily attributable to an increase in casual mobile gaming revenues following the Company’s strategic investment in Z-Tech in the fourth quarter of 2023. Costs and expenses: Total costs and expenses were $5.1 million, an increase of 31% compared to the first quarter of 2023. The year-over-year increase was primarily attributable to Z-Tech’s promotion, research and development, and other operating expenses. Net loss for the first quarter of 2024 improved to $1.8 million compared to a net loss of $1.9 million in the prior year period. Furthermore, adjusted EBITDA loss was $1.7 million for the first quarter of 2024, an improvement from a loss of $2.0 million in the first quarter of 2023. A reconciliation of the GAAP-basis net income (loss) to adjusted EBITDA is provided in the table at the end of this press release. Balance Sheet As of March 31, 2024, the Company had a cash and short-term investments position of $83.3 million, including $5.0 million of restricted cash, compared to $78.6 million at December 31, 2023. At March 31, 2024, the Company had a working capital position of $67.2 million compared to $66.4 million at December 31, 2023. As of March 31, 2024, the Company had approximately 45.6 million shares of outstanding common stock. Operational Update Allied Esports produced 63 events in the first quarter of 2024, with 33 proprietary events and 30 third-party events. Third-party events were highlighted by PlayVS Live: Gridiron Showdown; Second Annual P&G Battle of the Paddles at Super Bowl LVIII; 3rd Annual Battle for Charity Esports Tournament; Gitlab; and the Blitz Experience. Corporate Developments During the quarter, AGAE announced a partnership with World Poker Tour®, (“WPT®”), and Wynn Macau, in which the companies will work together to bring an inaugural WPT event to Macau. In partnership with AGAE, World Poker Tour will be at Wynn Macau for the first time from June 18-24, 2024. First Quarter 2024 Conference Call The Company will host a conference call today at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss its first quarter 2024 financial results. Participants may join the conference call by dialing 1-877-407-0792 (United States) or 1-201-689-8263 (international). A live webcast of the conference call will also be available on Allied Gaming & Entertainment’s Investor Relations site at ir.alliedgaming.gg. Additionally, financial information presented on the call will be available on Allied Gaming & Entertainment’s Investor Relations site. For those unable to participate in the conference call, a telephonic replay of the call will also be available shortly after the completion of the call, until 11:59 p.m. Eastern Time on Monday, May 27, 2024, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and using the replay passcode: 13746377. About Allied Gaming & Entertainment Allied Gaming & Entertainment Inc. (Nasdaq: AGAE) is a global experiential entertainment company focused on providing a growing world of gamers and concertgoers with unique experiences through renowned assets, products and services. For more information, visit alliedgaming.gg. Non-GAAP Financial Measures As a supplement to our financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company presents certain non-GAAP measures of financial performance. These non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or as more important than, the financial information prepared and presented in accordance with GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the items associated with the company’s results of operations as determined in accordance with GAAP. Non-GAAP financial measures are not an alternative to the Company’s GAAP financial results and may not be calculated in the same manner as similar measures presented by other companies. The Company provides net income (loss) and earnings (loss) per share in accordance with GAAP. In addition, the Company provides EBITDA (defined as GAAP net income (loss) from continuing operations before interest (income) expense, income taxes, depreciation, and amortization). The Company defines “Adjusted EBITDA” as EBITDA excluding certain non-cash and non-recurring charges, such as stock-based compensation, business acquisition transaction costs and impairment expense. In the future, the Company may also consider whether other items should also be excluded in calculating the non-GAAP financial measures used by the Company. Management believes that the presentation of these non-GAAP financial measures provides investors with additional useful information to measure the Company’s financial and operating performance. In particular, these measures facilitate comparison of our operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company’s core business, operating results, or future outlook. Additionally, we consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. Internally, management uses these non-GAAP financial measures, along with others, in assessing the Company’s operating results, measuring compliance with any applicable requirements of the Company’s debt financing agreements in place at such time, as well as in planning and forecasting. The Company’s non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles, and our non-GAAP definitions of the “EBITDA” and “Adjusted EBITDA” do not have a standardized meaning. Therefore, other companies may use the same or similarly named measures, but include or exclude different items, which may not provide investors a comparable view of the Company’s performance in relation to other companies. Management compensates for the limitations resulting from the exclusion of these items by considering the impact of the items separately and by considering the Company’s GAAP, as well as non-GAAP, financial results and outlook, and by presenting the most comparable GAAP measures directly ahead of non-GAAP measures, and by providing a reconciliation that indicates and describes the adjustments made. Forward-Looking Statements This communication contains certain forward-looking statements under federal securities laws. Forward-looking statements may include our statements regarding our goals, beliefs, strategies, objectives, plans, including product and service developments, future financial conditions, results or projections or current expectations. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend” or “continue,” the negative of such terms, or other comparable terminology. These statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to be materially different from those contemplated by the forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from those discussed in these forward-looking statements. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Important factors, among others, that may affect actual results or outcomes include: risks associated with the future direction or governance of the Company; our ability to execute on our strategic and business plans; the substantial uncertainties inherent in the acceptance of existing and future products and services; the ability to retain key personnel; potential litigation; general economic and market conditions impacting demand for our services; our inability to enter into one or more future acquisition or strategic transactions; and our ability, or a decision not to pursue strategic options for the esports business. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. The business and operations of AGAE are subject to substantial risks, which increase the uncertainty inherent in the forward-looking statements contained in this communication. Except as required by law, we undertake no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Further information on potential factors that could affect our business and results is described under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on March 27, 2024, as amended, as well as subsequent reports we file with the SEC. Readers are also urged to carefully review and consider the various disclosures we made in such Annual Report on Form 10-K and in subsequent reports with the SEC. Allied Gaming & Entertainment, Inc. and Subsidiaries Condensed Consolidated Balance Sheets March 31,December 31, 2024 2023(unaudited)Assets Current Assets Cash and cash equivalents $ 7,300,965 $ 16,320,583 Short-term investments 69,642,386 56,500,000 Interest receivable 1,319,578 792,223 Accounts receivable 477,790 529,369 Loan receivable 1,340,149 - Deposits, current portion 3,700,000 3,700,000 Prepaid expenses and other current assets 550,572 498,886 Total Current Assets 84,331,440 78,341,061 Restricted cash 5,000,000 5,000,000 Property and equipment, net 3,608,688 3,834,193 Digital assets 49,300 49,300 Intangible assets, net 6,009,070 6,254,731 Deposits, non-current portion 385,524 392,668 Operating lease right-of-use asset 5,141,048 5,415,678 Goodwill 12,490,536 12,729,056 Total Assets $ 117,015,606 $ 112,016,687 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 172,975 $ 371,830 Accrued expenses and other current liabilities 496,992 763,512 Deferred revenue 105,650 103,748 Operating lease liability, current portion 1,484,332 1,482,977 Loans payable 14,856,822 9,230,168 Total Current Liabilities 17,116,771 11,952,235 Operating lease liability, non-current portion 5,191,538 5,560,251 Deferred tax liability 1,075,620 1,096,160 Total Liabilities 23,383,929 18,608,646 Commitments and Contingencies Stockholders' Equity Series A Preferred stock, $0.0001 par value, 50,000 shares authorized, none issued and outstanding - - Preferred stock, $0.0001 par value, 1,000,000 shares authorized, none issued and outstanding - - Common stock, $0.0001 par value; 100,000,000 shares authorized, 47,853,097 and 39,085,470 shares issued at March 31, 2024 and December 31, 2023, and 45,573,313 and 36,805,686 shares outstanding at March 31, 2024 and December 31, 2023, respectively 4,780 3,909 Additional paid in capital 205,660,677 198,677,132 Accumulated deficit (115,370,139 ) (113,671,029 ) Accumulated other comprehensive income 299,880 433,565 Stock subscription receivable (4,597,000 ) - Treasury stock, at cost, 2,279,784 shares at March 31, 2024 and December 31, 2023 (2,693,653 ) (2,693,653 ) Total Allied Gaming & Entertainment Inc. Stockholders' Equity 83,304,545 82,749,924 Non-controlling interest 10,327,132 10,658,117 Total Stockholders' Equity 93,631,677 93,408,041 Total Liabilities and Stockholders' Equity $ 117,015,606 $ 112,016,687 The accompanying notes are an integral part of these consolidated financial statements. Allied Gaming & Entertainment, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (unaudited) For the Three Months EndedMarch 31, 2024 2023 Revenues:In-person $ 1,255,198 $ 1,193,330 Multiplatform content 59 101 Casual mobile gaming 1,123,804 - Total Revenues 2,379,061 1,193,431 Costs and Expenses:In-person (exclusive of depreciation and amortization) 635,963 672,222 Multiplatform content (exclusive of depreciation and amortization) - 395 Casual mobile games (exclusive of depreciation and amortization) 936,905 - Research and development expenses 195,211 - Selling and marketing expenses 53,688 54,598 General and administrative expenses 2,857,800 2,543,347 Depreciation and amortization 374,992 578,560 Total Costs and Expenses 5,054,559 3,849,122 Loss From Operations (2,675,498 ) (2,655,691 ) Other Income (Expense):Other (expense) income, net (13,158 ) 27,455 Interest income, net 859,205 734,449 Net Loss (1,829,451 ) (1,893,787 ) Less: net loss attributable to non-controlling interest (130,341 ) - Net Loss Attributable to Common Stockholders $ (1,699,110 ) $ (1,893,787 ) Net Loss per Common ShareBasic and Diluted $ (0.04 ) $ (0.05 ) Weighted Average Number of Common Shares Outstanding: 38,863,783 37,924,754 The accompanying notes are an integral part of these consolidated financial statements. Allied Gaming & Entertainment, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Loss (unaudited) For the Three Months EndedMarch 31, 2024 2023Net Loss $ (1,829,451 ) $ (1,893,787 ) Other comprehensive income (loss):Foreign currency translation adjustments (334,329 ) 1,880 Total comprehensive loss (2,163,780 ) (1,891,907 ) Less: Net loss attributable to non-controlling interest (130,341 ) - Less: Other comprehensive loss attributable to non-controlling interest (200,644 ) - Comprehensive Loss Attributable to Common Stockholders $ (1,832,795 ) $ (1,891,907 ) The accompanying notes are an integral part of these consolidated financial statements. Non-GAAP Financial Measures EBITDA and Adjusted EBITDA are non-GAAP financial measures and should not be considered as a substitute for net income (loss), operating income (loss) or any other performance measure derived in accordance with United States generally accepted accounting principles (“GAAP”) or as an alternative to net cash provided by operating activities as a measure of AGAE’s profitability or liquidity. AGAE’s management believes EBITDA and Adjusted EBITDA are useful because they allow external users of its financial statements, such as industry analysts, investors, lenders and rating agencies, to more effectively evaluate its operating performance, compare the results of its operations from period to period and against AGAE’s peers without regard to AGAE’s financing methods, hedging positions or capital structure and because it highlights trends in AGAE’s business that may not otherwise be apparent when relying solely on GAAP measures. AGAE presents EBITDA and Adjusted EBITDA because it believes EBITDA and Adjusted EBITDA are important supplemental measures of its performance that are frequently used by others in evaluating companies in its industry. Because EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income (loss) and may vary among companies, the EBITDA and Adjusted EBITDA AGAE presents may not be comparable to similarly titled measures of other companies. AGAE defines EBITDA as earnings before interest, income taxes, depreciation and amortization of intangibles. AGAE defines Adjusted EBITDA as EBITDA excluding stock-based compensation. The following table presents a reconciliation of EBITDA and Adjusted EBITDA from net loss, AGAE’s most directly comparable financial measure calculated and presented in accordance with GAAP. Three Months Ended March 31, 2024 2023 Net Loss Attributable to Common Stockholders $ (1,699,110 ) $ (1,893,787 ) Interest income, net (859,205 ) (734,449 ) Depreciation and amortization 374,992 578,560 EBITDA (2,183,323 ) (2,049,676 ) Stock compensation 471,600 5,126 Adjusted EBITDA $ (1,711,723 ) $ (2,044,550 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20240520483200/en/

2 months ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company, announced today the below changes to its Board of Directors (the “Board”) and management team effective April 30, 2024: Ms. Chi Zhao was appointed as an independent director on the Board, as Chair of the Nominating and Corporate Governance Committee, and a member of the Compensation Committee; Mr. Adam Pliska resigned as a director on the Boar.

3 months ago - seekingalpha.com

Allied Gaming & Entertainment, Inc. (AGAE) Q4 2023 Earnings Call Transcript

3 months ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company, today announced financial results for the fourth quarter and full year ended December 31, 2023. “We made substantial progress during fiscal year 2023 and have entered fiscal year 2024 in a position of strength. Allied Esports International ('AEI'), Allied Mobile Entertainment ('AME'), and Allied Experiential Entertainment ('AEE') are all poise.

3 months ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company”), a global experiential entertainment company, today announced it will report its fourth quarter and full year 2023 results after market close on Wednesday, March 27th. The Company will also host a conference call that day to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET. Participants may join the conference call by dialing 1-877-407-0792 (United States) or 1-201-689-8263 (international). A liv.

3 months ago - investorplace.com

You've come to the right place if you're looking for undervalued secular growth stocks. This article focuses on Esports stocks.

3 months ago - headlinesoftoday.com

NEW YORK–(BUSINESS WIRE)–Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company, today announced a partnership with World Poker Tour®, (“WPT®”), and Wynn Macau, in which the companies will work together to bring an inaugural WPT event to Macau. AGAE was instrumental in facilitating the collaboration and will assist …

3 months ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company, today announced a partnership with World Poker Tour®, (“WPT®”), and Wynn Macau, in which the companies will work together to bring an inaugural WPT event to Macau. AGAE was instrumental in facilitating the collaboration and will assist in the marketing, production and management of this and future planned WPT events in conjunction with Wynn Ma.

4 months ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (Nasdaq: AGAE), a global experimental entertainment company, today announced that its Board of Directors has unanimously approved the adoption of a limited-duration shareholder rights plan (“Rights Plan”) under which shareholders will receive rights to purchase a new series of preferred stock in certain circumstances. The Company issued the following statement: In accordance with its fiduciary duties, our Board of Directors is f.

5 months ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company, today announced the debut event of its recently formed joint venture, Skyline Music Entertainment Limited (“Skyline”), hosting the opening leg of the first-ever China tour of the highly acclaimed and multiple Juno Award-winning band Walk off the Earth. “It's a great pleasure to work with Walk off the Earth for their China tour that will mark t.

6 months ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company, announced today that Elite Fun Entertainment Co. Ltd., a premier player in the Macau cultural and entertainment industry, has agreed to a strategic investment in AGAE. “We are thrilled to announce this investment by Elite Fun Entertainment, who has profound expertise in orchestrating live events across Asia, notably within China's Greater Bay,.

7 months ago - seekingalpha.com

Allied Gaming & Entertainment, Inc. (NASDAQ:AGAE ) Q3 2023 Earnings Conference Call November 9, 2023 5:00 PM ET Company Participants Tyler Drew - Addo Investor Relations Yinghua Chen - CEO Roy Anderson - CFO Conference Call Participants Operator Good afternoon, and welcome to the Allied Gaming & Entertainment, Inc. Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

8 months ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment Inc. (NASDAQ: AGAE) (the “Company”), a global experiential entertainment company, today announced it will report its third quarter 2023 results after market close on Thursday, November 9, 2023. The Company will also host a conference call that day to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET. Participants may join the conference call by dialing 1-833-816-1413 (United States) or 1-412-317-0505 (international). A live webcast o.

9 months ago - investorplace.com

Media stocks are in the hot seat, as Hollywood writer and actor strikes hit the four-month mark. Already, there's been a bloodbath in the entertainment industry as media stocks like Warner Bros Discovery (NASDAQ: WBD ) and Paramount (NASDAQ: PARA ) fall rapidly.

10 months ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company, today announced a strategic investment in Beijing Lianzhong Zhihe Technology Co. (“Zhihe”), a prominent mobile games developer and operator with proven distribution capabilities. AGAE will assume a controlling interest in the Board and become the Company's largest shareholder. Founded in Beijing in April, 2022, Zhihe has rapidly emerged as a t.

10 months ago - seekingalpha.com

Allied Gaming & Entertainment Inc. (NASDAQ:AGAE ) Q2 2023 Earnings Conference Call August 10, 2023 5:00 PM ET Company Participants Tyler Drew - Addo Investor Relations Yinghua Chen - President and Chief Executive Officer Roy Anderson - Chief Financial Officer Conference Call Participants Operator Greetings, and welcome to the Allied Gaming & Entertainment Second Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode.

11 months ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company, today announced financial results for the second quarter ended June 30, 2023. “We are thrilled to announce our second quarter revenues of $3.3 million, which are up 182% year-over-year, and driven by the continued success of our original content sponsorship and our new arena and mobile truck sponsorship. Importantly, we continue to see growing.

11 months ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company”), a global experiential entertainment company, today announced it will report its second quarter 2023 results after market close on Thursday, August 10, 2023. The Company will also host a conference call that day to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET. Participants may join the conference call by dialing 1-877-407-0792 (United States) or 1-201-689-8263 (international). A live webcast.

1 year ago - businesswire.com

LAS VEGAS--(BUSINESS WIRE)--Allied Esports, the wholly owned esports entertainment subsidiary of Allied Gaming & Entertainment Inc. (Nasdaq: AGAE), and award-winning gaming and entertainment content collective One True King (OTK) have officially wrapped Season Two of the highly anticipated content creator challenge show ELEVATED, presented by Progressive Insurance. The latest season of ELEVATED captivated audiences worldwide, showcasing the exceptional talents of up-and-coming streamers. Th.

1 year ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company, today announced financial results for the first quarter ended March 31, 2023. “It has been a strong start to the year so far at Allied and we are continuing to gain momentum in the second quarter as we advance on our strategic objectives,” said Yinghua Chen, the Company's Chief Executive Officer. “We are also excited to have recently announced.

1 year ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company, today announced financial results for the first quarter ended March 31, 2023. “It has been a strong start to the year so far at Allied and we are continuing to gain momentum in the second quarter as we advance on our strategic objectives,” said Yinghua Chen, the Company’s Chief Executive Officer. “We are also excited to have recently announced our continued relationship with HyperX/HP on the Arena branding side and renewal of sponsorship from Progressive Insurance on our original content programs. These growing relationships are further evidence that Allied is recognized as an established name in the gaming entertainment community and that we offer an inroad to this crucial and fast-growing multi-billion-dollar gaming marketplace.” First Quarter 2023 Financial Results Revenues: Total revenues of $1.2 million were relatively flat from the fourth quarter of 2022, and down from $2.4 million in the first quarter of 2022. The year-over-year decline was primarily attributable to the timing of the Company’s original content series, ELEVATED, which recognized revenues for Season 1 in the first quarter of 2022 and is expected to recognize revenues for Season 2 in the second quarter of 2023. Costs and expenses: Total costs and expenses were $3.8 million, a decrease of 38% compared to the first quarter of 2022. The decrease was in large part due to a 26% reduction in general & administrative expenses, principally cash, severance and stock-based compensation, as well as the aforementioned timing and related expense recognition of ELEVATED. Net loss for the first quarter of 2023 was $1.9 million compared to a net loss of $3.8 million in the prior year period. Net loss in the first quarter of 2023 includes approximately $734,000 of interest income earned on short-term investments. Furthermore, adjusted EBITDA loss was $2.0 million for the first quarter of 2023, a 20% reduction from a loss of $2.5 million in the first quarter of 2022. A reconciliation of the GAAP-basis net loss to adjusted EBITDA is provided in the table at the end of this press release. Balance Sheet As of March 31, 2023, the Company had a cash and short-term investments position of $84.4 million, including $5.0 million of restricted cash. This compared to $86.8 million in cash and short-term investments at December 31, 2022, which also included $5.0 million of restricted cash. At March 31, 2023, the Company had a working capital position of $75.6 million compared to $79.1 million at December 31, 2022. AGAE’s working capital positions on March 31, 2023 and December 31, 2022 were reduced by operating lease liabilities of $1.3 million and $1.2 million, respectively, recorded in connection with the Company’s implementation of the new leasing standard (ASC 842) on December 31, 2022. As of March 31, 2023, the Company had approximately 39.1 million shares of outstanding common stock. During the first quarter, the Company bought back a total of 1.1 million shares of its common stock at an average selling price of $1.26 for a total cost of $1.43 million, excluding broker fees. Moving forward, the manner, timing and amount of any purchases will continue to be based on an evaluation of market conditions, stock price and other factors. Operational Update Allied Esports produced 82 events in the first quarter of 2023, with 42 proprietary events and 40 third-party events. Third-party events were up 5.3% compared to the first quarter of 2022 and were highlighted by the View Sonic CES Event, the HyperX CES Event, Nighthawk Pictures Production, ReliaQuest, and Astral Clash. The Allied Esports mobile arena was also active with six events during the quarter, including the 2023 Cotton Bowl Classic in Arlington, Texas; the Feld Motorsports eSX Finals in Los Angeles, California; the AIM Sports Volleyball SoCal Cup in Seal Beach, California; The Clash at the Coliseum NASCAR Race in Los Angeles, California; Superbowl LVII in Phoenix, Arizona; and NHL Stadium Series in Raleigh, North Carolina. Subsequent to the end of the quarter, AGAE announced that AE Studios, its content development, storytelling and production services arm, will produce the second season of ELEVATED, Presented by Progressive Insurance, for a total of ten episodes. Season 2 premiered on May 3, 2023 on various creator channels from One True King (OTK), one of the most watched content organizations on Twitch. Also subsequent to the end of the quarter, the Company announced the extension of its exclusive naming rights agreement with HyperX/HP, which ensures that AGAE’s flagship arena will remain known as HyperX Arena Las Vegas. HyperX/HP will continue to receive prominent branding and signage inside and outside of the venue, as well as partner with AGAE on a variety of co-branded experiences and events at the arena. In addition, as part of the expansion of the agreement, HP Omen will now sponsor the Allied Mobile Esports Truck as well. First Quarter 2023 Conference Call The Company will host a conference call today at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss its first quarter 2023 financial results. Participants may join the conference call by dialing 1-844-826-3035 (United States) or 1-412-317-5195 (international). A live webcast of the conference call will also be available on Allied Gaming & Entertainment’s Investor Relations site at ir.alliedgaming.gg. Additionally, financial information presented on the call will be available on Allied Gaming & Entertainment’s Investor Relations site. For those unable to participate in the conference call, a telephonic replay of the call will also be available shortly after the completion of the call, until 11:59 p.m. Eastern Time on Thursday, May 25, 2023, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and using the replay passcode: 10178258. About Allied Gaming & Entertainment Allied Gaming & Entertainment Inc. (Nasdaq: AGAE) is a global experiential entertainment company focused on providing a growing world of gamers with unique experiences through renowned assets, products and services. For more information, visit alliedgaming.gg. Non-GAAP Financial Measures As a supplement to our financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company presents certain non-GAAP measures of financial performance. These non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or as more important than, the financial information prepared and presented in accordance with GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the items associated with the company’s results of operations as determined in accordance with GAAP. Non-GAAP financial measures are not an alternative to the Company’s GAAP financial results and may not be calculated in the same manner as similar measures presented by other companies. The Company provides net income (loss) and earnings (loss) per share in accordance with GAAP. In addition, the Company provides EBITDA (defined as GAAP net income (loss) from continuing operations before interest (income) expense, income taxes, depreciation, and amortization). The Company defines “Adjusted EBITDA” as EBITDA excluding certain non-cash charges, such as stock-based compensation, inducement expense, extinguishment losses and impairment losses. In the future, the Company may also consider whether other items should also be excluded in calculating the non-GAAP financial measures used by the Company. Management believes that the presentation of these non-GAAP financial measures provides investors with additional useful information to measure the Company’s financial and operating performance. In particular, these measures facilitate comparison of our operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company’s core business, operating results, or future outlook. Additionally, we consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. Internally, management uses these non-GAAP financial measures, along with others, in assessing the Company’s operating results, measuring compliance with any applicable requirements of the Company’s debt financing agreements in place at such time, as well as in planning and forecasting. The Company’s non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles, and our non-GAAP definitions of the “EBITDA” and “Adjusted EBITDA” do not have a standardized meaning. Therefore, other companies may use the same or similarly named measures, but include or exclude different items, which may not provide investors a comparable view of the Company’s performance in relation to other companies. Management compensates for the limitations resulting from the exclusion of these items by considering the impact of the items separately and by considering the Company’s GAAP, as well as non-GAAP, financial results and outlook, and by presenting the most comparable GAAP measures directly ahead of non-GAAP measures, and by providing a reconciliation that indicates and describes the adjustments made. Forward Looking Statements This communication contains certain forward-looking statements under federal securities laws. Forward-looking statements may include our statements regarding our goals, beliefs, strategies, objectives, plans, including product and service developments, future financial conditions, results or projections or current expectations. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend” or “continue,” the negative of such terms, or other comparable terminology. These statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to be materially different from those contemplated by the forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from those discussed in these forward-looking statements. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Important factors, among others, that may affect actual results or outcomes include: risks associated with the future direction or governance of the Company; our ability to execute on our business plan; the substantial uncertainties inherent in the acceptance of existing and future products and services; the ability to retain key personnel; potential litigation; general economic and market conditions impacting demand for our services; a change in our plans to retain or invest the net cash proceeds from the WPT sale transaction; our inability to enter into one or more future acquisition or strategic transactions using the net proceeds from the WPT sale transaction; and our ability, or a decision not to pursue strategic options for the esports business. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. The business and operations of AGAE are subject to substantial risks, which increase the uncertainty inherent in the forward-looking statements contained in this communication. Except as required by law, we undertake no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Further information on potential factors that could affect our business and results is described under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 24, 2023, as well as subsequent reports we file with the SEC. Readers are also urged to carefully review and consider the various disclosures we made in such Annual Report on Form 10-K and in subsequent reports with the SEC. Allied Gaming & Entertainment, Inc. and Subsidiaries Condensed Consolidated Balance Sheets 2023 2022 $ 3,587,191 $ 11,167,442 74,500,000 70,000,000 1,302,212 677,397 306,423 72,739 724,111 459,274 80,419,937 82,376,852 5,000,000 5,000,000 3,459,550 4,005,622 49,392 49,761 586,837 22,836 379,105 379,105 5,618,413 5,845,549 99,900 49,950 $ 95,613,134 $ 97,729,675 $ 538,227 $ 317,561 1,896,874 1,645,379 1,146,200 108,428 1,279,117 1,227,164 4,860,418 3,298,532 6,194,507 6,527,075 11,054,925 9,825,607 - - 3,909 3,909 198,531,740 198,526,614 (112,129,355 ) (110,235,568 ) 221,555 219,675 (2,069,640 ) (610,562 ) 84,558,209 87,904,068 $ 95,613,134 $ 97,729,675 Allied Gaming & Entertainment, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) 2023 2022 $ 1,193,330 $ 2,203,066 101 208,988 1,193,431 2,412,054 672,222 1,810,353 395 21,133 54,598 69,038 2,543,347 3,451,870 578,560 808,612 3,849,122 6,161,006 (2,655,691 ) (3,748,952 ) 27,455 (6,707 ) 734,449 4,462 761,904 (2,245 ) (1,893,787 ) (3,751,197 ) 1,880 12,964 $ (1,891,907 ) $ (3,738,233 ) $ (0.05 ) $ (0.10 ) 38,389,202 39,064,463 Non-GAAP Financial Measures EBITDA and Adjusted EBITDA are non-GAAP financial measures and should not be considered as a substitute for net income (loss), operating income (loss) or any other performance measure derived in accordance with United States generally accepted accounting principles (“GAAP”) or as an alternative to net cash provided by operating activities as a measure of AGAE’s profitability or liquidity. AGAE’s management believes EBITDA and Adjusted EBITDA are useful because they allow external users of its financial statements, such as industry analysts, investors, lenders and rating agencies, to more effectively evaluate its operating performance, compare the results of its operations from period to period and against AGAE’s peers without regard to AGAE’s financing methods, hedging positions or capital structure and because it highlights trends in AGAE’s business that may not otherwise be apparent when relying solely on GAAP measures. AGAE presents EBITDA and Adjusted EBITDA because it believes EBITDA and Adjusted EBITDA are important supplemental measures of its performance that are frequently used by others in evaluating companies in its industry. Because EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income (loss) and may vary among companies, the EBITDA and Adjusted EBITDA AGAE presents may not be comparable to similarly titled measures of other companies. AGAE defines “EBITDA” as earnings before interest, income taxes, depreciation and amortization of intangibles. AGAE defines “Adjusted EBITDA” as EBITDA excluding stock-based compensation, gain on forgiveness of PPP loans, transaction costs and other charges related to the sale of WPT, impairment losses, conversion inducement expenses and extinguishment losses. The following table presents a reconciliation of EBITDA and Adjusted EBITDA to net loss from continuing operations, AGAE’s most directly comparable financial measure calculated and presented in accordance with GAAP. 2023 2022 $ (1,893,787 ) $ (3,751,197 ) (734,449 ) (4,462 ) 578,560 808,612 (2,049,676 ) (2,947,047 ) 5,126 401,296 $ (2,044,550 ) $ (2,545,751 )

1 year ago - businesswire.com

FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--HyperX, the gaming peripherals team at HP Inc. and brand leader in gaming and esports, and Allied Esports, a global esports entertainment company and a wholly owned subsidiary of Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE), today announced the renewal of their exclusive naming rights agreement for Allied Esports' global flagship property, HyperX Arena Las Vegas, located at Luxor Hotel and Casino on the Las Vegas Strip. Today's announcement is.

1 year ago - businesswire.com

FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)--HyperX, the gaming peripherals team at HP Inc. and brand leader in gaming and esports, and Allied Esports, a global esports entertainment company and a wholly owned subsidiary of Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE), today announced the renewal of their exclusive naming rights agreement for Allied Esports’ global flagship property, HyperX Arena Las Vegas, located at Luxor Hotel and Casino on the Las Vegas Strip. Today’s announcement is a multi-year deal for the leading esports, gaming, content creation and entertainment destination in Las Vegas. HyperX Arena hosts local and professional esports games and tournaments, shows hosted by esports and sports celebrities as well as influencers, and a variety of gaming cultural entertainment events. It is considered the first and most prominent esports and gaming-related entertainment venue on the Las Vegas Strip. Per the multiyear deal, HyperX will continue to receive prominent branding and signage inside and outside of the venue, as well as across all arena promotions, content and social media platforms. HyperX and Allied Esports will also continue to partner on a variety of co-branded experiences and events at the arena focused on growing their gaming and esports communities. “HyperX is excited to retain the naming rights sponsorship of the HyperX Arena Las Vegas and continue our commitment and dedication to esports and the gaming community,” said Daniel Kelley, director of marketing, HyperX. “Allied Esports is a key partner for us, with their ability to deliver a best-in-class esports destination in a city that has become nationally known for its esports, sports and entertainment.” “As a top provider of gaming peripherals worldwide, HyperX has been an incredible partner to work with over the years,” said Yinghua Chen, President & CEO of Allied Esports and Allied Gaming & Entertainment. “We're thrilled to renew and expand our partnership with both the HyperX and HP teams. At Allied, we remain dedicated to delivering unparalleled gaming entertainment experiences through our highly engaging esports tournaments, gaming events and original content for our growing community of gamers.” As the premier esports venue and production facility in North America, the world-renowned HyperX Arena Las Vegas has become a global destination for esports fans, professional players, streamers and influencers, event organizers, publishers and teams. Since opening in March 2018, when it was named the Esports Business Summit’s Venue of the Year, the arena has hosted more than 700 events, including League of Legend All Stars, NHL World Championship, NBA 2K The Turn, just to name a few. Furthermore, HyperX Arena Las Vegas has welcomed more than half a million visitors since its inception, including industry icons like Mr.Beast, Ninja, Jabbawockeez, Timthetatman and Ludwig. Included in the deal, HP Inc. OMEN PCs and monitors will be used to retrofit and update the gaming zones within the HyperX Arena. HP products are known for their quality and will help to enhance the overall experience gamers will have at HyperX Arena, whether they are visiting for the first time, a local player that frequents the arena, or even a visiting pro gamer, celebrity or sports star who loves to game. In addition, as the Official Peripheral Partner of HyperX Arena Las Vegas, HyperX will continue to provide gaming headsets, keyboards, mice and mouse pads, and USB microphones for esports tournaments, special events and gamers visiting the arena. About HyperX For 20 years, HyperX’s mission has been to develop gaming solutions for every type of gamer and the company is consistently recognized for delivering products that provide superior comfort, aesthetics, performance, and reliability. Under the tagline of “WE’RE ALL GAMERS,” HyperX gaming headsets, keyboards, mice, USB microphones, and console accessories are the choice of everyday gamers as well as celebrity ambassadors, pro gamers, tech enthusiasts, and overclockers worldwide because they meet the most stringent product specifications and are built with best-in-class components. For more information, please go to www.hyperx.com. For a schedule of tournaments, tickets to events, walk-up play hours and additional information, please visit hyperxesportsarenalasvegas.com and follow @HyperXArena. About HP HP Inc. is a technology company that believes one thoughtful idea has the power to change the world. Its product and service portfolio of personal systems, printers, and 3D printing solutions helps bring these ideas to life. Visit http://www.hp.com. About Allied Gaming & Entertainment Allied Gaming & Entertainment Inc. (Nasdaq: AGAE) is a global experiential entertainment company focused on providing a growing audience of gamers with unique experiences through renowned assets, products, and services. For more information, visit alliedgaming.gg. Allied Esports International owns and operates HyperX Arena Las Vegas, the world’s most recognized esports entertainment arena, and Allied Esports mobile arena trucks. The company offers a variety of esports and gaming-related content, including world class tournaments, live and virtual events, and original programming to continuously foster an engaged gaming community. About HyperX Arena Las Vegas HyperX Arena Las Vegas, located at Luxor Hotel and Casino on the Las Vegas Strip, is an award-winning, globally recognized esports entertainment arena. The 30,000-square-foot state-of-the-art arena and production facility, featuring a unique multilevel modular design, elevated main stage, two-story LED video, one-of-a-kind HyperX Hype Tunnel, telescopic seating and 160 PC and console stations, is a ready-to-go championship destination and content studio for publishers, leagues, teams, professional players, streamers and community members in a setting designed to deliver an unparalleled live experience. Editor’s Note: For additional information or executive interviews, please contact Mark Tekunoff, HP Inc., 17600 Newhope Street, Fountain Valley, CA USA 92708, [email protected] or [email protected]. HyperX and the HyperX logo are registered trademarks or trademarks of HP Inc. in the U.S. and/or other countries. All registered trademarks and trademarks are property of their respective owners.

1 year ago - businesswire.com

NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company”), a global experiential entertainment company, today announced it will report its first quarter 2023 results after market close on Thursday, May 11th. The Company will also host a conference call that day to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET. Participants may join the conference call by dialing 1-844-826-3035 (United States) or 1-412-317-5195 (international). A live webcast of the conference call will also be available on Allied Gaming & Entertainment’s Investor Relations site at ir.alliedgaming.gg. Additionally, financial information presented on the call will be available on Allied Gaming & Entertainment’s Investor Relations site. For those unable to participate in the conference call, a telephonic replay of the call will also be available shortly after the completion of the call, until 11:59 p.m. ET on Thursday, May 25, 2023, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and using the replay passcode: 10178258. About Allied Gaming & Entertainment Allied Gaming & Entertainment Inc. (Nasdaq: AGAE) is a global experiential entertainment company focused on providing a growing audience of gamers with unique experiences through renowned assets, products, and services. For more information, visit alliedgaming.gg.

1 year ago - prnewswire.com

Top OTK Streamers Asmongold, NMPLOL, Sodapoppin, Emiru and More Lead the Hunt for the Next Big Content Creator AUSTIN, Texas , May 3, 2023 /PRNewswire/ --  One True King (OTK) , the award-winning gaming and entertainment content collective and one of the most-watched organizations on Twitch, will join esports entertainment company Allied Esports for Season Two of ELEVATED , presented by Progressive Insurance.  Top OTK Streamers Asmongold, NMPLOL, Sodapoppin, Emiru and More Lead the Hunt for the Next Big Content Creator Premiering today, Season Two of ELEVATED will find smaller streamers competing in a "gauntlet-style" format to discover the next generation of talented content creators.