Q2 2024 Allied Gaming & Entertainment Inc Earnings Call Transcript
Key Points
- HyperX Arena remains in high demand, hosting 65 event days in the quarter, including 40 third-party events.
- Launch of the World Mahjong Tour, modeled after the successful World Poker Tour, expected to drive brand awareness and revenue.
- Z-Tech's new casual mobile game, Balloon Pop Mania, has been well-received and contributed to a 53% increase in Q2 in-game ad revenue over Q1.
- Total revenues for Q2 2024 were $2.6 million, up 11% from the first quarter.
- Strong cash and short-term investments position totaling $95.2 million as of June 30, 2024, up from $78.6 million at the end of 2023.
- Total revenues for Q2 2024 were down 19% compared to the same quarter in 2023.
- Net loss for Q2 2024 was $3.9 million, significantly higher than the $0.7 million loss in Q2 2023.
- Total costs and expenses for Q2 2024 increased to $7.9 million from $4.7 million in the prior year period.
- Approximately $3 million of the increase in expenses was due to litigation and hostile takeover attempts by Knighted Pastures.
- Adjusted EBITDA loss for Q2 2024 was $1.4 million, compared to a loss of $1.1 million in Q2 2023.
Good day, everyone, and welcome to the Allied Gaming & Entertainment, Inc. second quarter 2024 earnings conference call. (Operator Instructions) Today's call will be recorded. (Operator Instructions)
It is now my pleasure to turn the conference over to Tyler Drew with Addo Investor Relations. Please go ahead.
Thank you, operator. Good afternoon, and welcome to the Allied Gaming and Entertainment's second quarter 2024 earnings conference call. Speaking on the call today are Allied Gaming and Entertainment's Chief Executive Officer, Yinghua Chen; and Chief Financial Officer, Roy Anderson.
Before I turn the call over to management, please note that our prepared remarks may contain forward-looking statements. Words such as may, will, expect, intend, plan, believe, seek, could, estimate, judgment, targeting, should, anticipate, goal and variations of these words and similar expressions are intended to identify forward-looking statements.
Actual results could differ materially from those
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