Q1 2024 Allied Gaming & Entertainment Inc Earnings Call Transcript
Key Points
- Total revenues for Q1 2024 were $2.4 million, up 99% from Q1 2023.
- Net loss improved to $1.8 million from $1.9 million in Q1 2023.
- The HyperX Arena hosted 63 events, including high-profile events like the Super Bowl's largest youth-focused sports event.
- Partnership with Positively Arts to nurture young talent through the Elevated series show, The Jam.
- Cash and short-term investments position increased to $83.3 million from $78.6 million at the end of 2023.
- Total costs and expenses for Q1 2024 were $5.1 million, up 31% from the prior year period.
- Revenue from Allied Mobile Entertainment was slightly below expectations.
- Adjusted EBITDA loss was $1.7 million, though an improvement, still indicates a loss.
- Increased costs primarily due to Z-Tech's operating expenses, including amortization of intangible assets and noncash stock-based compensation.
- Despite revenue growth, the company still reported a net loss for the quarter.
Greetings, and welcome to the Allied Gaming & Entertainment Inc., first quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Tyler Drew of ADDO Investor Relations. Please go ahead.
Thank you, operator. Good afternoon, and welcome to the Allied Gaming & Entertainment first quarter 2024 earnings conference call. Speaking on the call today are Allied Gaming & 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, 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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