Adjusted EBITDA Improves by 52% Amidst Strategic Acquisitions
Elimination of $35.2 Million in Cash Obligations Strengthens Balance Sheet and Improves Net Working Capital Position to $10.9 Million
TORONTO, Aug. 21, 2024 /CNW/ - OverActive Media Corp. ("OverActive" or the "Company") (TSXV:OAM) (OTC:OAMCF), a global esports, and entertainment company for today's generation of fans, released its second-quarter results for the three and six-month periods ended June 30, 2024. The Q2 2024 financials include the impact of the acquisitions of Movistar Riders and the assets of KOI, which have now contributed a full quarter of financial performance. All amounts are in Canadian dollars ($).
Below is a summary of the financial results for the three and six months ended June 30, 2024, compared to the three and six months ended June 30, 2023:
$CAD '000's
Three
months
ended
June 30,
2024
Three
months
ended
June 30,
2023
Variance
(%)
Six
months
ended
June 30,
2024
Six
months
ended
June 30,
2023
Variance
(%)
Revenue
$6,616
$3,860
71 %
$10,275
$5,477
88 %
Operating
Expenses
$8,565
$6,520
-31 %
$14,807
$11,885
-25 %
Adjusted EBITDAi
($1,230)
($2,544)
52 %
($3,052)
($6,285)
51 %
Net Income (Loss)
$6,424
($3,438)
287 %
$2,029
($9,177)
122 %
Net Working
Capital
$10,872
$6,941
57 %
$10,872
$6,941
57 %
Cash &
Equivalents
$9,193
$9,316
-1 %
$9,193
$9,316
-1 %
"We achieved an impressive 71% revenue growth in the second quarter of 2024 with only a 31% increase in associated operating costs only. This resulted in a 52% improvement in Adjusted EBITDA and underscores the strong leverage in our business model and the impact of our strategic acquisitions" said Adam Adamou, CEO of OverActive Media. "We have also significantly strengthened our cash and net working capital positions and reduced cash obligations by over $35 million due to the restructuring of the Call of Duty League, leaving us with one of the strongest balance sheets in the industry."
Mr. Adamou added, "Our expanding influence in the esports industry is reflected in our partnerships with top global brands. Our teams are leading in viewership across the western world, attracting partners like Bell, Monster Energy, Razer, CUPRA and Telefónica. Our competitive performance across our key games, including League of Legends, Call ...
