Filing Flows › GameSquare Holdings (GAME) › Q1 2025
GameSquare Holdings (GAME) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 15, 2025
GameSquare Holdings (GAME) reported revenue of $21.1M for the first quarter 2025 (Q1 2025), +19% from a year earlier and -10% from the quarter before. Operating margin was -33.7%, net loss $7.2M (34.0% of revenue).
GameSquare Holdings, Q1 2025: revenue $21.1M (+19% year over year), operating margin -33.7%, net loss $7.2M, operating cash flow −$8.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $21.1M | -10% | +19% |
| Operating profit | −$7.1M | — | — |
| Net earnings | −$7.2M | — | — |
| Operating cash flow | −$8.6M | — | — |
What changed
Revenue was $21.1M in Q1 2025, up 19% year over year and down 10% from the previous quarter.
Gross margin was 15.8%, down 3.4 points from a year earlier. Operating costs exceeded revenue by $7.1M, an operating margin of -33.7%. Operating expenses grew 8% against revenue growth of 19%. The fastest-growing cost line was General & admin (+17%). The quarter ended with a net loss of $7.2M, narrower than the previous quarter's $29.6M loss. Minority interests bore $2.0M of it: to shareholders the quarter was a loss of $5.2M.
Operating cash flow was −$8.6M. Non-cash charges added back $582K of depreciation and amortization and $29K of share-based compensation. Working capital and other items used $2.0M. Capital expenditures of $75K exceeded it, leaving free cash flow of −$8.7M.
Questions
What was GameSquare Holdings' revenue in the first quarter 2025?
GameSquare Holdings (GAME) reported revenue of $21.1M for the first quarter 2025 (Q1 2025), +19% from a year earlier and -10% from the quarter before.
Was GameSquare Holdings profitable in the first quarter 2025?
Operating loss was $7.1M (-33.7% of revenue) and net loss $7.2M.