Filing Flows › GameSquare Holdings (GAME) › Q3 2025
GameSquare Holdings (GAME) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
GameSquare Holdings (GAME) reported revenue of $11.3M for the third quarter 2025 (Q3 2025), +22% from a year earlier and -29% from the quarter before. Operating margin was -21.2%, net loss $808K (7.1% of revenue).
GameSquare Holdings, Q3 2025: revenue $11.3M (+22% year over year), operating margin -21.2%, net loss $808K, operating cash flow −$10.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.3M | -29% | +22% |
| Operating profit | −$2.4M | — | — |
| Net earnings | −$808K | — | — |
| Operating cash flow | −$10.4M | -710% | — |
What changed
Revenue was $11.3M in Q3 2025, up 22% year over year and down 29% from the previous quarter. Agency Revenue was the largest line at 48% of revenue. Agency Revenue added $2.1M year over year (up 63%), 103% of the total change. Owned and Operated I P declined 22%.
Gross margin was 49.4%, up 4.1 points from a year earlier. Operating costs exceeded revenue by $2.4M, an operating margin of -21.2%. Operating expenses grew 9% against revenue growth of 22%. The quarter ended with a net loss of $808K, narrower than the previous quarter's $3.0M loss. Non-operating items added $8.3M, 140% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$10.4M. Non-cash charges added back $274K of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items used $11.7M.
Questions
What was GameSquare Holdings' revenue in the third quarter 2025?
GameSquare Holdings (GAME) reported revenue of $11.3M for the third quarter 2025 (Q3 2025), +22% from a year earlier and -29% from the quarter before.
Was GameSquare Holdings profitable in the third quarter 2025?
Operating loss was $2.4M (-21.2% of revenue) and net loss $808K.