Filing Flows › GameSquare Holdings (GAME) › Q4 2025
GameSquare Holdings (GAME) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Apr 8, 2026
GameSquare Holdings (GAME) reported revenue of $18.5M for the fourth quarter 2025 (Q4 2025), +142% from a year earlier and +63% from the quarter before. Operating margin was -78.4%, net loss $31.1M (168.6% of revenue).
GameSquare Holdings, Q4 2025: revenue $18.5M (+142% year over year), operating margin -78.4%, net loss $31.1M, operating cash flow −$1.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.5M | +63% | +142% |
| Operating profit | −$14.5M | — | — |
| Net earnings | −$31.1M | — | — |
| Operating cash flow | −$1.1M | — | — |
What changed
Revenue was $18.5M in Q4 2025, up 142% year over year and up 63% from the previous quarter.
Gross margin was 45.9%, up 20.1 points from Q4 2024. Operating costs exceeded revenue by $14.5M, an operating margin of -78.4%. Operating expenses grew 6% against revenue growth of 142%. The fastest-growing cost line was General & admin (+29%). The quarter ended with a net loss of $31.1M, wider than the previous quarter's $808K loss.
Operating cash flow was −$1.1M. Non-cash charges added back $397K of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items added $28.6M. Capital expenditures of $0K exceeded it, leaving free cash flow of −$1.1M.
Questions
What was GameSquare Holdings' revenue in the fourth quarter 2025?
GameSquare Holdings (GAME) reported revenue of $18.5M for the fourth quarter 2025 (Q4 2025), +142% from a year earlier and +63% from the quarter before.
Was GameSquare Holdings profitable in the fourth quarter 2025?
Operating loss was $14.5M (-78.4% of revenue) and net loss $31.1M.