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GAME

GameSquare Holdings, Inc.

GAME

GameSquare Holdings, Inc. • NASDAQ
$0.54 ▲ 8.73% (+0.04)
Market Cap $52.95 M
52w High $2.87
52w Low $0.42
Dividend Yield 0%
P/E -0.43
Volume 971.29K
Outstanding Shares 98.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $15.853M ▼ $7.146M ▼ $-3.018M ▲ -19.04% ▲ $-0.077 ▲ $-4.154M ▲
Q1-2025 $21.11M ▼ $10.455M ▼ $-5.156M ▲ -24.423% ▲ $-0.14 ▲ $-6.043M ▲
Q4-2024 $23.47M ▼ $27.566M ▲ $-26.392M ▼ -112.451% ▼ $-0.81 ▼ $-28.694M ▼
Q3-2024 $26.413M ▲ $11.661M ▲ $-5.484M ▲ -20.764% ▲ $-0.18 ▲ $-6.437M ▼
Q2-2024 $17.829M $8.698M $-11.614M -65.138% $-0.38 $-5.132M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $4.698M ▲ $44.088M ▼ $49.63M ▼ $-5.542M ▼
Q1-2025 $4.675M ▼ $67.78M ▼ $57.266M ▼ $-2.41M ▲
Q4-2024 $12.095M ▲ $78.73M ▼ $66.726M ▲ $-2.938M ▼
Q3-2024 $11.199M ▼ $101.103M ▼ $60.627M ▼ $22.345M ▼
Q2-2024 $13.895M $105.528M $63.193M $26.975M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-3.018M ▲ $1.699M ▲ $-637.981K ▼ $489.326K ▼ $674.13K ▲ $1.698M ▲
Q1-2025 $-7.174M ▲ $-8.582M ▼ $-375.41K ▼ $1.462M ▼ $-7.336M ▼ $-8.958M ▼
Q4-2024 $-29.58M ▼ $-5.21M ▲ $0 ▲ $7.555M ▲ $1.95M ▲ $-5.21M ▲
Q3-2024 $-7.464M ▲ $-7.76M ▲ $-62.747K ▼ $4.131M ▼ $-3.344M ▼ $-7.823M ▲
Q2-2024 $-12.003M $-9.585M $33.888K $16.802M $6.722M $-9.586M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Agency Revenue
Agency Revenue
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Saas Revenue
Saas Revenue
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement GameSquare is still very much in “build” mode. Revenue has been growing from a very low base, and the company is clearly finding more ways to monetize its platform and services. However, operating costs are still well above gross profit, which means the business has been running at meaningful losses each year. Earnings per share have been consistently negative, though the size of the loss has narrowed recently, suggesting some improvement in efficiency or scale, but not yet a sustainable profit model. Overall, the income statement shows an early-stage growth company that has not yet proven it can turn its growing commercial traction into lasting profitability.

Balance Sheet

Balance Sheet The balance sheet is thin and shows a small-scale company with limited financial cushion. Total assets are modest, with only a small portion held in cash, and debt has crept up relative to the company’s size. Shareholders’ equity has shrunk to nearly nothing in the most recent year, which points to accumulated losses and a fragile capital structure. This leaves less room for error if performance stumbles or if markets tighten, and suggests an ongoing reliance on outside funding or asset sales to support operations and growth plans.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, which means the business is still consuming cash rather than generating it. Free cash flow follows the same pattern, with outflows driven mainly by operating losses rather than heavy investment in physical assets. Capital spending has been minimal, so the main question is whether the company can grow high-margin parts of the business quickly enough to turn operating cash flow positive before cash resources become too tight. Until that inflection point, liquidity management and access to external capital remain key risks.

Competitive Edge

Competitive Edge GameSquare operates in a crowded, fast-moving space that blends gaming, esports, creator marketing, and digital media. Its main edge comes from a combination of assets rather than any single element: the Stream Hatchet analytics platform, esports brands like FaZe Esports, and a broad network of creators, agencies, and brand relationships. This “full-stack” offering can be attractive to brands that want one partner to handle data, creative, talent, and campaign execution. At the same time, the company competes against well-funded media groups, marketing agencies, data platforms, and game publishers’ in-house teams. Its position depends heavily on continued execution, maintaining cultural relevance with Gen Z, and proving that its integrated model delivers better results than point-solution competitors.

Innovation and R&D

Innovation and R&D Innovation is one of GameSquare’s main calling cards. Stream Hatchet’s AI-driven analytics engine is a core differentiator, turning huge amounts of streaming and social data into targeting and measurement tools for brands. The company is also experimenting with new digital products, such as esports membership passes to drive recurring fan revenue, and building immersive brand experiences inside games like Fortnite and Roblox. On the financial side, its use of blockchain-based treasury and Web3 partnerships shows a willingness to try unconventional methods to enhance returns and engagement. The upside is meaningful if these bets scale, but they also add complexity and execution risk, because many of these markets and technologies are still evolving and can change direction quickly.

Summary

Overall, GameSquare looks like a high-risk, high-uncertainty, early-stage platform in the gaming and youth media ecosystem. The strategy leans on combining data, creative services, esports brands, and talent networks into a single, differentiated offering aimed at brands that want to reach younger audiences. On the positive side, revenue is growing, the product set is innovative, and the company is carving out a recognizable niche with technology and brand partners. On the caution side, the business remains unprofitable, the balance sheet is thin, cash flow is negative, and the company operates in a highly competitive and trend-sensitive market. The key questions going forward are whether GameSquare can scale its higher-margin analytics and agency services, stabilize its capital structure, and demonstrate a clear, durable path to positive cash flow and profitability.

NEWS

November 21, 2025 · 8:00 AM UTC

FaZe Esports, a GameSquare Company, Partners with Clout to Launch FaZe Esports Pass

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November 20, 2025 · 8:00 AM UTC

GameSquare Announces 1,120,606 Shares Repurchase

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November 19, 2025 · 10:00 AM UTC

THE RITZ® BRAND CONFIRMS A SALTY BIG GAME RETURN IN 2026

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November 13, 2025 · 4:10 PM UTC

GameSquare Holdings Reports 2025 Third Quarter Results

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November 13, 2025 · 8:00 AM UTC

Click Media, a GameSquare Company, Expands Creator Led Commerce Business as The Boys Launch Hungryboy Hot Sauce in H-E-B Stores Across Texas

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