GAME · GameSquare Holdings, Inc.

GameSquare Holdings delivered first quarter 2026 results in line with expectations during the seasonally slowest period, with reported revenue of $14.5 million surging 95% year-over-year from $7.4 million, driven by the integrated platform, benefits from recent acquisitions, and go-to-market investments. Gross profit rose to $5.6 million from $3.2 million, though gross margin compressed to 38.4% from 42.5% amid scaling efforts. The $17.6 million net loss was heavily impacted by a $14.6 million fair value loss on digital assets and $1.1 million in TubeBuddy acquisition costs, compared to a $3.8 million loss last year. Adjusted EBITDA loss narrowed to $1.1 million (-7.6% of revenue) from $2.6 million (-34.7%), showing operational improvement. Proforma results including TubeBuddy reflect revenue of $15.8 million, gross margin of 43.1%, and adjusted EBITDA loss of $0.7 million. CEO Justin Kenna highlighted accelerating client wins, expanded programs with video game publishers, and new creator additions like 'Steak' and Justin Miclat as Chief Growth Officer, expected to generate over $5 million in incremental annualized revenue. The TubeBuddy acquisition on February 20, 2026, bolsters the technology stack with AI tools for YouTube optimization, enhancing recurring revenue and data capabilities. Stock repurchases continued with 2.07 million shares bought for $0.75 million at $0.36 average, totaling 7.35 million shares for $3.6 million since October 2025, with $11.4 million remaining. Balance sheet shows $35.9 million in digital assets plus cash ($0.37 per share), including 15,502.70 ETH and $1.6 million altcoins. The company reaffirmed full-year 2026 proforma guidance of $85-90 million revenue, 35-40% gross margin, and over $5 million adjusted EBITDA, supported by sales momentum into Q2 and H2.