Executive Summary

Q2 FY2022 (three months ended September 30, 2021) revenue was $0.660M, up over 385% year over year; sequential revenue grew 16% from Q1 FY2022, marking the fifth consecutive quarter of double-digit sequential topline growth .
Losses widened: net loss was $2.557M vs $1.269M year over year, driven by higher G&A, interest expense, and negative changes in derivative liabilities .
Live events and gyms both showed strong growth: live events +834% YoY and gyms +257% YoY in the quarter, reflecting reopening and acquisition-driven expansion .
No Wall Street consensus estimates were available via S&P Global for BTDG; no earnings call transcript appears to have been filed for Q2 FY2022 [GetEstimates error; no transcript found].
Management highlighted brand momentum and expansion, with “fifth straight quarter” of sequential revenue growth as a key catalyst; guidance mid-quarter called for ~$0.673M Q2 revenue and the company delivered $0.660M, slightly below guidance .

What Went Well and What Went Wrong

Revenue growth across segments: Q2 FY2022 revenue rose to $0.660M from $0.136M YoY; live events revenue +834% YoY and gym revenue +257% YoY, reflecting reopening and acquisitions .
Sequential growth momentum: “Fifth consecutive quarter of double-digit sequential topline growth,” with Q2 revenue up 16% vs Q1 .
Management emphasized brand expansion: “We continue to see strong growth… This can no longer be framed as a trend related to post-pandemic reopening…” (Greg P. Bell) . The company operates at “more than 40 events per year” and is building sponsorship revenue potential .

Losses and cost structure: Net loss widened to $2.557M from $1.269M YoY; G&A rose to $1.854M in Q2 vs $0.675M YoY due to expansion and infrastructure costs .
Financing burden: Interest expense and negative fair value changes in derivative liabilities weighed on results; convertible debt outstanding totaled $3.012M at quarter-end .
Going concern and dilution risks: Management disclosed substantial doubt about going concern status given negative working capital and reliance on equity/debt financing; shares outstanding increased to ~1.382B .

Metric	Q2 FY2021 (Sep 30, 2020)	Q1 FY2022 (Jun 30, 2021)	Q2 FY2022 (Sep 30, 2021)
Revenue ($USD)	$135,927	$568,765	$660,010
Cost of Sales ($USD)	$47,907	$203,502	$327,682
Gross Profit ($USD)	$88,020	$365,263	$332,328
Net Income (Loss) ($USD)	$(1,269,353)	$(1,061,347)	$(2,557,176)
EPS (Basic & Diluted) ($)	$(0.00)	$(0.00)	$(0.00)
Consensus Revenue ($USD)	N/A	N/A	N/A
Consensus EPS ($)	N/A	N/A	N/A

Segment revenue breakdown:

Segment Revenue ($USD)	Q2 FY2021 (Sep 30, 2020)	Q1 FY2022 (Jun 30, 2021)	Q2 FY2022 (Sep 30, 2021)
Live Events	$30,318	$235,591	$283,171
Gym Revenue	$105,609	$333,174	$376,839
Total Revenue	$135,927	$568,765	$660,010

Selected KPIs:

KPI	Q2 FY2021	Q1 FY2022	Q2 FY2022
Weighted Avg Shares	574,198,491	1,207,948,242	1,369,390,550
Common Shares Outstanding (End of Period)	658,957,259	1,306,890,550	1,381,890,550
States Licensed (Live MMA)	12	12	12
ONE More Gym Locations	5	5	5
Events per Year (Pace)	>40	>40	>40

Notes: Gross margin and other ratios can be derived from the above cited values.

Metric	Period	Previous Guidance	Current (Reported/Updated)	Change
Revenue ($USD)	Q2 FY2022	~$673k (unaudited pace)	$660,010	Lower vs guidance
Consolidated Revenue Growth	FY2022 (to Mar 31, 2022)	N/A	“On pace” for >300% YoY growth (unaudited)	N/A
Live Event Revenue Growth	Nov 2021 (monthly)	N/A	>460% YoY (unaudited)	N/A

No formal guidance was provided for margins, OpEx, OI&E, tax rate, or dividends in the quarter’s materials .

No Q2 FY2022 earnings call transcript was found for BTDG.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q2 FY2022)	Trend
Live events momentum	Preliminary Q1 FY2022: “June Q revs up over 800% YoY” and breakout performance in live events ; Guidance update highlighting record quarter pace	Live events +834% YoY; most events sell out; >40 events/year pace	Improving
Gym expansion	Q1 FY2022: acquisition of Club Fitness; gym rev +456% YoY	Gym rev +257% YoY with five locations; continued scale plans	Expanding
Licensing footprint	Licensed in 12 states; building brand	Still 12 states this quarter; later expanded to 20 states (post-year, April 2022)	Stable in Q2
Sponsorship/media monetization	Emphasis on PPV distribution and sponsorship uplift	Continued focus on content and sponsorship as audience grows	Building
Financing/dilution	Reliance on convertible notes; going concern disclosures	Larger convertible balance and derivative liabilities; widened loss	Deteriorating financing profile

“We continue to see strong growth, logging our fifth straight quarter of double-digit topline expansion… we still saw 16% growth over our June quarter.” — Greg P. Bell, CEO .
“November was another strong month that sets up a strong close to the Company’s most successful year of operations.” — Greg P. Bell, CEO .
Post-year context: “Topline performance growing at an accelerating rate… licensed in 20 states for live MMA Fights… 50 fights planned in the next 12 months.” — Greg P. Bell (April 2022) .

No Q2 FY2022 earnings call transcript was available; therefore Q&A themes and guidance clarifications are not available for this period.

No S&P Global/Capital IQ consensus EPS or revenue estimates were available for BTDG for Q2 FY2022 (microcap OTC coverage gap). As a result, comparisons to Wall Street consensus could not be performed [GetEstimates error].
Given absence of coverage, near-term estimate revisions are unlikely to be a catalyst; investors should monitor company-issued performance updates and financing developments .

Momentum in core operations: Q2 revenue rose to $0.660M (+>385% YoY), with sequential growth of 16%; live events and gyms both contributed materially .
Profitability remains a challenge: net loss widened to $2.557M driven by higher G&A, interest, and derivative mark-to-market; watch cost discipline and financing terms .
Financing risk: significant reliance on convertible notes ($3.012M), derivative liabilities, and equity issuance; dilution and going-concern disclosures warrant caution .
Execution vs guidance: management’s mid-quarter revenue pace ($~673k) was largely met ($660k actual), suggesting reasonable operational forecasting but limited cushion .
Brand and capacity expansion: continued emphasis on >40 events/year pace and five gyms; sponsorship and PPV monetization remain strategic levers .
No consensus estimates or call transcript: trade the name primarily off company updates and operational prints rather than Street beats/misses [GetEstimates error] .
Near-term focus: monitor live event schedule density, average per-event revenue, gym acquisition cadence, and financing updates (note pricing, conversion, and dilution) for stock catalysts .