GameSquare Holdings (GAME) Company Report

GameSquare Holdings, Inc. appointed Justin Kenna as President, effective immediately, in addition to his roles as Chairman and Chief Executive Officer.
Mr. Kenna's new employment agreement is effective January 1, 2026, for a term of three years with automatic one-year renewals.
The agreement includes an initial annual base salary of $660,000, with 3.5% annual increases on the second and third anniversaries, and a target annual bonus opportunity of up to $400,000.
He will also receive a one-time grant of 500,000 Restricted Stock Units (RSUs) that vest immediately, and annual grants of 500,000 RSUs and options to purchase up to 500,000 shares for each full year of service.

Jan 16, 2026, 9:47 PM

8-K

GameSquare Holdings Inc. Reports Q3 2025 Performance and Provides H2 2025 and 2026 Outlook

GAME

Guidance Update

M&A

Share Buyback

GameSquare Holdings Inc. achieved debt-free status and anticipates Q4 2025 to be its first profitable quarter, following a break-even Q3 2025.
The company projects $37 million in revenue and $3 million in EBITDA for the second half of 2025, with 2026 expected to be a $100 million revenue business and profitable.
Strategic focus includes doubling down on the creator economy, highlighted by the Q3 2025 acquisition of Click, and a Digital Asset Treasury strategy generating approximately $400,000 of 100% margin-free cash flow monthly.
Gross margins have improved to 40%-45% after the divestment of its low-margin programmatic ad business.
The company plans to continue an aggressive share buyback program, with 5 million shares approved by the board, and expects this to increase in 2026.

Dec 9, 2025, 3:30 PM

Transcript

GameSquare Holdings Inc. Anticipates Q4 2025 Profitability and Projects Strong 2026 Growth

GAME

Guidance Update

Revenue Acceleration/Inflection

Share Buyback

GameSquare Holdings Inc. achieved an effectively break-even Q3 2025 and anticipates its first profitable quarter in Q4 2025.
The company has become debt-free and is leveraging a digital asset strategy that generates approximately $400,000 of 100% margin-free cash flow monthly from its ETH yielding system.
For the second half of 2025, GameSquare projects revenue of approximately $37 million and EBITDA of around $3 million.
Following the divestment of its programmatic ad business, the company's gross margins have improved to an estimated 40%-45%.
GameSquare expects approximately 25% organic growth in 2026, aiming for a profitable, debt-free business with close to $100 million in revenue.

Dec 9, 2025, 3:30 PM

Transcript

GameSquare Holdings Outlines Path to Profitability and Growth, Highlights Debt-Free Status

GAME

Guidance Update

Share Buyback

M&A

GameSquare Holdings reported a Q3 2025 adjusted EBITDA loss of $200,000 and $6 million net income from continuing operations, with Q4 2025 projected to be the company's first profitable quarter.
The company has achieved a debt-free balance sheet and its Digital Asset Treasury (DAT) is generating approximately $400,000 of 100% margin-free cash flow monthly.
For 2026, GameSquare anticipates becoming a $100 million revenue business with an expected 25% organic growth.
Strategic actions include the Q3 acquisition of Click, a profitable talent business, and the divestment of its low-margin programmatic ad business, which has improved overall gross margins to 40%-45%.
GameSquare plans to continue its share buyback program, with board approval for five million shares.

Dec 9, 2025, 3:30 PM

Transcript

GameSquare Holdings Launches FaZe Esports Pass Amid Financial Challenges

GAME

Product Launch

New Projects/Investments

GameSquare Holdings has launched the FaZe Esports Pass, a digital membership created in partnership with Clout, aimed at enhancing fan interaction with FaZe Esports through a gamified experience.
This initiative is part of GameSquare's strategy to build scalable, high-margin products and generate new recurring revenue streams, as the company is experiencing challenging financial conditions, including a negative free cash flow of nearly $20 million in the last twelve months.
Season 1 of the FaZe Esports Pass is accessible via iOS and Android and runs until February 18, 2026, allowing fans to earn exclusive items and progress through levels within a tailored marketplace.
GameSquare holds more cash than debt on its balance sheet with a market capitalization of approximately $45.38 million, and FaZe Clan expanded its deal with crypto casino Rollbit in 2025, increasing annual revenue to approximately $3.25 million.

Nov 21, 2025, 8:23 PM

Morningstar

GameSquare Holdings Reports Strong Q3 2025 Financial Results and Strategic Progress

GAME

Earnings

Guidance Update

Share Buyback

GameSquare Holdings reported $5.9 million in net income from continuing operations for Q3 2025, a significant improvement compared to a net loss of $3.9 million in the same period last year.
The company's gross margin expanded to 49.4% in Q3 2025, a substantial increase from 15.3% in Q2 2025, primarily due to strategic efforts to improve profitability and the wind-down of Frankly Media.
GameSquare launched its Digital Asset Treasury (DAT) strategy in July 2025, which generated over $600,000 of yield in the last two months of Q3 2025 and held 15,618 ETH with an unrealized gain of $9.3 million.
As of September 30, 2025, GameSquare had approximately $82 million of cash and digital assets and no debt outstanding, with shareholders' equity of $79 million. The company also repurchased 833,124 shares at an average price of approximately $0.72.
For the second half of 2025, the company expects pro forma revenue of $36.8 million and adjusted EBITDA of $2.9 million, and projects over 20% annual organic revenue growth for 2026.

Nov 13, 2025, 10:00 PM

Transcript

GameSquare Holdings Reports Strong Q3 2025 Results and Strategic Progress

GAME

Earnings

Guidance Update

M&A

GameSquare Holdings, Inc. reported net income from continuing operations of $5.9 million for Q3 2025, a significant improvement from a net loss in the prior year, with gross margin increasing to 49.4%.
As of September 30, 2025, the company's balance sheet was the strongest in its history, featuring $81.5 million in digital asset treasury (DAT) assets and cash, no debt, and shareholders' equity of $78.7 million.
Strategic actions in Q3 2025 included the acquisition of Click Management, which contributed to proforma revenue of $15.5 million and an Adjusted EBITDA loss of $0.2 million for the quarter, and the launch of a digital asset treasury strategy.
Management anticipates continued positive momentum in Q4 2025 and expects proforma second half 2025 revenue of $36.8 million and adjusted EBITDA of $2.9 million.

Nov 13, 2025, 9:38 PM

8-K

GameSquare's Click Media Launches Creator-Led Hot Sauce in H-E-B Stores

GAME

Product Launch

New Projects/Investments

GameSquare Holdings' subsidiary, Click Media, announced the launch of Hungryboy hot sauce, a brand from YouTube collective The Boys, across H-E-B grocery stores in Texas on November 13, 2025.
This launch is considered a major retail milestone for the creator-led consumer products category and significantly expands Click Media's creator-commerce ecosystem.
With over 93 million collective followers, The Boys' reach positions Hungryboy as one of the largest creator-backed CPG launches of 2025.
GameSquare and its partners are currently in discussions with additional retailers and exploring new SKUs, seasonal collaborations, and co-branded activations to further extend the Hungryboy brand.

Nov 13, 2025, 1:00 PM

Press Release

GameSquare Announces Expanded Rollbit Sponsorship and Web3 Growth

GAME

New Projects/Investments

Revenue Acceleration/Inflection

GameSquare Holdings announced the expansion of its esports sponsorship deal with Rollbit for FaZe Clan Esports, increasing the annual revenue from $1.75 million to $3.25 million.
This expanded partnership is part of GameSquare's Web3 growth strategy, which has generated over $8 million of new annual revenue during the third quarter of 2025 from various new Web3 brand partnerships.
Key new Web3 partnerships include a $2.0 million agency of record deal with Rekt Brands Inc. and a $2.5 million agency of record partnership with Animecoin Foundation.

Sep 24, 2025, 12:00 PM

Press Release

GameSquare Holdings Acquires Click Management and Provides H2 2025 Proforma Guidance

GAME

M&A

Guidance Update

GameSquare Holdings, Inc. announced the acquisition of Click Management for $8.5 million (plus contingent earnouts), a move expected to be accretive to profitability in 2025. Click Management had an annual revenue of $12.4 million in 2024 and is expected to contribute $14.5 million of annualized pro-forma revenue and approximately $1.2 million of annualized pro-forma EBITDA for the second half of 2025.
As part of its operational optimization, GameSquare will divest Frankly Media, which contributed $46.9 million in sales and an EBITDA loss of $1.1 million in 2024. The company will also consolidate Sideqik into Stream Hatchet, a move expected to reduce annual operating expenses by $1.25 million.
Management expects proforma revenue of $36.8 million and adjusted EBITDA of $2.9 million for the second half of 2025, reflecting the impact of the acquisition and strategic optimizations. As of August 31, 2025, the company had $87.7 million in cash and onchain holdings with no debt outstanding.