Playmaker reports $5.8m revenue in Q1
This was up by 37% on a pro-forma basis from 2021, which comprised of Playmaker’s 2021 acquisitions – including Yardbarker, Futbol Sites and Two-Up Agency.
The total cost of sales was $728,969, leaving the gross profit at $5m.
Operating expenses amounted to $5.7m, up by $5.6m year-on-year, with all facets rising significantly. The comparative expense figures from 2021 are not on a pro-forma basis.
The rise was was mostly due to salary and wages costs, which were $2.9m, rising from $17,826 in the first quarter of 2021.
Depreciation and amortisation costs were recorded at $940,836, a rise from $297 yearly, while advertising, commissions and fees came to $478,803.
The remaining expenses were made up of a number of expenditures, including general and administrative expenses, professional fees and share-based compensation.
The expenses resulted in an operating loss of $673,011, a rise of 518.8%.
Other costs affected loss further. Change in fair value consideration amounted to $1.8m, while transaction costs came to $648,934, up by 1,050.8%.
Foreign exchange loss was $137,314, and other expenses added up to $12,226. Interest expense was $10,483 and listing and filing fees were $5,827.
After being slightly offset by other income of $7,823, the net loss before taxes was $3.3m, up by 895.7% from the $339,105 loss the year before.
Following income tax expense at $22,139, the total net loss for the period was $3.3m, a rise of 902.3%.
Adjusted earnings before interest, tax, depreciation and amortisation were $1.7m.
“We have started 2022 the way we completed 2021 – focused on execution,” said Jordan Gnat, CEO of Playmaker. “We continue to see strong organic growth from our underlying businesses, and we continue to grow through acquisition.”
“We are focused on the profitability of our company and ensuring we invest in people and technology that drive efficiencies and create the necessary foundation for both sustainable organic growth and the ability to integrate new businesses into our ecosystem.”
Earlier this month Playmaker acquired US-based sports media business The Sports Drop.