Esports Technologies begins 2022 fiscal year with $7.1m in Q1 revenue

Limited figures released by the operator showed gross profit for the three months to 31 December 2021 came to $2.5m, which it credited to an especially strong performance in December.

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was negative $3.9m, while net cash for operating activities totaled $3.0m.

The company was also able to increase its cash position to $11.8m, a $2.8m increase when compared to the end of the previous fiscal year on 30 September 2021.

The quarter also saw Esports Technologies complete its $75.9m acquisition of Aspire Global’s B2B assets, a deal that was first agreed in October 2021.

This led to the company obtaining a licence to operate in Great Britain, giving it access to regulated markets such as Germany, Ireland and Denmark and 1.25 million depositing customers.

Earlier this year, Esports Techonlogies set a revenue target of $70m to be achieved by the end of September 2022.

“We’re very pleased with what we’ve accomplished during our first quarter of 2022, as we have taken significant strides in achieving our goal of being the leader in esports wagering and technology,” CEO Aaron Speach said.

“Our vision is to provide unique wagering experiences to the 550 million underserved esports fans from around the world.”

Esports Technologies has added to its product range by filing patents in the last few months. A patent for an electronic sports betting exchange system was filed in November, followed by a patent for financial instrument betting in January.

Chief financial officer Jim Purcell added: “I feel we now have a business of scale, which should be a platform to leverage our future growth.

“We’re also happy with our proposed acquisition results as we’re operating the business to what we expected and within plan. This execution gives us confidence that we’ll achieve our state goal of $70 million for our fiscal 2022.”