Reported Earnings • May 17
First quarter 2026 earnings released: CA$0.008 loss per share (vs CA$0.038 loss in 1Q 2025) First quarter 2026 results: CA$0.008 loss per share (improved from CA$0.038 loss in 1Q 2025). Revenue: CA$9.44m (down 22% from 1Q 2025). Net loss: CA$1.20m (loss narrowed 80% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Announcement • Apr 28
Enthusiast Gaming Holdings Inc., Annual General Meeting, Jun 30, 2026 Enthusiast Gaming Holdings Inc., Annual General Meeting, Jun 30, 2026. Reported Earnings • Apr 15
Full year 2025 earnings released: CA$0.061 loss per share (vs CA$0.61 loss in FY 2024) Full year 2025 results: CA$0.061 loss per share (improved from CA$0.61 loss in FY 2024). Revenue: CA$32.0m (down 56% from FY 2024). Net loss: CA$9.68m (loss narrowed 90% from FY 2024). Reported Earnings • Nov 16
Third quarter 2025 earnings released: CA$0.025 loss per share (vs CA$0.043 loss in 3Q 2024) Third quarter 2025 results: CA$0.025 loss per share (improved from CA$0.043 loss in 3Q 2024). Revenue: CA$7.31m (down 56% from 3Q 2024). Net loss: CA$3.99m (loss narrowed 40% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 57% per year, which means it is performing significantly worse than earnings. Announcement • Sep 04
Enthusiast Gaming Holdings Inc. Announces Major Updates to Iconic Addicting Games Platform Enthusiast Gaming Holdings Inc. announced significant updates to its iconic casual gaming platform, Addicting Games. The platform refresh delivers a cleaner, more modern design, streamlined navigation, and optimized performance to better serve Addicting Games' over one million monthly players. By focusing on mobile optimization and discovery, the update makes it easier than ever for users to enjoy the platform's extensive catalog of iconic classics and fresh indie releases, while also providing stronger support for independent developers. Key enhancements include faster load times, a modernized UI/UX, and new features optimized for mobile play. The refreshed homepage highlights daily games and new releases, while the reimagined game page reduces friction by allowing instant access to gameplay. On mobile, streamlined navigation, simplified menus, and maximized screen space create a cleaner, more immersive experience. Together, these updates reintroduce Addicting Games as a modern destination built with mobile-first audiences in mind. As one of the most recognized and enduring brands in casual gaming, Addicting Games remains an important part of Enthusiast Gaming's broader portfolio, offering clear synergies with the Company's PocketGamer brand, which represents one of the world's leading mobile gaming destinations on the web and the pre-eminent B2B mobile gaming conference and event series. New Risk • Aug 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.5m (US$9.85m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 17% per year over the past 5 years. Market cap is less than US$10m (CA$13.5m market cap, or US$9.85m). Announcement • Aug 20
Vertiqal Studios Corp. (TSX:VRTS) signed a binding letter of intent to acquire Omnia Media, Inc., GameCo Esports Canada Inc., and Direct Sales Business Line of Enthusiast Gaming (TSX:EGLX) for CAD 0.90 million. Vertiqal Studios Corp. (TSX:VRTS) signed a binding letter of intent to acquire Omnia Media, Inc., GameCo Esports Canada Inc., and Direct Sales Business Line of Enthusiast Gaming (TSX:EGLX) for CAD 0.90 million on August 19, 2025. Vertiqal has issued a promissory note to an arm’s length investor in the amount of CAD 0.90 million in order to satisfy the initial purchase price deposit with an interest rate of fourteen percent for the first sixty days and thereafter twenty-four percent for the remainder of the term until August 31, 2027. Under the binding letter agreement, Vertiqal will acquire all rights, title, and interest in and to Enthusiast Gaming’s direct media sales assets, and in addition, the transaction also includes all of the issued and outstanding common shares of Omnia Media Inc. and Gameco Canada Inc. which holds the YouTube and Twitch assets. Closing is expected on or before September 5, 2025, subject to customary closing conditions and regulatory approvals. Reported Earnings • Aug 15
Second quarter 2025 earnings released: CA$0.25 loss per share (vs CA$0.022 loss in 2Q 2024) Second quarter 2025 results: CA$0.25 loss per share (further deteriorated from CA$0.022 loss in 2Q 2024). Revenue: CA$10.0m (down 32% from 2Q 2024). Net loss: CA$39.1m (loss widened CA$35.7m from 2Q 2024). Announcement • Aug 07
Enthusiast Gaming Holdings Inc. Announces Launch of Pocket Gamer Connects Summit Shanghai 2025 Enthusiast Gaming Holdings Inc. announced the successful launch of Pocket Gamer Connects Summit Shanghai 2025. The one-day gathering welcomed over 630 senior games industry professionals from 31 countries and delivered significant networking and business development opportunities ahead of ChinaJoy. Held at the Pudong Shangri-La hotel in partnership with MyGamez, Pocket Gamer Connects Summit Shanghai offered a focused, bilingual conference experience, showcasing: 630+ attendees representing 315 companies from 31 countries; 62% senior decision-makers, with over 71% of attendees being game-makers; 500+ scheduled meetings via the MeetToMatch platform, with many more informal conversations and networking throughout the venue; 5 dedicated content tracks with 8 hours of expert-led talks from 37 international speakers, covering monetization, global expansion, market trends, and cross-border strategy; A buzzing Big Indie Zone featuring Chinese indie developers and emerging talent presenting their latest projects to publishers, investors, and platform holders. The Summit marked the beginning of a new series of agile, regionally focused Pocket Gamer Connects Summits, which complement the brand's larger shows. Following the Shanghai debut, the series continues in South Korea with Pocket Gamer Connects Summit Korea on October 31st. Meanwhile, the next events in the calendar include Pocket Gamer Connects Helsinki (October 7-8), Pocket Gamer Connect Aqaba (November 7-8), and Pocket Gamer Connects London 2026 (January 19-20). Announcement • Jul 15
Enthusiast Gaming Holdings Inc. Announces Launch of First-to-Market LookBuilder Tool for The Sims Resource Enthusiast Gaming Holdings Inc. announced the launch of LookBuilder, a first of its kind virtual fitting room developed for The Sims Resource, the platform for Sims custom content. With more than 5 million pieces of content downloaded over 20 billion times, The Sims Resource is the largest custom content platform serving Sims players. With LookBuilder, users can now preview and customize outfits directly in their browser before bringing them into the game. The beta launch of LookBuilder introduces a browser-based, 3D- rendered, real-time outfit preview engine that enables players to build and customize complete outfits and see them visualized on a character instantly. Users can combine items such as hair, clothing, and accessories to assemble full looks in advance, rather than downloading individual pieces to test in-game. This significantly improves how players discover and personalize content. The feature enhances the experience for both free and paid users and is intended to drive deeper engagement across the platform. Announcement • Jul 10
Enthusiast Gaming Holdings Inc. announced that it has received CAD 20 million in funding from Beedie Investments Ltd. Enthusiast Gaming Holdings Inc. announced that has entered into a credit agreement for a gross proceeds of CAD 20 million led by new investor, Beedie Investments Ltd. on July 9, 2025.interest at 8% per annum to accrue and be added to the outstanding principal amount of Term Loan for that month “PIK Interest”, and interest at 8% per annum payable in cash each month. The rate of interest on the existing loan pursuant to the Credit Agreement will be amended to correspond to the rate of interest under the Term Loan, but reducing to 14% all paid in cash from April 1, 2026.Term Loan will be due and payable by July 12, 2028 and may be prepaid without penalty or fees at any time prior to March 31, 2026, or prepaid after subject to certain conditions including the payment of applicable prepayment fees. The company has issued 6,005,178 warrants in the aggregate the exercise price for the 36,574,074 warrants originally issued on July 12, 2024.The exercise price of the Warrants will be equal to $0.083, being a 15% premium over the five consecutive trading day volume weighted average price of the Common Shares measured as of July 9, 2025. Each Participation Warrant is exercisable to purchase one Common Share and will expire 5 years from the effective date of the Beedie Forbearance Agreement. The current exercise price of the Existing Warrants is $0.135 per Common Share. Price Target Changed • Jul 07
Price target increased by 60% to CA$0.60 Up from CA$0.38, the current price target is provided by 1 analyst. New target price is 991% above last closing price of CA$0.055. Stock is down 52% over the past year. The company is forecast to post a net loss per share of CA$0.02 next year compared to a net loss per share of CA$0.61 last year. Reported Earnings • May 16
First quarter 2025 earnings released First quarter 2025 results: Net income: (up CA$2.30m from 1Q 2024). New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 12% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 12% per year over the past 5 years. Market cap is less than US$10m (CA$12.7m market cap, or US$9.10m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$20m). Currently unprofitable and not forecast to become profitable next year (CA$5.0m net loss next year). Announcement • May 12
Enthusiast Gaming Holdings Inc. to Report Q1, 2025 Results on May 15, 2025 Enthusiast Gaming Holdings Inc. announced that they will report Q1, 2025 results After-Market on May 15, 2025 Announcement • May 05
Enthusiast Gaming Holdings Inc., Annual General Meeting, Jun 30, 2025 Enthusiast Gaming Holdings Inc., Annual General Meeting, Jun 30, 2025. New Risk • Apr 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (CA$8.75m market cap, or US$6.30m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$20m). Share price has been volatile over the past 3 months (14% average weekly change). Announcement • Apr 09
Enthusiast Gaming’S U.Gg Expands Analytics Platform to Support Marvel Rivals Enthusiast Gaming Holdings Inc. announced that its premier data and analytics platform, U.GG, has expanded into Marvel Rivals, bringing its industry-leading tools and insights to one of the most exciting team-based PvP titles of the year. The expansion capitalizes on Marvel Rivals’ explosive early success, where the title has recently surpassed 600,000 peak concurrent players, a milestone that both reflects the game’s fast-growing popularity and highlights the increasing demand for high-quality, performance-enhancing tools. U.GG’s proven infrastructure and learnings from titles like League of Legends make it a natural fit for the Marvel Rivals ecosystem, where players are actively seeking a competitive edge and meta-based guidance. The game is expected to see continued growth with the release of its second season on April 11th.U.GG’s support for Marvel Rivals includes leaderboards, tier lists, and hero-level performance insights, with additional features expected to follow in the coming weeks, including detailed user profile tracking so players can track and share their progress, achievements, and game results. In parallel, Enthusiast’s esports and gaming brand, Luminosity, has recently expanded into Marvel Rivals, fielding rosters in both North America and Europe where teams are already competing at the highest level of international play. The expansion reflects Enthusiast Gaming’s broader publisher strategy of providing publishers with comprehensive community building, marketing support and engagement tools to deepen their fans’ affinity for their games. Following multiple successful direct sales campaigns with Marvel Rivals’ publisher, NetEase Games, these most recent expansions leverage the Company’s expertise and proven track record of providing essential resources to millions of gamers across the world’s largest titles, deepening fan engagement with the games they love and creating dedicated user communities. Major Estimate Revision • Apr 07
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CA$82.6m to CA$71.6m. Forecast losses increased from -CA$0.0033 to -CA$0.01 per share. Interactive Media and Services industry in Canada expected to see average net income growth of 27% next year. Consensus price target down from CA$0.38 to CA$0.30. Share price fell 37% to CA$0.06 over the past week. Reported Earnings • Apr 01
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: CA$0.61 loss per share (improved from CA$0.77 loss in FY 2023). Revenue: CA$72.6m (down 59% from FY 2023). Net loss: CA$96.0m (loss narrowed 18% from FY 2023). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Interactive Media and Services industry in North America. Announcement • Apr 01
Enthusiast Gaming Holdings Inc. Reports Impairment Charges for the Fourth Quarter Ended December 31, 2024 Enthusiast Gaming Holdings Inc. reported impairment charges for the fourth quarter ended December 31, 2024. For the quarter, the company reported Goodwill impairment of CAD 72,044,148 compared to CAD 20,005,377 a year ago. Intangible asset impairment was CAD 9,844,441 compared to CAD 14,602,083. Announcement • Mar 25
Enthusiast Gaming Holdings Inc. to Report Q4, 2024 Results on Mar 31, 2025 Enthusiast Gaming Holdings Inc. announced that they will report Q4, 2024 results After-Market on Mar 31, 2025 New Risk • Mar 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.5m (US$9.44m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (CA$13.5m market cap, or US$9.44m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-CA$19m). Announcement • Feb 20
Enthusiast Gaming Holdings Inc.’s Pocket Gamer Connects Announces Major Global Expansion with Launch of Barcelona Conference, Shanghai Summit Enthusiast Gaming Holdings Inc. announced a major global expansion of its internationally renowned Pocket Gamer Connects (PGC) series, beginning with the inaugural PGC Barcelona event on June 3-4, 2025, and continuing with PGC Shanghai in July. This marks the next chapter for one of the industry’s premier networking events which has welcomed over 55,000 attendees in its 11 year history. Barcelona is a rapidly growing destination for existing and new game companies, namely in the mobile space, including Scopely, King, Rovio, Bandai Namco, Sandsoft, Zynga, Gameloft, and many more. Its thriving startup ecosystem and growing influence in the global games industry make it an ideal location for PGC’s next major conference. Following Barcelona, the expansion will continue with a special one-day summit in Shanghai on July 30, 2025 with additional events in Asia and the Middle East planned for later in the year. These new locations will join the existing Pocket Gamer Connects lineup of London, San Francisco, Dubai, Helsinki, and Jordan. The PGC Barcelona event is expected to welcome over 1,000 delegates and will feature: 15+ Conference Tracks with more than 100 Expert Speakers, A comprehensive expo area with exhibitor booths and meeting spaces, Business matchmaking and specialized networking events for investors, publishers, and developers, Indie showcase tables and a pitching competition, Evening receptions and industry parties. Announcement • Nov 27
Enthusiast Gaming Holdings Inc. Announces CFO Changes, Effective December 31, 2024 Enthusiast Gaming Holdings Inc. announced that Felicia DellaFortuna has tendered her resignation as Chief Financial Officer of the Company (“CFO”) to pursue a new opportunity. Alex Macdonald, who had served as CFO of Enthusiast Gaming from its inception until November 2023, has agreed to return as CFO of the Company. His appointment by the Board of Directors will become effective December 31, 2024, concurrently with Ms. DellaFortuna’s resignation. Mr. Macdonald was an integral part of the growth of Enthusiast Gaming since its founding and successfully led the Company through many of its milestones, including its go-public transaction, multiple offerings and acquisitions, and periods of growth and audience expansion. Since last serving in the role of CFO, Mr. Macdonald has remained with the Company in an operational role focused on the Company’s property, The Sims Resource, where he has successfully led a resurgence in the growth of subscriber counts. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 40% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CA$78.0m to CA$76.1m. Losses expected to increase from CA$0.05 per share to CA$0.07. Interactive Media and Services industry in Canada expected to see average net income growth of 42% next year. Consensus price target of CA$0.36 unchanged from last update. Share price rose 35% to CA$0.17 over the past week. Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: CA$0.043 loss per share (improved from CA$0.38 loss in 3Q 2023). Revenue: CA$16.8m (down 63% from 3Q 2023). Net loss: CA$6.70m (loss narrowed 89% from 3Q 2023). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Interactive Media and Services industry in North America. Announcement • Nov 16
Enthusiast Gaming Holdings Inc. Announces Appointment of Mr. Scott O’Neil as Chair of the Board Enthusiast Gaming Holdings Inc. announced that Mr. Scott O’Neil has been appointed as Chair of the Board of Directors of the Company. Mr. O’Neil is currently the CEO of Merlin Entertainment and has also led some of the top athletic brands in the world, including New York Knicks - NBA, New York Rangers - NHL, Philadelphia Eagles - NFL and the Philadelphia 76ers - NBA. He has served on the Board of Directors of the Company since 2022. Breakeven Date Change • Nov 15
Forecast breakeven date moved forward to 2025 The 7 analysts covering Enthusiast Gaming Holdings previously expected the company to break even in 2026. New consensus forecast suggests losses will reduce by 92% to 2024. The company is expected to make a profit of CA$1.92m in 2025. Average annual earnings growth of 140% is required to achieve expected profit on schedule. Announcement • Oct 22
Enthusiast Gaming Holdings Inc. to Report Q3, 2024 Results on Nov 14, 2024 Enthusiast Gaming Holdings Inc. announced that they will report Q3, 2024 results After-Market on Nov 14, 2024 New Risk • Oct 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CA$763k net loss in 2 years). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (CA$23.1m market cap, or US$16.7m). Board Change • Oct 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Jordan Gnat was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 18
Enthusiast Gaming Holdings Inc. Announces Board Elections Enthusiast Gaming Holdings Inc. at its Annual General Meeting of Shareholders held on September 17, 2024, approved the election of Sara Slane and Jordan Gnat as Board of Directors. Major Estimate Revision • Aug 21
Consensus revenue estimates decrease by 25%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CA$105.6m to CA$78.8m. EPS estimate increased from -CA$0.05 to -CA$0.045 per share. Interactive Media and Services industry in Canada expected to see average net income growth of 43% next year. Consensus price target down from CA$0.45 to CA$0.40. Share price fell 3.1% to CA$0.15 over the past week. Reported Earnings • Aug 16
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: CA$0.022 loss per share (improved from CA$0.067 loss in 2Q 2023). Revenue: CA$14.7m (down 66% from 2Q 2023). Net loss: CA$3.41m (loss narrowed 67% from 2Q 2023). Revenue missed analyst estimates by 38%. Earnings per share (EPS) exceeded analyst estimates by 23%. Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Interactive Media and Services industry in North America are expected to grow by 10%. New Risk • Jul 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$7.0m net loss next year). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (CA$20.2m market cap, or US$14.6m). Announcement • Jul 22
Enthusiast Gaming Holdings Inc., Annual General Meeting, Sep 17, 2024 Enthusiast Gaming Holdings Inc., Annual General Meeting, Sep 17, 2024. Announcement • Jul 18
Enthusiast Gaming Holdings Inc. to Report Q2, 2024 Results on Aug 14, 2024 Enthusiast Gaming Holdings Inc. announced that they will report Q2, 2024 results After-Market on Aug 14, 2024 Announcement • Jul 16
Enthusiast Gaming Holdings Inc. announced that it has received CAD 20 million in funding from Beedie Investments Ltd. and other investors On July 15, 2024, Enthusiast Gaming Holdings Inc. closed the transaction. Announcement • Jun 19
Enthusiast Gaming’s U.GG Expands into Helldivers 2 Enthusiast Gaming Holdings Inc. announced that its data-driven and insights platform, U.GG, has expanded into Helldivers 2. Helldivers 2 marks U.GG’s first expansion outside of the Blizzard and Riot ecosystems, bringing their data-driven insights to a new community of users and the total number of games covered by the platform to five, together with League of Legends, World of Warcraft, Valorant, and Teamfight Tactics. The expansion is also the second to leverage U.GG’s curated content management system initially developed for U.GG’s expansion into TeamFight Tactics announced on April 30, 2024. Helldivers 2, released in February of 2024, has sold over 12 million copies, making it the fastest-selling Playstation title ever released. New content expansions throughout 2024 will lead to new and returning users to the U.GG platform where they can find the best loadouts, builds, tier lists, and guides for Helldivers 2. Major Estimate Revision • May 22
Consensus revenue estimates decrease by 26%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CA$143.3m to CA$105.6m. EPS estimate increased from -CA$0.104 to -CA$0.048 per share. Interactive Media and Services industry in Canada expected to see average net income growth of 37% next year. Consensus price target down from CA$0.50 to CA$0.45. Share price rose 3.6% to CA$0.14 over the past week. Reported Earnings • May 17
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: CA$0.015 loss per share (improved from CA$0.058 loss in 1Q 2023). Revenue: CA$23.3m (down 46% from 1Q 2023). Net loss: CA$2.30m (loss narrowed 74% from 1Q 2023). Revenue missed analyst estimates by 34%. Earnings per share (EPS) exceeded analyst estimates by 81%. Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Interactive Media and Services industry in Canada are expected to grow by 2.0%. Announcement • May 17
Enthusiast Gaming Holdings Inc. Appoints John Zorbas to the Board of Directors Enthusiast Gaming Holdings Inc. announced that Mr. John Zorbas has been appointed to the Board of Directors of the Company, effective May 15, 2024. Mr. Zorbas is currently the CEO, President and director of Captor CapitalCorp. and serves on the board of directors of numerous Canadian and UK-based public companies. Mr. Zorbas brings extensive capital markets and public company experience that will make him a valuable addition to the Board. Breakeven Date Change • May 16
No longer forecast to breakeven The 7 analysts covering Enthusiast Gaming Holdings no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CA$2.67m in 2026. New consensus forecast suggests the company will make a loss of CA$929.0k in 2026. Announcement • May 09
Enthusiast Gaming Holdings Inc. to Report Q1, 2024 Results on May 15, 2024 Enthusiast Gaming Holdings Inc. announced that they will report Q1, 2024 results After-Market on May 15, 2024 Announcement • Apr 19
An unknwon buyer completed the acquisition of non-core and non-profitable casual gaming assets of Enthusiast Gaming Holdings Inc. An unknwon buyer entered into a definitive agreement to acquire non-core and non-profitable casual gaming assets of Enthusiast Gaming Holdings Inc. for CAD 4.1 million on April 1, 2024. Among the assets included as part of the divestment are Shockwave, LittleBigSnake, MathGames.com, and TypeRacer.com. The asset sale agreement is subject to customary closing conditions and is expected to close in 10 business days.An unknwon buyer completed the acquisition of non-core and non-profitable casual gaming assets of Enthusiast Gaming Holdings Inc. for on April 17, 2024. Major Estimate Revision • Apr 08
Consensus revenue estimates decrease by 31%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CA$208.2m to CA$143.6m. EPS estimate increased from -CA$0.106 to -CA$0.104 per share. Interactive Media and Services industry in Canada expected to see average net income growth of 33% next year. Consensus price target down from CA$0.81 to CA$0.50. Share price fell 12% to CA$0.18 over the past week. Breakeven Date Change • Apr 03
No longer forecast to breakeven The 7 analysts covering Enthusiast Gaming Holdings no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CA$2.67m in 2026. New consensus forecast suggests the company will make a loss of CA$7.44m in 2026. New Risk • Apr 02
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: CA$118m Forecast net loss in 3 years: CA$7.4m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (CA$7.4m net loss in 3 years). Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Market cap is less than US$100m (CA$31.9m market cap, or US$23.5m). Reported Earnings • Apr 02
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: CA$0.77 loss per share (further deteriorated from CA$0.54 loss in FY 2022). Revenue: CA$178.2m (down 12% from FY 2022). Net loss: CA$117.7m (loss widened 53% from FY 2022). Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 65%. Revenue is expected to decline by 3.9% p.a. on average during the next 3 years, while revenues in the Interactive Media and Services industry in Canada are expected to grow by 2.4%. Announcement • Mar 22
Enthusiast Gaming Holdings Inc. Appoints Thomas Hearne to its Board of Directors Enthusiast Gaming Holdings Inc. announced that Mr. Thomas Hearne has been appointed to the board of directors of the Company, effective as of March 20, 2024. Mr. Hearne was most recently the Chief Executive Officer and a member of the board of directors of Tiidal Gaming Group Corp. and has extensive experience as a senior executive scaling publicly traded technology companies, including in his roles as past Chief Financial Officer of theScore (acquired by Penn National Gaming for $2 billion), OpenText, and Sportech (London Stock Exchange listed). Announcement • Mar 08
Enthusiast Gaming Holdings Inc. to Report Q4, 2023 Results on Apr 01, 2024 Enthusiast Gaming Holdings Inc. announced that they will report Q4, 2023 results at 4:00 PM, US Eastern Standard Time on Apr 01, 2024 Announcement • Feb 10
Enthusiast Gaming Announces Files Form 15F to Voluntarily Deregister and Suspend its SEC Reporting Obligations Enthusiast Gaming Holdings Inc. (‘Enthusiast Gaming’ or the ‘Company’) announced that it filed a Form 15F with the Securities and Exchange Commission (the ‘SEC’) to deregister its common shares (‘Shares’) under Section 12(g) of the U.S. Securities Exchange Act of 1934, as amended (the ‘Exchange Act’), and to suspend its reporting obligations under Section 15(d) of the Exchange Act (the ‘Deregistration’). The Company’s obligation to file reports with the SEC, including annual reports and Forms 6-K, will be suspended immediately upon filing of the Form 15F. Once the Form 15F is effective, which is expected to occur within 90 days of filing, the Company will no longer be a public reporting company and its obligations to file other reports with the SEC will also be suspended. Shares will continue to trade on the Toronto Stock Exchange (‘TSX’). As previously announced in its press release dated October 23, 2023, the Company announced its intention to voluntarily delist its Shares from the Nasdaq Stock Market LLC (‘Nasdaq’). On October 30, 2023, the Company filed a Form 25 to report the delisting of the Company’s Shares from Nasdaq and to deregister the Company’s Shares under Section 12(b) of the Exchange Act. Breakeven Date Change • Feb 06
Forecast to breakeven in 2026 The 7 analysts covering Enthusiast Gaming Holdings expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of CA$2.67m in 2026. Average annual earnings growth of 93% is required to achieve expected profit on schedule. Price Target Changed • Jan 11
Price target decreased by 23% to CA$1.48 Down from CA$1.92, the current price target is an average from 5 analysts. New target price is 588% above last closing price of CA$0.21. Stock is down 75% over the past year. The company is forecast to post a net loss per share of CA$0.47 next year compared to a net loss per share of CA$0.54 last year. Announcement • Jan 09
Enthusiast Gaming Holdings Inc. Announces CEO Changes Enthusiast Gaming Holdings Inc. announced that Nick Brien has provided notice of his resignation as Chief Executive Officer of the Company, which resignation became effective upon acceptance of the Board of Directors on January 8, 2024. The Company has appointed the current Chairman of the Board, Adrian Montgomery, as interim CEO. Mr. Montgomery previously served as CEO of Enthusiast Gaming from its inception until March of 2023, when he had led the Company through periods of consistent and significant growth. The Board intends to commence a search process to select a new CEO who will lead the Company into its next phase of growth. Announcement • Jan 08
Enthusiast Gaming Holdings Inc. Announces Resignation of Nick Brien as Director Enthusiast Gaming Holdings Inc. announced that Nick Brien has provided notice of his resignation as director of the Company, which resignation became effective upon acceptance of the Board of Directors on January 8, 2024. Announcement • Nov 22
Enthusiast Gaming Holdings Inc.'s U.GG Launches VALORANT Desktop App Enthusiast Gaming Holdings Inc. announced that its data-driven and insights platform, U.GG, has launched a stand-alone desktop application in support of VALORANT, one of the fastest growing competitive FPS titles in the world. U.GG averages 10 million users per month as a go-to resource for League of Legends and World ofWar players, with more than 1.9 million players already having downloaded U.GG's stand-alone League of Legends desktop applications. This expansion into VALORANT further solidifies U.GG's position as the dominant multi-title gaming community and insights platform while providing U.GG with deep insights into the predominantly Gen Z player base. The VALORANTdesktop application provides players with easy access to data and improvement tools for users of all levels, viewable using a new in-game overlay. Building off of features on the U.GG website, the desktop application provides players with access to: Recommendations based on millions of data points, including map side, score, weapon loadout, and more; Location suggestions on their Peek Map to provide new players with actionable recommendations, while experienced players can utilize the extensive filters to optimize their decision-making; Access to feedback and data mid-game to help strategize before rounds begin. Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 131% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CA$195.7m to CA$185.2m. Losses expected to increase from CA$0.20 per share to CA$0.47. Interactive Media and Services industry in Canada expected to see average net income growth of 20% next year. Consensus price target down from CA$2.92 to CA$1.92. Share price fell 17% to CA$0.35 over the past week. Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: CA$0.38 loss per share (further deteriorated from CA$0.25 loss in 3Q 2022). Revenue: CA$45.6m (down 9.9% from 3Q 2022). Net loss: CA$59.1m (loss widened 59% from 3Q 2022). Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Interactive Media and Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. Announcement • Oct 31
Enthusiast Gaming Holdings Inc. to Report Q3, 2023 Results on Nov 13, 2023 Enthusiast Gaming Holdings Inc. announced that they will report Q3, 2023 results After-Market on Nov 13, 2023 New Risk • Oct 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$17m). Currently unprofitable and not forecast to become profitable over next 2 years (CA$9.5m net loss in 2 years). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (CA$61.9m market cap, or US$44.6m). Price Target Changed • Oct 27
Price target decreased by 10% to CA$2.92 Down from CA$3.26, the current price target is an average from 6 analysts. New target price is 668% above last closing price of CA$0.38. Stock is down 59% over the past year. The company is forecast to post a net loss per share of CA$0.20 next year compared to a net loss per share of CA$0.54 last year. Announcement • Sep 06
Enthusiast Gaming Holdings Inc. Announces Resignation of Bill Karamouzis as President Enthusiast Gaming Holdings Inc. announced that Bill Karamouzis has tendered his resignation as President to pursue other professional endeavors, effective immediately. He will continue to serve the Company as an advisor. Major Estimate Revision • Aug 21
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CA$205.7m to CA$195.7m. Losses expected to increase from CA$0.18 per share to CA$0.20. Interactive Media and Services industry in Canada expected to see average net income growth of 31% next year. Consensus price target down from CA$3.26 to CA$3.08. Share price was steady at CA$0.70 over the past week. Breakeven Date Change • Aug 17
No longer forecast to breakeven The 7 analysts covering Enthusiast Gaming Holdings no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CA$872.0k in 2025. New consensus forecast suggests the company will make a loss of CA$3.10m in 2025. Reported Earnings • Aug 15
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: CA$0.067 loss per share (improved from CA$0.12 loss in 2Q 2022). Revenue: CA$42.6m (down 17% from 2Q 2022). Net loss: CA$10.2m (loss narrowed 40% from 2Q 2022). Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Interactive Media and Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Announcement • Aug 12
Enthusiast Gaming Announces Changes to Board of Directors Enthusiast Gaming Holdings Inc. announced that the Company is undertaking a process with Greywood Investments, LLC (“Greywood”) to identify replacement nominee directors for appointment to the Company's board of directors to replace Greywood's two original nominee directors, David Goldhill and Janny Lee, each of whom has resigned from the board effective August 8, 2023. Board Change • Aug 03
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO & Director Nick Brien was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$16m). Currently unprofitable and not forecast to become profitable over next 2 years (CA$11m net loss in 2 years). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (CA$118.9m market cap, or US$90.0m). Announcement • Jul 25
FaZe Clan Reportedly Eyeing Two Acquisition Offers FaZe Holdings Inc. (NasdaqCM:FAZE) (FaZe Clan) is evaluating acquisition offers from GameSquare Holdings, Inc. (TSXV:GAME) and Enthusiast Gaming Holdings Inc. (TSX:EGLX), sources close to the process tell SBJ. The parties are all still in discussions, and sources note a deal would include some form of an equity swap deal and a possible cash infusion. FaZe went public on Nasdaq in July 2022 in a SPAC-merger with B. Riley that valued the company at $725 million. However, the company and its stock quickly fell off, prompting Nasdaq to issue a delisting notice in March after FaZe failed to close trading over the $1.00 minimum for 30 consecutive days. FaZe was given until Sept. 19 to rectify its price woes. Gamesquare, which went public on Nasdaq in March, counts Cowboys owner Jerry Jones as its majority investor. The company has the Complexity-backed esport teams (Rocket League, Counter-Strike, FIFA, Madden, Fortnite, Apex Legends) and a number of high-profile streamers, such as TimTheTatman and Ninja, in its stable. Enthusiast, a Canada-based group also traded on Nasdaq and backed by Canucks owner Francesco Aquilini, runs a number of esports websites and controls Luminosity Gaming, which fields teams in OWL and CDL. Former HBSE CEO Scott O’Neil and Sports Innovation Labs CEO Angela Ruggiero also are Enthusiast board members. Announcement • Jul 23
Enthusiast Gaming Holdings Inc. to Report Q2, 2023 Results on Aug 14, 2023 Enthusiast Gaming Holdings Inc. announced that they will report Q2, 2023 results After-Market on Aug 14, 2023 Announcement • May 25
Enthusiast Gaming Holdings Inc., Annual General Meeting, Jun 30, 2023 Enthusiast Gaming Holdings Inc., Annual General Meeting, Jun 30, 2023. Breakeven Date Change • May 17
Forecast to breakeven in 2025 The 6 analysts covering Enthusiast Gaming Holdings expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 55% per year to 2024. The company is expected to make a profit of CA$872.0k in 2025. Average annual earnings growth of 72% is required to achieve expected profit on schedule. 
