Yesterday, esports community and content platform Super League Gaming reported its financial earnings for the first quarter of 2020. The company generated net revenues of $243K USD for the period ended March 31, which is a slight decrease from $249K in Q1 2019. Super League Gaming attributes the decrease to the general deferral in advertising spending by brands and sponsors during the early stages of the novel coronavirus (COVID-19) pandemic. Nevertheless, Ann Hand, CEO of Super League Gaming, mentioned that the company “…experienced an increase in consumer interest in competitive video gaming.” Super League Gaming recorded 1.6M registered users on its platform, an increase of 60% year-over-year.
In total, Super League Gaming ended the first quarter of 2020 on a net loss of $5.1M, compared to a net loss of $16.1M in the same period of last year. The company’s total operating expenses for the period were $5.3M. Furthermore, the earnings report revealed a cash position of $4.8M with no debt outstanding, compared to an $8.4M cash position on Dec. 31, 2019.
Two days ago, Super League Gaming entered into a securities purchase agreement with institutional investors. The company aims to sell 1.825M shares at an offering price of $3.50 per share, which would generate gross proceeds of approximately $6.4M. The closing of the offering is expected to take place on or about today.
