- React Gaming Group (RGG) released its results for the quarter ending September 30, 2022
- Q3 revenue increased to C$792,164 in 2022 from C$32,918 a year ago and revenue for the nine-month period increased to C$1,971,668 from C$95,925 in 2021
- Gross profit for Q3 totalled C$389,091 compared to C$23,682 last year and for the nine-month period, gross profit increased to C$954,408 from C$58,193 in 2021
- React Gaming Group Inc. (RGG) was up 7.14 per cent, trading at C$0.075 per share as of 3:30 pm ET
React Gaming Group (RGG) released its results for the quarter ending September 30, 2022.
Q3 revenue increased to C$792,164 in 2022 from C$32,918 a year ago. The increase was driven by Livestream and its operating entity, LOOT.BET. Revenue for the nine-month period increased to C$1,971,668 from C$95,925 in 2021.
Gross profit for Q3 totalled C$389,091 (49.1 per cent of total revenue), compared to C$23,682 last year. For the nine-month period, gross profit increased to C$954,408 (48.4 per cent of total revenue) from C$58,193 in 2021.
Operating loss for the third quarter totalled C$1,635,418 compared to C$1,496,874 last year. The increase was due to LOOT.BET’s operating costs for Livestream’s ongoing operations relative to revenues generated. The operating loss for the nine-month period stood at C$7,830,525 in 2022 versus C$2,840,613 in 2021.
The EBITDA loss decreased to C$981,462 in Q3 2022 from C$1,278,952 in the same quarter a year ago. For the nine-month period, EBITDA loss stood at C$5,604,834 versus last year’s C$2,281,543.
The company recorded a net loss of C$2,095,032, or C$0.013 per basic and diluted share in Q3, compared to C$1,518,826, or C$0.013 per basic and diluted share for the corresponding period of 2021. For the nine-month period, the net loss was C$7,004,383 or C$0.043 per basic and diluted share, compared to C$2,885,344, or C$0.026 per basic and diluted share a year ago.
The company’s CEO, Leigh Hughes, explained that over the last few months, the team has continued to gather momentum toward its objectives of increasing revenues and achieving long-term profitability.
“We have taken significant steps to reduce costs across all subsidiaries and also at the corporate level since I started, and we are heading into 2023 with a very lean expenditure model. We have also held our first strategic planning session with the entire team to ensure that we start 2023 with a clear vision for achieving our goal of profitability across our entire ecosystem.”
React Gaming Group (RGG) is a holding company that stands at the forefront of the esports and iGaming industry.
React Gaming Group Inc. (RGG) was up 7.14 per cent, trading at C$0.075 per share as of 3:30 pm ET.
