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Super League Enterprise, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
Revenue for the three months ended September 30, 2024, was $4.4 million, a decrease of 38% from $7.2 million in the same period the previous year. This decrease was attributed to industry softness in ad sales and a reduction in Minehut related media sales revenues.
Cost of revenue for the quarter was $2.7 million, representing 61% of sales, compared to 65% in the same quarter of the previous year. This decrease in cost ratio is due to a change in the mix of revenue streams.
The company reported a gross profit of $1.7 million for the quarter, compared to $2.5 million in the previous year.
Total operating expenses decreased by 26% to $5.2 million from $7.0 million in the same quarter of the previous year, reflecting ongoing cost reduction efforts.
Net loss for the quarter was $3.6 million, compared to a net loss of $3.0 million in the previous year. The loss per share was $(0.54), compared to $(3.19) in the previous year.
Cash and cash equivalents were $0.3 million as of September 30, 2024, down from $7.6 million at the end of 2023. Net cash used in operating activities for the nine months ended September 30, 2024, was $8.2 million.
The company continues to seek additional capital through equity or debt financings to support its operations and growth.
Super League entered into a binding term sheet with Infinite Reality, Inc., which includes plans for an asset acquisition and a credit facility of $30 million.
On October 24, 2024, the company completed a registered direct offering of common stock, resulting in gross proceeds of approximately $1.0 million.
Super League announced several strategic partnerships, including collaborations with Meta-Stadiums and Common Sense Networks, aimed at expanding its reach and capabilities in immersive content and advertising.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Super League Enterprise Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.