Revenue growth has contracted sharply, with the most recent quarter reporting a -31.3% year-over-year decline alongside a deeply negative operating margin of -14.1%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Mar'15 | Mar'14 | Mar'13 | Mar'12 |
|---|
| Sales/Revenue | 60.13M | 45M | 96.2M | 41.3M | 28.08M | 33.35M | 10.55M | 4.22M | 3.53M | 309.03K | 0 | 0 | 0 | 0 |
| Revenue Growth % | -32.3% | -53.22% | 132.91% | 47.08% | -15.78% | 216.19% | 149.93% | 19.41% | 1043.41% | - | - | - | - | - |
| Cost of Goods Sold | 38.89M | 25.48M | 80.92M | 31.2M | 18.43M | 22.85M | 3.38M | 0 | 2.59M | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 56.63% | 84.12% | 75.54% | 65.61% | 68.54% | 32.05% | - | 73.16% | - | - | - | - | - |
| Gross Profit | 21.24M | 19.52M | 15.27M | 10.1M | 9.66M | 10.49M | 7.17M | 4.22M | 948.31K | 309.03K | 0 | 0 | 0 | 0 |
| Gross Margin % | 35.32% | 43.37% | 15.88% | 24.46% | 34.39% | 31.46% | 67.95% | 100% | 26.84% | 100% | - | - | - | - |
| Gross Profit Growth % | - | 27.78% | 51.2% | 4.61% | -7.96% | 46.41% | 69.83% | 344.94% | 206.87% | - | - | - | - | - |
| Operating Expenses | 30.56M | 31.25M | 61.42M | 35.48M | 27.9M | 26.96M | 22.53M | 11.53M | 12.05M | 4.98M | 83K | 144.88K | 218.12K | 110.25K |
| OpEx % of Revenue | - | 69.45% | 63.85% | 85.91% | 99.37% | 80.85% | 213.68% | 273.33% | 341.03% | 1612.08% | - | - | - | - |
| Selling, General & Admin | 25.94M | 25.19M | 34.21M | 19.89M | 24.54M | 23.56M | 17.92M | 9.04M | 10.32M | 4.65M | 74.49K | 143.9K | 218.12K | 87.8K |
| SG&A % of Revenue | - | 55.98% | 35.56% | 48.16% | 87.39% | 70.67% | 169.95% | 214.16% | 292.19% | 1503.25% | - | - | - | - |
| Research & Development | 2.19M | 2.05M | 3.25M | 3.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 4.56% | 3.38% | 7.43% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.33M | 4.01M | 23.97M | 12.52M | 3.36M | 3.39M | 4.61M | 2.5M | 1.73M | 336.3K | 0 | 0 | 0 | 0 |
| Operating Income | -9.32M | -11.74M | -46.15M | -25.38M | -18.25M | -16.47M | -15.37M | -7.31M | -11.1M | -4.67M | -83K | -144.88K | -218.12K | -110.25K |
| Operating Margin % | -15.51% | -26.09% | -47.97% | -61.45% | -64.98% | -49.38% | -145.73% | -173.33% | -314.19% | -1512.08% | - | - | - | - |
| Operating Income Growth % | - | 74.56% | -81.82% | -39.1% | -10.81% | -7.14% | -110.14% | 34.12% | -137.59% | -5529.99% | 42.71% | 33.58% | -97.84% | - |
| EBITDA | -7.51M | -9.71M | -42.17M | -21.75M | -15.63M | -12.96M | -11.48M | -4.93M | -9.38M | -4.34M | -83K | -144.88K | -218.12K | -110.25K |
| EBITDA Margin % | -12.49% | -21.57% | -43.83% | -52.67% | -55.66% | -38.87% | -108.83% | -116.76% | -265.35% | -1403.25% | - | - | - | - |
| EBITDA Growth % | 81.77% | 76.98% | -93.84% | -39.16% | -20.6% | -12.93% | -132.96% | 47.45% | -116.22% | -5124.8% | 42.71% | 33.58% | -97.84% | - |
| D&A (Non-Cash Add-back) | 1.81M | 2.03M | 3.98M | 3.63M | 2.62M | 3.51M | 3.89M | 2.39M | 1.73M | 336.3K | 0 | 0 | 0 | 0 |
| EBIT | -9.6M | -11.74M | -54.99M | -25.66M | -18.21M | -27.57M | -25.65M | -13.62M | -10.42M | -10.05M | 0 | 0 | 0 | 0 |
| Net Interest Income | 158.74K | 586.15K | -570.96K | -672.59K | -403.36K | -1.27M | -908.77K | -333.38K | -62.89K | -53.43K | 0 | 0 | 0 | 0 |
| Interest Income | 487.84K | 586.15K | 0 | 0 | 8.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 329.1K | 0 | 570.96K | 672.59K | 411.8K | 1.27M | 908.77K | 333.38K | 62.89K | 53.43K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -36.5M | -18.23M | -9.41M | -947.83K | -134.3K | -12.38M | -11.19M | -6.64M | 617.18K | -5.43M | 0 | 0 | 0 | 0 |
| Pretax Income | -45.82M | -29.97M | -55.56M | -26.33M | -18.38M | -28.84M | -26.56M | -13.95M | -10.48M | -10.1M | -83K | -144.88K | -218.12K | -110.25K |
| Pretax Margin % | -76.21% | -66.59% | -57.75% | -63.75% | -65.46% | -86.5% | -251.81% | -330.67% | -296.72% | -3269.03% | - | - | - | - |
| Income Tax | 158.04K | 63.72K | 0 | -55.1K | -304.37K | 0 | 0 | 144.82K | -859.64K | -45.76K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.34% | -0.21% | 0% | 0.21% | 1.66% | 0% | 0% | -1.04% | 8.2% | 0.45% | 0% | 0% | 0% | 0% |
| Net Income | -52.65M | -40.1M | -48.75M | -31.28M | -18.12M | -40.66M | -32.34M | -14.74M | -11.5M | -10.06M | -83K | -144.88K | -218.12K | -110.25K |
| Net Margin % | -87.56% | -89.11% | -50.68% | -75.74% | -64.53% | -121.93% | -306.66% | -349.29% | -325.56% | -3254.22% | - | - | - | - |
| Net Income Growth % | -8.23% | 17.74% | -55.84% | -72.63% | 55.43% | -25.72% | -119.43% | -28.12% | -14.39% | -12016.59% | 42.71% | 33.58% | -97.84% | - |
| Net Income (Continuing) | -45.98M | -30.03M | -55.56M | -26.28M | -18.08M | -28.84M | -26.56M | -14.1M | -9.63M | -10.06M | 0 | 0 | 0 | 0 |
| Discontinued Operations | -1000K | -12.09M | 1.25M | -5.01M | -29.84K | -11.89M | -5.86M | -895.17K | -1.88M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 143.38K | 217.38K | 293.45K | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.54 | -0.61 | -1.75 | -2.81 | -3.26 | -13.68 | -43.84 | -401.14 | -378.96 | -539.37 | -205.95 | -316.34 | -494.61 | -250.01 |
| EPS Growth % | 61.15% | 65.14% | 37.72% | 13.8% | 76.17% | 68.8% | 89.07% | -5.85% | 29.74% | -161.89% | 34.9% | 36.04% | -97.84% | - |
| EPS (Basic) | - | -0.61 | -1.75 | -2.81 | -3.26 | -13.68 | -43.84 | -401.14 | -378.96 | -539.37 | -205.95 | -316.34 | -494.61 | -250.01 |
| Diluted Shares Outstanding | 97.33M | 65.72B | 27.9M | 11.12M | 5.56M | 2.97M | 740K | 36.74K | 30.36K | 18.64K | 403 | 458 | 441 | 441 |
| Basic Shares Outstanding | 97.33M | 65.72B | 27.9M | 11.12M | 5.56M | 2.97M | 740K | 36.74K | 30.36K | 18.64K | 403 | 458 | 441 | 441 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and capital exhaustion
As reported in recent financial statements, GameSquare's revenue has faced a severe downturn, with the most recent quarterly figures showing a -31.3% year-over-year decline, signaling that the company's aggressive roll-up strategy is currently failing to generate the anticipated organic growth or sustainable market demand.
The consistent revenue decay suggests that the integration of disparate assets like FaZe Clan and Engine Gaming has not yet yielded the expected cross-selling synergies. Investors should monitor whether this contraction reflects a deliberate pruning of low-margin business or a fundamental loss of competitive relevance in the gaming sponsorship market.
According to historical income statement data, gross margins have fluctuated wildly between 10.2% and 49.4%, indicating that the company's service-heavy cost structure remains highly sensitive to project-based revenue mix and the underlying costs of talent acquisition and content production within its closed-loop ecosystem.
The inability to maintain a stable gross margin suggests that the company lacks significant pricing power, leaving it vulnerable to the cyclical nature of corporate marketing budgets. This volatility complicates the forecasting of profitability, as the cost of delivering services appears to scale inconsistently with top-line billings.
Based on the provided quarterly figures, GameSquare continues to struggle with negative operating margins, reaching -14.1% in the most recent quarter, which implies that the current corporate overhead and talent-related fixed costs are far too high relative to the company's diminished revenue scale.
The lack of operating leverage suggests that the company has not yet achieved the necessary scale to cover its fixed cost base, which is heavily weighted toward specialized personnel and content creators. Without a significant reduction in SG&A or a sharp revenue inflection, the path to positive operating income appears increasingly narrow.
Analysis of the income statement reveals a persistent disconnect between operating and net results, with net margins reaching as low as -168.6% in 2025Q4, suggesting that significant non-operating charges, such as impairments or interest expenses, are severely eroding shareholder value beyond core operational inefficiencies.
The wide gap between operating losses and net losses warrants further investigation into the nature of these non-operating items, which may include recurring restructuring costs or asset write-downs. Investors should be wary of these persistent bottom-line deficits, as they indicate that the company's capital allocation strategy has been value-destructive to date.
While management emphasizes the potential of its integrated data and agency model, the company's -89.11% net margin and dwindling cash reserves suggest that the business model may be fundamentally unsustainable without frequent, dilutive external financing to bridge the gap between current cash burn and profitability.
Short-sellers would likely focus on the company's reliance on high-cost talent and the potential for further asset impairments as the gaming market cools. The risk remains that the 'closed-loop' ecosystem is more of a cost burden than a competitive moat, particularly if brand partners continue to reduce their gaming-related marketing spend.
Quick answers to the most common questions about buying GAME stock.
For fiscal year 2025, GameSquare Holdings, Inc. (GAME) reported total revenue of $45.0M.
GameSquare Holdings, Inc. (GAME) reported a net loss of $40.1M for the fiscal year ending 2025.
GameSquare Holdings, Inc. (GAME) reported an operating income of $-11.7M, resulting in an operating profit margin of -26.1%. This margin reflects the operational efficiency of the business before interest and taxes.
GameSquare Holdings, Inc. (GAME) generated $19.5M in gross profit for the year, representing a gross profit margin of 43.4%. This demonstrates the company's core pricing power and production efficiency.