- Financial highlights include total revenue of $9.67 million, an increase of approximately 804 per cent over Q1, 2021
- Gross margin of $5.90 million (61 per cent) in Q1 2022
- Positive cash flow from operations of $0.5 million in Q1 2022, as compared to negative cash flow of $2.2 million in Q1 2021
- FansUnite is a global sports and entertainment company focused on the technology underlying online gaming
- FansUnite (FANS) is up 13.64 per cent on the day, trading at C$0.25 per share at 1:50 pm ET
FansUnite (FANS) has filed its interim financial statements for the three months ended March 31, 2022.
Q1 2022 financial highlights:
- Total revenue of $9.67 million, an increase of approximately 804 per cent over Q1, 2021
- Gross margin of $5.90 million (61 per cent) in Q1 2022, as compared to $0.54 million (51 per cent) in Q1 2021
- Positive cash flow from operations of $0.5 million in Q1 2022, as compared to negative cash flow of $2.2 million in Q1 2021
- Net loss of $9.17 million in Q1 2022, as compared to $2.49 million in Q1 2021
- As of March 31, 2022, the company had net working capital of $13.6 million compared to $14.9 million as of December 31, 2021.
Q1 2022 operational highlights:
- The company appointed Dennis Williams as FansUnite’s Payments Director
- FansUnite’s American Affiliate received approval to provide customer acquisition services in New York, the largest online sports betting market in the U.S.
- On January 31, 2022, Money Line Sports launched a new online sportsbook on FansUnite’s Chameleon iGaming Platform
- The company’s AmAff division set new company records during the Super Bowl LVI weekend, resulting in US$1.75 million in first-time deposits
- FansUnite received a Gaming Related Supplier – Manufacturer license from the Alcohol and Gaming Commission of Ontario
- FansUnite launched the VamosGG Cup, a CS:GO esports tournament
- The company’s AmAff division received approval to provide customer acquisition services in Maryland’s sports betting market
- On March 22, 2022, the Company announced that it had been shortlisted as a finalist in the 2022 EGR North America Awards
- On March 31, 2022, AmAff generated $1.88 million in revenue during the first two weekends of the 2022 NCAA ‘March Madness’ Men’s Basketball Tournament
FansUnite announced that it is entering into a long-term licensing agreement with Lovell Brothers Limited, owners of Dragon Bet, to launch a new online sports betting portal on the Chameleon iGaming platform.
Scott Burton, CEO of FansUnite, commented on the company’s success.
“We began this year with solid growth to our top line despite the headwinds faced in the global economy. Our operations have scaled significantly over the last six months. During Q1 2022, we saw revenue reach $9.67 million, an increase of over 800% compared to the same period last fiscal year, while achieving a cash flow positive quarter for the first time in the company’s history, a significant milestone the current market. Having substantial working capital will allow us to continue growing without needing to access additional capital.”
“Our revenue growth was supported by positive progress across all business units. Newly acquired American Affiliate continued to enter new U.S. betting markets and delivered outstanding results during one of the busiest quarters for North American sports, while our B2B segment continues to gain traction with the launch of MoneyLine Sports. We carried this success into Q2 of Fiscal 2022, where we recently signed an MOU with a leading Welsh bookmaker and have several ongoing discussions to support other brands globally,” he added.
FansUnite is a global sports and entertainment company focused on the technology underlying online gaming.
FansUnite (FANS) is up 13.64 per cent on the day, trading at C$0.25 per share at 1:50 pm ET.