- Esports Mogul's (ESH) sharp revenue increase proved a key performer in its annual report, but not enough to prevent delivering an overall net loss
- The ASX-lister managed to trim its after-tax net loss for the interval from $5.9 million to $5.4 million, which was backed by a 264 per cent increase in revenue from the previous year
- During the year, ESH partnered with multinational tech giant Microsoft over the period to launch a year-long Esports tournament and onboarded former Spotify managing director, Kate Vale, as a Non-Executive Director
- Looking to the future, Esports Mogul flagged its move to become a globally recognised brand "will be a reality this year"
- Esports Mogul shares have retreated on the back of the news, trading 5.56 per cent lower and trading at 1.7 cents
Esports Mogul's (ESH) revenue increase proved to be a key performer in its annual report, but not enough to prevent delivering an overall net loss.
Overall, its net loss after tax clocked in at $5.4 million for the interval, a modest improvement on the $5.9 million it copped in the previous year.
The company says it worked extensively through the year with its partners and gamer communites to refine its offerings in the Esports world, which is considered the fastest growing segment in the $160 billion gaming industry.
Revenues proved to be a crucial performer in the annual report, with the ASX-lister experiencing its strongest year and individual quarter for the metric, finishing the financial year with approximately 264 per cent growth, to total $303,621.
Although a modest figure in a broader sense, it's a marked increase on the $86,991 it returned in the previous year.
A key highlight for the company was its partnership with Microsoft, under which, Mogul launched a multi-national 12-month tournament series for Microsoft’s PC game ‘Age of Empires II’, the ‘Age of Empires II Asia Cup’ and was co-promoted by Mogul and Microsoft.
The company also onboarded former Spotify managing director Kate Vale as a new Non-Executive Director, bringing what Esports Mogul describes as a "unique blend" of networks and experience to the team.
Esports pocketed $8 million over the period via the issue of 800 million fully paid ESH shares, the cash boost aided in nearly doubling the company's final reported cash and equivalents balance, which came in at $8.1 million.
The company indicated it will not be paying a dividend this year.
Looking to the future, Esports Mogul said becoming a globally recognised brand "will be a reality this year."
Esports Mogul shares have retreated on the back of the news, trading 5.56 per cent lower and trading at 1.7 cents at 4:50 pm AEDT.