FansUnite (FANS.TO) is a sports and entertainment company, focusing on technology related to regulated and lawful online sports betting, esports betting, casino and fantasy. Their mission is to be a leader in the gaming industry by providing their partners and players the industry’s most versatile and vertically integrated platforms with a portfolio of unique products and a focus on esports, sports betting, casino and the next generation of bettors.
The Company today announced preliminary unaudited revenue and gross margin results for the fiscal year ended December 31, 2023. All amounts are reported in Canadian Dollars unless otherwise indicated.
Here are some highlights:
- Total revenue for the twelve months ended December 31, 2023 was in the range of $23.4 million to $23.9 million.
- Gross margin for the twelve months ended December 31, 2023 ranged from 61% to 65%, compared to 56% over the same period in Fiscal 2022.
- For Fiscal 2023, the strategic divestment of iGaming assets resulted in annualized cash savings of $7.8 million.
- Total revenue for the three months ended December 31, 2023 was in the range of $6.2 million to $6.7 million, an increase of at least 12% as compared to continuing operations from the three months ended December 31, 2022.
“I’m pleased to announce our 2023 unaudited financial results, reflecting our commitment to restructuring the business for stability and growth,” said Scott Burton, CEO of FansUnite. “Despite the broader economic challenges, we have focused our business on streamlining operational costs while continuing to focus on our top line. Through strategic measures, we have reduced our debt, saw growth in our new business units and maintained our leadership position in live activations, laying a strong foundation for the future. Looking ahead, our priority is to shore up our balance sheet while positioning our affiliate business for success.”
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