30 Mar Gfinity announces 2021 half-year financial results
Esports company Gfinity has announced its financial results for the period of July 1st, 2021 to December 31st, 2021.
The company has recorded £3.26m in revenue, as well as a £1.6m operating loss. The revenue has increased when compared to the same time last year (£3.01m), however, so did the loss. Last year’s loss from the same time period was £1.3m.
Image credit: Gfinity
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The company noted that the latest results show that Gfinity is on a ‘path of profitability’, although the company is yet to record a fiscal period without a loss. The report states that the reason for the improved financial results lies in a focus on Gfinity-owned properties. These properties include esports and gaming media outlets, as well as other ventures.
John Clarke, CEO of Gfinity, commented on the results: “We have continued to improve on financial performance during the period, despite a slower than anticipated return to live events and delays in certain revenue streams. The business remains on the right path to profitability, with increased revenues, lower operating losses, and reduced operating expenditure. “
Gfinity also announced that revenue from the delivery of esports solutions for third parties ‘remained flat’ for the time period in question. Meanwhile, gross profit increased 43 percent year-on-year — now at £1.0m. Gfinity noted that the also company raised £2.7m in early 2022.
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The company shared a positive outlook for the rest of 2022, with investment in the Gfinity Engage platform expected to create a new revenue stream. According to the firm, Gfinity’s return to in-person events is also coming along, albeit slower than anticipated. The company said that this will impact short-term revenue and profits, but will not change the long-term prospects or the pathway to profitability.
Esports Insider says: Gfinity finished 2021 with a loss larger than in the same period last year. The company notes that it is on the way to becoming profitable, but there is still a long way to go for that to be true. However, the acquisition of Siege.gg last year and good results from Gfinity-owned brands and properties can certainly be something to look forward to.
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