GAME

Good afternoon, thank you for joining us for the GameSquare Holdings 2026 First Quarter Conference Call. On the call today, we have Justin Kenna, GameSquare CEO, and Mike Munoz, CFO. During the call, all participants are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. Before management discusses the results, I would like to remind everyone that certain statements in this call may be forward-looking in nature. These include statements involving known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. For information about forward-looking statements and risk factors, please see our 10-K for the quarter ended March 31st, 2026, which will be available on the company's website or with the Securities and Exchange Commission. I will now turn the call over to GameSquare CEO, Justin Kenna.

Justin, please go ahead.

Thank you, and good afternoon to everyone joining us on today's call. GameSquare is off to a solid start in 2026. Our first quarter results were in line with our expectations during what is typically the seasonally slowest period of the year. We're excited by the momentum we're seeing across our platform. Our performance reflects the organic contribution of the integrated business that we've built, as well as the early benefits of recent acquisitions, including Click, our creator marketing intel business, and TubeBuddy, our AI-enabled software and workflow platform for creators and brands. We believe these acquisitions have meaningfully expanded our position in the creator economy, providing our customer with a single entry point for reaching these audiences.

Click gives us a deeper ability to identify, manage, deploy, and monetize high-value creators for brand and publisher campaigns, while TubeBuddy adds a scaled technology layer that supports creators and digital publishers with workflow analytics, optimization, and AI-enabled tools. Together, these capabilities strengthen our ability to connect brands, creators, publishers, and audiences through a more complete and differentiated platform. We have seen clear evidence that GameSquare's platform is resonating with larger clients and driving bigger opportunities. Within GSX and our broader agency business, average deal size is increasing, with 70% of programs now over $200,000. We've doubled the number of $1 million+ opportunities. These are larger programs and larger clients, and they are increasingly pulling in multiple parts of our ecosystem, including creatives, content, media, data, experiential production, and live activations.

Importantly, we believe that this validates GameSquare's strategy to serve as a gateway into the creator economy, combining proprietary data, technology, creator relationships, and gaming expertise to help brands reach digital native audiences in more authentic, measurable, and scalable ways. We are also continuing to execute a disciplined capital allocation strategy focused on driving growth, improving profitability, and creating long-term shareholder value. That includes investing behind the areas of the business where we see the greatest return potential, pursuing strategic M&A, and evaluating opportunities for share repurchases when we believe that the market is not appropriately valuing our business. We continue to expand the talent, technology, and capabilities that make GameSquare unique. The recent addition of Justin Miclat as Chief Growth Officer of Click, together with the signing of leading creators such as Steak and others, further strengthens our position at the center of the creator economy.

Combined with Click and TubeBuddy, these additions enhance our ability to scale high-value talent, create new monetization opportunities, and deliver more integrated solutions for brand partners. We are excited by the direction that we're headed and believe that GameSquare is increasingly well-positioned to deliver against our 2026 plan. That is background. I'll use my time today to review our first quarter performance, discuss the progress that we're making across the business, and provide an update on our expectations for the year ahead. During the first quarter, we executed against several important strategic priorities and delivered strong financial results that were in line with our expectations. Reported revenue on a year-over-year basis increased by 95%, and gross profit dollars expanded year-over-year by nearly 77% or by $2.4 million.

The combination of revenue growth and higher gross profit continues to support the development of a more scalable financial model. Along these lines, we also improved our first quarter adjusted EBITDA loss year-over-year on a pro forma basis, including the contribution from TubeBuddy. Our adjusted EBITDA loss was just $656,000, which was consistent with our expectations for the seasonally slowest quarter of the year. Importantly, these results demonstrate the continued progress that we're making toward a full year of profitability. As a reminder, in February of 2026, we announced the acquisition of TubeBuddy from BEN Group in an all-stock transaction. TubeBuddy provides powerful search engine optimization, workflow analytics, and productivity tools powered by proprietary AI, which are used by creators and digital publishers to grow, manage, and monetize their content.

The acquisition adds a scale creative technology layer to our technology platform, which we believe will accelerate our strategy to build an integrated ecosystem spanning content, community, data, and performance marketing. Importantly, the accretive acquisition of TubeBuddy demonstrates the evolution of our M&A strategy. As our scale increases and our capabilities expand, we are focused on pursuing compelling operating assets that we expect to be accretive to earnings. Just this morning, we announced the appointment of Justin Miclat as Chief Growth Officer of Click. It added several major creators to Click's roster, including Steak, the second-largest Roblox creator. The newly added talent is expected to generate more than $5 million of incremental annualized revenue while enhancing GameSquare's ability to connect leading creators with global brands through its integrated platform spanning talent management, data analytics, creative services, and experienced activations. These additions provide several important benefits to GameSquare.

First, Steak and other recently added creators expand our reach. Secondly, Justin brings a proven track record of scaling and monetizing leading digital talent. Thirdly, these additions create profitable creator-driven revenue streams with attractive operating leverage. Finally, they reinforce GameSquare's ability to consistently attract and retain top-tier talent in an increasingly competitive market. Adding high-impact creators materially expands our presence and enhances our ability to drive higher-value brand partnerships, increase campaign volume, and improve monetization across our platform. These positive trends reflect the strength of our platform and our ability to consistently attract and retain top-tier talent in an increasingly competitive market. Our integrated platform is driving strong momentum as we provide valuable solutions that connect brands, creators, and consumers at scale.

One of the clearest examples of this progress was the performance of our GameSquare Experiences division, or GSX, which generated record first-quarter 2026 bookings of more than $10 million. This performance was driven by continued demand from leading video game publishers and global brands seeking to connect with Gen Z and digital-first audiences through authentic, measurable campaigns. Importantly, GSX currently serves many of the largest video game publishers in the world, underscoring the relevance of our platform within the global gaming ecosystem. GSX is a strong example of how GameSquare's integrated platform is translating into real commercial momentum. The division brings together creators, content data, media strategy, consumer products, and large-scale experiential execution to help bridge digital influence with real-world engagement. During the quarter, GSX executed a range of live events, hybrid experiences, and digital-first campaigns designed to connect online and offline communities.

Other recent customer and partnership wins further validate the growing momentum we are seeing across GameSquare's ecosystem. During the quarter, we announced the fourth annual renewal of Zoned's longstanding partnership with Dairy MAX, reflecting the continued value we are delivering for recurring brand partners. We also expanded our partnership with Capcom to support the global launch of Resident Evil: Requiem, the newest title in the globally recognized Resident Evil franchise. We continue to see strong execution across FaZe Esports, FaZe Clan The Six Invitational 2026, taking on $1 million in prize money, which contributed to revenue in the first quarter. This marks the second consecutive year that FaZe Esports has earned the title of world champion. We believe it is powerful validation of FaZe's position at the top of global competitive gaming. On to Q2.

Positive first quarter trends recently accelerated, and we are encouraged by the growing momentum we are seeing early in the second quarter and the visibility we are building for the balance of the year. We believe our integrated platform is resonating with brands and publishers as they increasingly look for measurable, creator-led solutions that combine digital reach, real-world engagement, and authentic connections with Gen Z, Gen Alpha, and millennial audiences. Recent wins include the continued expansion of our work with several leading global video game publishers. We have already started multiple new programs that are expected to contribute to second quarter sales, while also building a broader pipeline of opportunities for the second half of the year. These programs reflect the increasing demand we see for GameSquare's ability to combine creators, content, live experiences, media, data, and production into integrated campaigns that engage both digital and IRL audiences.

In addition to the momentum we are seeing with individual publisher programs, we are also building a strong track record helping leading game publishers and brands launch, promote, and extend engagement around major titles and gaming communities. This includes identifying and procuring the right creators, developing the creative strategy, and helping deploy campaigns across content, media, live experiences, and community channels. During the first quarter of 2026, this area of the business generated approximately $2.2 million of revenue. This includes recent programs for Capcom, Ubisoft, and other leading game publishers. We expect this to be a major contributor into Q2 and certainly in the back half of 2026. We are also gaining strong traction in what we view as an important IP creation opportunity for brands and publishers.

Programs such as Into The Zone, Epic Games, and the Roblox Creator Showdown demonstrate our ability to develop original, repeatable formats that can be monetized across multiple aspects of the GameSquare ecosystem. These properties bring together creators, publishers, brands, content media, live experiences, sponsorships, production, and community engagement in a way that creates multiple high-value revenue opportunities across our platform. Importantly, these programs are a strong proof of our land and expand strategy. Across Into The Zone and Roblox Creator Showdown, we have developed multiple pieces of IP with our clients supporting approximately 10 events globally in 2026 and generating approximately $5.5 million of revenue to date.

We have already locked in events in the U.S., Germany, and London, with an event in Brazil coming, highlighting both the global production capabilities we've built and the opportunity to expand successful programs into additional markets, formats, and commercial relationships over time. We are also seeing strong momentum at Click. With the recent addition of several high-profile creators, Click is positioned to deliver what we expect in Q2 to be the largest quarter in its history. The timing of these additions, combined with the appointment of Justin Miclat, gives us added confidence in our ability to scale talent, improve monetization, and drive higher value brand partnerships with a focus on the U.S. market.

A recent example of Click's growth is the expansion of Hungryboy Hot Sauce, the viral hot sauce brand from YouTube collective The Boys, which launched in November of 2025 across H-E-B grocery stores and has since expanded to Spencer's and nearly 300 World Market stores. This success highlights our ability to convert creator influence into scalable consumer products, retail distribution, and incremental monetization opportunities. We expect to add additional commercially relevant creators to our platform during the second quarter, further expanding a talent ecosystem built to drive brand partnerships, consumer products, content, and experiential revenue. Within Stream Hatchet, we recently launched Creator Communities, which is a new way of handling the entire creator marketing process in one place, from creative discovery and onboarding to activation and reporting.

As campaigns become more data-driven and performance-focused, companies are looking for platforms that can manage creative discovery, drive positive campaign execution, and provide performance analytics in a single workflow. Creator Communities represents the next step in Stream Hatchet's evolution from a data analytics platform into a broader creator marketing platform. We expect this new AI-enabled platform to begin generating revenue in the back half of 2026. We are seeing growth from brands and video game publishers across the globe. This includes meaningful opportunities across the Middle East and Asia within our agency business. As I mentioned before, our events business is producing multiple activations globally that coincide with some of the year's biggest cultural events. In addition, GameSquare will once again be well-represented at this year's Esports World Cup, which will take place from July to August and will feature a record-breaking $75 million prize pool.

As you can see, we believe that we are well-positioned for a strong second quarter and an even bigger second half of 2026. We are attracting and retaining leading brand and publisher relationships, scaling creator-led and experiential offerings, and converting our position in gaming and youth culture into measurable commercial opportunities. With increasing visibility into the second quarter and the back half of the year, we remain extremely confident in our ability to execute against our full-year sales and profitability outlook. Before I turn the call over to Mike, I want to briefly mention our upcoming annual meeting of stockholders, which will be held virtually on June 18, 2026. Stockholders of record as of April 23, 2026 are eligible to vote. Your vote is important.

In addition to the routine matters being voted on, stockholders are being asked to approve a proposal that would allow us to restate our certificate of incorporation and make several governance and corporate structure updates. These include eliminating super majority voting requirements to amend our certificate of incorporation, declassifying our board of directors, increasing the number of authorized shares, and making other non-material changes. I want to emphasize that we believe this proposal is important to GameSquare's continued evolution as a public company. Importantly, we understand there may be some misconceptions around the proposal, particularly as it relates to the increase in authorized shares. Increasing authorized shares does not mean these shares are being issued, nor does it mean the company is automatically diluting stockholders.

Rather, it is intended to provide GameSquare with appropriate flexibility to support our long-term strategy, including potential strategic opportunities, growth investments, balance sheet management, and other corporate purposes that may create value over time. We are asking shareholders to take a few minutes to review the proxy materials and vote their shares. Whether you own a large position or a small position, your vote matters and helps ensure your shares are represented at the annual meeting. We appreciate the continued support of our stockholders and encourage everyone eligible to vote to do so as soon as possible. With this overview, I'd like to turn the call over to Mike to review our 2026 first quarter financial results. Mike?

Thanks, Justin. Our reported results for the first quarter of 2026 reflect the successful strategies underway to drive profitable growth. Comparing our 2026 first quarter reported results to the prior year, total revenue was $14.5 million compared to $7.4 million. The 95% year-over-year increase in revenue was primarily due to the acquisition of Click and TubeBuddy, as well as large growth in our marketing agency operating segment. Reported gross margin for the 2026 first quarter was $5.6 million or 38.4% of sales, compared to $3.2 million or 42.5% of sales for the same period last year. The slight year-over-year decline in gross margin was due to the change in revenue by product mix.

Adjusted EBITDA for the 2026 first quarter was $1.1 million loss compared to $1.6 million loss for the same period last year. The $1.5 million improvement reflects the strategies we are pursuing to drive profitable sales. On a pro forma basis, which includes a full quarter contribution of TubeBuddy, revenue was $15.8 million and pro forma adjusted EBITDA loss was just $0.7 million or 4.2% of pro forma revenue. We believe pro forma sales and adjusted EBITDA demonstrate the accretive contribution TubeBuddy will have on our financial performance. As of March 31st, 2026, we had cash and cash equivalents in digital asset treasury assets of $35.9 million. GameSquare has a strong financial position with excellent liquidity to pursue strategic initiatives, invest in our operating platform and return capital to shareholders.

With that overview, I'll turn the call back over to Justin.

Thanks, Mike. We continue making progress, scaling our business, growing sales and improving profitability. We also remain focused on balancing investment and growth with disciplined actions to create long-term shareholder value. In April, we completed our largest monthly repurchase to date, buying back nearly 2.3 million shares for approximately $1 million, an average price of approximately $0.44 per share. Since initiating the program in October of 2025, we repurchased 11.3 million shares for approximately $3.5 million, an average price of approximately $0.47 per share. Following April's repurchase activity, we had approximately $11.4 million remaining under our current authorization, which was expanded on April 14, 2026.

We believe recent repurchases reflect both the strength of our balance sheet and our conviction that at current trading levels, GameSquare's share price does not reflect the underlying value of the business that we are building. We expect to remain opportunistic and disciplined in using our authorization while continuing to invest behind the growth opportunities across our platform. We are also positioning the company for our next phase of accelerating growth. We are advancing our talent strategy with the addition of meaningful creator relationships that will add $5 million of incremental annualized revenue to our business. We plan to extend our agency and platform capabilities to drive growth in the U.S. and internationally, while pursuing opportunities to expand our reach into some of the largest, most high-profile gaming markets.

We believe these actions will drive new revenue streams in 2026 and beyond, and further establish GameSquare as a scaled leader in the global creator economy. Based on the momentum we see across the platform, our confidence in the year is increasing, and we are encouraged by how the second quarter is shaping up. On a pro forma basis, which reflects our plans for the TubeBuddy business, we are reiterating our previously announced annual guidance for fiscal year 2026. We expect revenue in the range of $85 million-$90 million, with gross margins of 35%-40% and adjusted EBITDA of over $5 million. Our outlook reflects continued organic growth and improving year-over-year profitability. With the structural efficiencies we have implemented and the operating discipline now embedded across the organization, we believe we are well positioned to scale profitability as the business grows.

We are excited about the opportunities ahead and confident in our ability to deliver sustained value for our shareholders. With this overview, Mike and I are happy to take questions. Operator, please open the call up to questions. Thank you.

Thank you. The first question comes from Jack Vander Aarde with Maxim Group. Please go ahead.

Okay, great. Good evening, guys. Good to see all the moving pieces seem to be coming together, and congrats on the maintained pro forma outlook. Justin, you covered a lot of ground there. I'm trying to figure out where I wanna start. You know, in terms of the events side of the business, it sounds like there's quite a bit of things mapped out for the rest of this year, and we have the World Cup coming up as well. With all these new businesses you've acquired, including your agency, kind of pipeline here, how are you looking at capitalizing and making the most of your events pipeline, including maybe World Cup and other major flagship game releases such as even GTA, knock on wood, down the road? Thanks.

Yeah. I think it's a great question, Jack. You know, GSX was, you know, really formed in 2025. I think the growth of the GSX business has been incredibly pleasing. You know, I think really it was born out of an extension of Zoned. Our agency business and the two partnered together hand in hand, right? Like I think post-COVID, just mix that digital strategy with IRL has been extremely important. You know, to be able to have, you know, multiple locked-in events with Epic Games and Roblox building out new IP with them on both fronts, you know, not only just here in the U.S. but also internationally is incredibly pleasing.

You know, to your point around how we sort of think about moving forward, I think, you know, we've got a lot of locked-in revenue there between those two major publishers, which is exciting. It also includes some activations around the World Cup. That hasn't been announced yet, so it's more of a watch this space. We certainly do. I think something that we're doing a lot better in bolstering our commercial team is getting out in market really proactively, right, around a lot of these large cultural tentpole moments. You know, for the gaming space, that might be things like, you know, GDC, TwitchCon, other big opportunities, but also obviously, you know, in the U.S. with the World Cup, you know, around NFL and Super Bowl, with the Olympics coming.

We've been really proactive with inventory and pitching not only our current client base, but also new clients. That's starting to translate into a really healthy sort of revenue pipeline. Yeah, really pleased about how that's progressing. The GSX team working hand-in-hand with Zoned and being able to, you know, build out individual strategies, but also to bring them to life with, you know, those experiential and large IRL activations is really pleasing. Yeah, I would reiterate that our numbers, we're pleased with Q1. You know, really, like we've sort of said, for those that are tracking the story, there's real seasonality in our business. Yeah, a lot of that activity is picking up into Q2 in the back half of the year.

What's really pleasing, Jack, and why we're so confident in these numbers is a lot of that revenue is locked in, right? We're seeing a lot of sort of increased activity. We're getting a lot of RFPs at the moment. You know, we think there's real upside from there. Certainly we've got really healthy locked-in revenue, not just around game launches and with game publishers, but as we mentioned around, you know, World Cup, and some of these big, large cultural moments.

Okay, great to hear there. Maybe if I could just shift gears to the digital asset strategy. I don't know if you've had a chance to digest, but there was some progress made on the CLARITY Act in the news today. Can you maybe just touch on your overall digital asset strategy with Dialectic and kind of any thoughts on looking at dual assets to be integrated throughout your core business?

Yeah. Absolutely. Yeah, there's been a few catalysts. I think that, you know, we see towards the end of last year and start of this year, you know, the markets were hit and, you know, for anybody reviewing the financial statements, you know, obviously that's the large majority of this, you know, so-called net loss, right. The unrealized losses from the fluctuation in those crypto numbers. We haven't been selling ETH. You know, like we talked about last time, we sold some ETH early on in a gain position to pay off our long-term debt. You know, again, to reiterate from a long-term debt perspective, we're clear there. We've got a really clean balance sheet now. You know, we're pretty bullish.

I think there's a number of indicators on ETH sort of moving up here, like you mentioned there, Jack. Again, I would reiterate, we don't consider ourselves a DAT in the traditional sense. There's a number of entities that have, you know, acquired Bitcoin or ETH, and they're holding, you know, crypto into perpetuity. For us, you know, from a balance sheet perspective, it's a cash management strategy like we talked about, obviously, you know, generating yield off of the ETH that we hold through Dialectic. We, you know, we have a very clear strategy in, you know, diversifying into, you know, stablecoin that we can generate yield off of and into cash, whether we wanna buy back our shares or invest in growth assets.

Our priority is our operating business while remaining, you know, bullish in the digital asset space. Again, you know, I would kind of reiterate that flywheel approach that I just don't think others have, right? Which is, our digital asset strategy has really benefited the core operating business. You know, we've yielded close to $8 million in revenue and new deals from since we, you know, launched the DAT with Repz and Azuki and Rollbit, these Web3 companies that are trying to access Web 2.0 audiences. We remain bullish. You know, there's a lot of opportunity for our operating business to drive revenue. We've got a great relationship with Dialectic, you know, who, you know, return higher than market yields.

You know, in saying that, we'll continue to be opportunistic, and look at ways to drive value for our shareholders, right? I think we've shown that in buying back our shares, through accretive M&A transactions. You know, we remain bullish in the space, Jack, but, you know, our priority, I think as we've shown, is our operating business, and we're extremely bullish about being able to scale that.

Okay, great. Maybe if I could just ask one more. This could be for Mike as well. Just kind of looking at, as your business scales, you're definitely a global business now, and you have a lot of events, a lot of different verticals that you're involved with, especially with these acquisitions now. You touched on the Middle East and Asia. Just curious to get a sense of how material are these other regions in the world? Are we in the early innings of this kind of ramp up? Just touch on all the different things you're involved with in the Middle East and Asia or just a highlight of a couple.

Yep. I can kick off there. I can certainly add any color if you would like. I would say that there'll be certainly news to come here in the near term. We have a strategic partnership in the Middle East where there'll be some more details to come, and I would expect, you know, revenue to flow into Q2 and certainly into the back half of the year. You know, I would say that our opportunities in the Middle East are more advanced than those in Asia currently. We're just more early stage, we are actively having discussions with a number of boards on the ground in China currently.

There's certainly opportunities in multiple facets of our business, you know, from esports and partnering with FaZe and licensing, you know, that brand into our event capability, which is, you know, really grown organically, right? Through, through Roblox and Epic and a lot of the clients we work with, they want to be activating globally. That's, that's been really organic and really positive. In terms of, I'd say, you know, meaningful kind of revenue flow and how advanced these discussions are, Middle East much more so than Asia at this stage. We're in, you know, very active talks with some of the biggest automotive, you know, brands in Riyadh and in the Kingdom, and, you know, trade shows, airlines.

There's a real pipeline there, active conversations, and we expect that to kind of be upside revenue into Q2 and certainly in the back half of the year. Yeah, I think there's a lot of opportunities in Asia as well. That's, you know, I would expect that to, you know, realistically, Jack, you know, be a Q4 in 2027 impact on the P&L.

Okay, great. I said that was my last question. Just one more for clarity. Going forward now, starting with the second quarter, are we now in a steady kind of apples to apples basis now, given all the acquisitions that have been integrated and divestitures? Is now 2Q a clean compare for the rest of this year? Thanks.

Yes.

I can take that one. Yeah. Q2 will have like a full quarter contribution of TubeBuddy, but it's still year-over-year, right? Like Q2 of 25, those results are gonna exclude Click and TubeBuddy.

Got it. Okay. Thank you very much, guys. I appreciate the time. I'm gonna hop back in the queue.

The next question comes from Greg Gibas with Northland Securities. Please go ahead.

Great. Good afternoon, Justin, Mike. Thanks for taking the questions. You know, Justin, you spoke to the broader pipeline of opportunities you're seeing heading into the second half of the year. In terms of maybe annual revenue cadence, is a 40%, 60% split between first half, second half expectations still pretty fair? And, you know, maybe tied to that, you know, could you speak to the overall brand campaign spend environment or outlook as we move into your seasonally stronger quarters, perhaps as it relates to demand trends you saw in 2025?

Yep. Yeah. Consistent buys. I think, Greg, high level, that's the right way to think about things, is sort of 40% first half of the year, 60% second half of the year. You know, that's historically been correct, and we would expect it to be similar. You know, in saying that, you know, we would expect Q2, you know, to be materially larger than Q1. Can, you know, confidently say that we've already exceeded, you know, revenue for Q1 and Q2 with, you know, what are we? six weeks to go. We're in really good shape. I think, you know, again, there might be a misconception that the company's gone backwards here from a, you know, big Q4 with profitability into Q1.

You know, as you know, and anyone, you know, following the story in this space, there is seasonality and not just sort of first half to back half. Like Q1 is, you know, historically the lowest quarter, you'll see that by, you know, the amount of revenue growth that we've had year-over-year, we are really making progress. The pleasing part is, you know, a lot of that revenue is sort of locked in. In terms of activity, I'd say it's picking up really aggressively. Start of the year was a little slow. It is generally, I think there was a bit of uncertainty and fear out in the ad and brand sort of spend market. We've been seeing that pick up, you know, enormously over the last couple of months.

RFP inflow, just, yeah, a lot more activations, a lot more campaigns going on. I'd say a lot more activity than this time last year. Probably, you know, not just the macro factor, it's also a combination of, you know, us growing our team and having, you know, more people out there and, you know, really growing and expanding our capabilities and services. Yeah, I think macro conditions right now are really quite pleasing in this space. Yeah, Q2's shaping up really well. Back half of the year's shaping up well. Yeah, we're certainly on track to hit our numbers.

Hey, that's great. You know, nice to hear about those accelerated client wins early in Q2 here, and appreciate that insight into the kind of trends and seasonality. You know, as kinda changing gears, you know, your M&A outlook for the foreseeable future. Is the integration of, you know, recent acquisitions and utilizing cash for share repurchases more of a priority right now or would you say M&A is still a key focus? Just trying to get a sense of maybe your capital allocation priorities.

I would say the key focus is our core operating business and getting it to scale, which we're starting to. I think we're getting a lot more efficient and really proving out that profitability thesis. I think, you know, to do that, we need to prove our profitability for the year, which we're extremely confident we will do. You know, in saying that, you know, certainly as we've mentioned, we will look to continue to repurchase our shares. We're extremely undervalued and we want to fix that. You know, certainly putting our money where our mouth is helps there, but obviously that first piece of proving our, you know, profitability also helps. As it pertains to M&A, I think we're getting a huge amount of inbound.

You know, it is certainly, I would say, a buyer's market right now, especially in our space. There's a lot of really interesting medium-sized assets from technology to performance marketing to media assets. Saying there's a $10 million-$40 million rev range, 10%-20% EBITDA that don't have access to capital, you know, don't have access to liquidity that could fit in really well within our ecosystem. We're definitely looking, Greg, always at how do we get better, how do we get to scale? How do we do so in a way that doesn't dilute shareholders, is accretive, and makes sense, right? Where we can hopefully get multiples in public markets here as markets start to give us a few green lights. The way we think about those, one, has to be accretive.

We're not looking at anything that's paying cash. Two needs to be relative value. Like, we're not, you know, going to go and give a company what they might expect top line, because our, our equity is undervalued, and we do like to use equity as currency in those deals. We've got a strong balance sheet, so obviously there's some flexibility there. So yeah, I'll remain to be opportunistic on the M&A front. I wouldn't say that it's a priority. I think our priority is our operating business, proving out this cash flow thesis that's getting to scale. We do have, you know, a fair bit of inbound on the M&A front. I would say again, really cognizant of dilution, really cognizant of shareholder value.

You know, those deals really do need to be relative value, and we're very clear, you know, on the upfront. I think there's a lot of people who see the value in what we're building, 1 + 1 equaling 5 and wanting to be a part of this into the future. Yeah, certainly remaining opportunistic on that front.

Okay. That's great. Appreciate your stance there. I'll take remaining questions offline. Thanks, guys.

This concludes the question-and-answer session. I would like to turn the conference back over to Justin Kenna for any closing remarks. Please go ahead.

Thank you. Yeah, just wanna say thanks everyone for joining. You know, I think that Q1 is very much in line with where we expect it to be. I think Q2 activity is, you know, really pleasing and if anything, we're a little ahead of where we thought we might be. We are very much on track. We're making great progress and we're very excited to sort of catch up and give those updates to all of you. Yeah, certainly making great progress and appreciate the support. Thanks everyone for dialing in. Cheers.

This brings to a close GameSquare's 2026 first quarter financial results conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

Good afternoon, and thank you for joining us for the GameSquare Holdings, Inc. 2025 Fourth Quarter Conference Call. On the call today, we have Justin Kenna, GameSquare CEO, and Mike Munoz, CFO. During the call, all participants are in listen-only mode. Following the presentation, we will conduct a question and answer session. Before management discusses the results, I'd like to remind everyone that certain statements in this call may be forward-looking in nature. These include statements involving known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. For information about forward-looking statements and risk factors, please see our 10-K for the quarter ended December 31st, 2025, which will be available on the company's website or with the Securities and Exchange Commission. I will now turn the call over to GameSquare CEO, Justin Kenna.

Justin, please go ahead.

Thank you, and good afternoon to everyone joining us on today's call. I'm extremely proud of the progress GameSquare delivered in 2025 as the platform we've been building reached an important inflection point during the fourth quarter. Over the past year, we took decisive actions to streamline our business, strengthen our balance sheet, and build a more focused, scalable platform, and our efforts reached a clear inflection point in the fourth quarter. Our fourth quarter results reflect a meaningful step change in profitability, driven by the success of our strategic investments, improved profitability across the business, and the contribution from our recently acquired creative marketing platform, Click. As a result, we delivered positive adjusted EBITDA of $1.7 million, marking a key milestone for GameSquare and demonstrating the earnings power and scalability of our operating model.

In fact, when considering the contribution from TubeBuddy, our adjusted EBITDA would have been even stronger, underscoring the immediate accretive benefit of the transaction. More broadly, our performance highlights the strength of the integrated ecosystem we've built, combining data and analytics, a scaled creative talent network, integrated agency services, and proprietary owned and operated IP. 2025 was all about optimizing our model. As a result, GameSquare has strengthened its position as the entry point to the creator economy and expanding our land and expand strategy. While GameSquare's roots are in gaming, what we've really built is creator economy infrastructure. Across our four units, we offer what no single competitor can. Tools that power creator growth, manage creator networks, full service campaign execution, and one of the most recognized creator-led brands in the world.

To any brand looking to reach, understand, or activate within the creator economy, GameSquare is where they can enter. As our platform has evolved, so has our go-to-market strategy. Today, we are operating with a more integrated and intentional approach that reflects the full capabilities of GameSquare's end-to-end ecosystem. At the front end, we are increasingly focused on landing new customer relationships through our technology and agency businesses. These offerings provide measurable, performance-driven solutions that align closely with how brands are allocating spend in today's digital and creator economy. They also create a strong entry point into the GameSquare platform, allowing us to demonstrate value quickly and establish long-term partnerships. From there, our model is designed to expand relationships across our broader ecosystem. By leveraging our creative media and talent capabilities, we are able to deepen engagement and deliver more comprehensive integrated solutions for our clients.

This land and expand strategy is a key driver of our current and future growth model. It enables us to build higher quality, more durable customer relationships while improving revenue visibility and increasing lifetime value. As our platform continues to scale, we believe this approach will drive more efficient customer acquisition, stronger cross-selling opportunities, and ultimately higher margin growth over time. With that as context, I'd like to step back and review the actions we've took throughout 2025, and more importantly, how those actions have fundamentally repositioned GameSquare for profitable growth and improved operating performance in 2026 and beyond. Throughout 2025, we executed a deliberate strategy to optimize our business model, rationalize our portfolio, and build a differentiated end-to-end platform that is both scalable and resilient. Significant actions during the year include divesting our remaining stake in FaZe Media, winding down Frankly Media, and acquiring Click.

These operational moves have sharpened our focus, improved efficiency, and created a more powerful and unified platform that is purpose-built for scale with multiple durable revenue streams working together. Simultaneously, we fortified our financial foundation through a series of opportunistic capital raises at an average cost of $1.41 per share that raised gross proceeds of approximately $85 million. Through the proceeds of these transactions, we paid off essentially all existing debt, ended the year in a significant net cash position, and meaningfully strengthened our capital structure. These moves position GameSquare with the strongest, most flexible balance sheet in our history. It provided us with the financial strength and agility to both invest in growth and navigate dynamic market conditions. In parallel, we deployed a portion of our capital into high-performing, yield-focused digital asset treasury strategy.

While on-chain markets have experienced increased volatility more recently, we believe our disciplined, yield-focused approach, combined with the strength of our core operating business, has created a differentiated and complementary earnings stream for GameSquare. As part of our initial on-chain strategy, we also acquired a portfolio of digital assets, including NFTs, most notably the Cowboy Ape, which was acquired through a strategic all-stock transaction priced at $1.50 per share. During the first quarter of 2026, we monetized our NFT positions, generating proceeds of approximately $1.5 million in cash and 0.4 million ETH at the time of the sale, as we actively optimize our treasury allocation. These proceeds we used in combination with the yield we received from our treasury strategy to repurchase our stock.

Since we initiated the program in October of 2025 and through March 6th, 2026, we have repurchased a total of 5.06 million shares for $2.5 million at an average price of $0.49 per share. We view these repurchases as a highly attractive use of capital, particularly given our confidence in the intrinsic value of the business, and they reflect a disciplined and balanced approach to capital allocation. Overall, we view our treasury management strategy as a dynamic and opportunistic capital allocation lever. As market conditions evolve, we will continue to actively allocate capital, deploying or monetizing assets where we believe we can maximize risk-adjusted returns and drive long-term shareholder value. At the same time, I want to emphasize that our core operating business remains the foundation of GameSquare and our primary focus as we move into 2026.

Let's look at our core operating business in a bit more detail. Our priorities in 2025 were focused on achieving profitability, streamlining operations, and driving higher-margin revenue opportunities across our core media, technology, and esports businesses. I'm pleased to report that we made significant progress and achieved every one of these strategic priorities and, in many cases, exceeded them. During the fourth quarter, we successfully executed against several of our 2025 strategic actions. Reported revenue on a year-over-year basis increased by 142%, and gross margin expanded year-over-year by approximately 20 percentage points to 45.9%. The combination of revenue growth, expanding gross margins, and disciplined cost control drove a more powerful financial model. Along these lines, we delivered positive adjusted EBITDA of $1.7 million for the fourth quarter, marking a key milestone for GameSquare and demonstrating the earnings power and scalability of our operating model.

The continued improvements to profitability throughout 2025 reflected the second quarter divestiture of Phase Media, the wind down of Frankly Media in the third quarter of 2025, and the contributions of our improved balance sheet. As we noted in September, we discontinued the operations of Frankly Media, a legacy programmatic advertising solutions provider. The closing of Frankly reflects our strategic shift toward optimizing our business model by exiting non-core, lower-margin operations. This decision also aligns with our goal of eliminating operating losses and cash burn while concentrating on high-growth areas such as agency, media, and technology. M&A remains a key component of our growth plan. During the third quarter, we acquired Click Management, a leading talent management firm founded in Australia with a growing US presence.

Regularly named as one of the top digital creator agencies by Business Insider and recently awarded Best Talent Management Agency by industry body AiMCO, Click Creators delivered 548 million views across YouTube alone in March of 2026 and currently has a total of 123 million YouTube subscribers. Click has assembled one of the largest English-speaking gaming rosters with approximately 85 active talent. It is important to note that talent is at the core of today's creator economy, and bringing Click into the GameSquare family accelerates our long-term strategy. Together, GameSquare and Click will expand the company's reach into creator-led brand partnerships and activations, accelerate growth opportunities within GameSquare's media, agency, and experiences ecosystem, and drive immediate cost and revenue synergies by integrating Click throughout GameSquare's existing platform. We are actively leveraging Click's platform to aggressively expand our talent roster.

Over the coming months, we expect to add high-impact creators, materially expanding our North American presence and enhancing our ability to drive higher-value brand partnerships, increase campaign volume, and improve monetization across our platform. This momentum reflects the strength of Click's platform and our ability to consistently attract and retain top-tier talent in an increasingly competitive market. More recently, in February 2026, we announced the acquisition of TubeBuddy from BENlabs in an all-stock transaction. TubeBuddy provides powerful search engine optimization, workflow analytics, and productivity tools powered by proprietary AI, which are used by creators and digital publishers to grow, manage, and monetize their content. The acquisition adds a scaled creator technology layer to our technology platform, which we believe will accelerate our strategy to build an integrated ecosystem spanning content, community data, and performance marketing. TubeBuddy is a high-performing asset.

For 2025, TubeBuddy had revenue of $10.2 million, gross margin of over 88%, and an EBITDA margin of over 30%. We are excited by the operational and financial opportunities that TubeBuddy represents. Importantly, the accretive acquisition of TubeBuddy demonstrates the evolution of our M&A strategy. As our scale increases and our capabilities expand, we are focused on pursuing compelling operating assets that we expect to be accretive to earnings. With the addition of TubeBuddy, GameSquare's platform includes an AI-enabled software platform with proven tools embedded into creative workflows. The anticipated increase to recurring software and subscription revenue, first-party creator and channel data capabilities, powerful cross-platform brand and performance marketing solutions create new integration opportunities across GameSquare's media, esports, and creative networks.

Our strategy is designed to leverage our existing relationships with some of the world's leading and most forward-looking brands, while also building on the momentum we generated through key customer wins in 2025. Across our platform, we partner with some of the world's most recognized brands, including Lego, Paramount, and TurboTax, alongside leading gaming publishers such as Roblox, Epic Games, Capcom, and Ubisoft. These engagements highlight our ability to deliver integrated creator-led campaigns at scale. Within our technology and data platform, Stream Hatchet continued to strengthen its position as a trusted partner to brands, publishers, and creators. We saw strong customer retention and expansion, including renewals of Riot Games, Activision Blizzard, and Electronic Arts, reinforcing the value of our data and analytics capabilities. We also continued to expand our capabilities with new AI-powered tools, and we were selected as an official data provider for the Esports World Cup.

In our agency and brand partnerships business, we executed integrated campaigns for leading global brands and publishers, including Capcom, Roblox, World of Dance, Dairy MAX, Jack in the Box, the Dallas Cowboys, Mastercard, and Paramount. Within our talent platform, we recently announced new partnerships with H-E-B, while our own media IP and experiential assets drove growth with a new licensing agreement with SpongeBob SquarePants and the production of the 2025 100 Thieves Block Party. Finally, we continue to expand our relationships across broader gaming ecosystem, including a new management services agreement with Ubisoft. These wins reflect the expanding value of our integrated platform. We are landing customers through our technology and agency capabilities and expanding those relationships across our broader ecosystem, driving higher value engagements and more durable revenue streams over time.

Over the past several months, we have made several strategic leadership additions and organizational changes designed to enhance execution, drive revenue growth, and improve operational discipline. We recently appointed Doug Rosen as Chief Commercial and Strategy Officer, where he is responsible for leading our global commercial strategy and driving revenue growth across the platform. Doug brings deep experience from leading media and gaming organizations, and his focus on building scalable, repeatable revenue streams and integrated go-to-market execution is directly aligned with our strategic priorities. In addition, we appointed Amaree Tanawong as Chief Operating Officer, further strengthening our operational leadership. Amaree brings nearly two decades of experience across strategy, finance, and operations, including leadership roles at YouTube and other high-growth media platforms. In her role, she's focused on driving operational scalability, executional discipline, and supporting the launch of new revenue initiatives across our integrated ecosystem.

We also continue to evolve our organizational structure to better align with our platform strategy. This includes the promotion of Paul Ioakim to head of agency, bringing together our agency capabilities under a unified leadership structure to deliver a more cohesive integrated solutions for our clients. These leadership updates reflect a deliberate effort to align our organization with our long-term strategy, enhancing our ability to scale efficiently, drive revenue growth, and execute with discipline as we enter 2026. As you can see, 2025 was a transformative year for GameSquare. We took decisive actions to streamline the business, strengthen our balance sheet, and build a more focused, scalable platform. Those efforts are now translating into improved operating performance and a clear step change in profitability. Importantly, we believe we are still in the early stages of realizing the full earnings potential of the platform as we move into 2026.

With this overview, I'd like to turn the call over to Mike to review our 2025 fourth quarter financial results. Mike?

Thanks, Justin. Our reported results for the fourth quarter reflect the successful strategies underway to drive profitable growth. Comparing our 2025 fourth quarter reported results to the prior year, total revenue was $18.5 million, compared to $7.6 million. The 142% year-over-year increase in revenue was primarily due to growth across our agency and owned and operated IP segments, including the full quarter contribution of Click. Reported gross margin for the 2025 fourth quarter was $8.5 million or 45.9% of sales, compared to $2.0 million or 25.8% of sales for the same period last year. The 20.1 percentage point improvement in gross margin reflects the ongoing efforts to improve profitability in the margin contribution of our digital asset treasury strategy. Adjusted EBITDA for the 2025 fourth quarter was $1.7 million profit, compared to $3.1 million loss for the same period last year.

The $4.8 million improvement reflects the strategies we are pursuing to drive profitable sales. On a pro forma basis, which includes the contribution of TubeBuddy, revenue was $20.6 million, and pro forma adjusted EBITDA was $2.3 million or 11.2% of pro forma revenue. We believe pro forma sales and adjusted EBITDA demonstrate the accretive contribution TubeBuddy will have on our financial performance. As of December 31, 2025, we had cash and cash equivalents and digital asset treasury assets, excluding NFTs, of $52.0 million. We ended the quarter with $35.7 million of shareholders' equity, compared to $12 million at the end of last year. As you can see, GameSquare has a strong financial position with excellent liquidity to pursue strategic initiatives, invest in our operating platform, and return capital to shareholders. With this overview, I'll turn the call back over to Justin.

Thanks, Mike. As you can see, the progress we are making has fundamentally reshaped the company. Over the past year, we've expanded margins, streamlined our cost structure, rationalized our platform, fully cleaned up and strengthened our balance sheet, and added a highly scalable growth engine through Click and TubeBuddy. The result is a business that is meaningfully stronger, more focused and more scalable than it was even a few quarters ago. Our balance sheet is healthy, our strategic priorities are fully funded, and we are entering 2026 with clear operating momentum across every part of the platform. We are winning new programs, expanding relationships with leading brands and publishers, scaling our creator network and continuing to innovate across our operating businesses. We are also positioning the company for our next phase of growth.

We are advancing our talent strategy with an expected addition that will bring meaningful creator relationships onto our platform. We plan to extend our agency and platform capabilities to drive growth in the US and internationally, while pursuing opportunities to expand our reach into some of the largest, most high-profile gaming markets. We believe these actions will drive new revenue streams in 2026 and beyond, and further establish GameSquare as a scaled leader in the global creator economy. On a pro forma basis, which reflects our plans for the TubeBuddy business, we are reiterating our previously announced annual guidance for fiscal year 2026. We expect revenue in the range of $85 million-$90 million, gross margins of 35%-40%, and adjusted EBITDA of over $5 million. Our outlook reflects continued strong organic growth and the durability of the improved margin profile we established exiting 2025.

With the structural efficiencies we have implemented and the operating discipline now embedded across the organization, we believe we are well-positioned to scale profitability as the business grows. We are excited about the opportunities ahead and confident in our ability to deliver sustained value for our shareholders. With this overview, Mike and I are happy to take your questions. Operator, please open up the call to questions. Thanks all.

Thank you. We'll now begin the analyst question and answer session. To join the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. The first question comes from Jack Codera with Maxim Group. Please go ahead.

Hi. Thanks. This is Jack Codera calling in for Jack Vander Aarde. Thanks for taking my questions. It was nice to see the guidance. Given all the acquisitions and divestitures, are you able to give any color as to what you expect for seasonality going forward? Maybe, like a very rough percentage range for each quarter.

Yeah, I can take that one, Mike. I'd say, probably less so than quarter-by-quarter, Jack. I think the easiest way to think about it is really that the back half of the year is generally a little stronger for a number of reasons. Added brand spend ramps a little. We have more activity in the esports market. You have holiday buying for merchant consumer product and so forth. I wouldn't say it's extreme in terms of seasonality, but I think the easiest way to think about it is 40/60 in terms of sort of 40% to the first half of the year, 60% to the back half of the year. Within that, I would generally say that Q1 is typically our weakest quarter and Q4 is typically our strongest. There can be some fluctuation within that.

Easiest way to think about seasonality is 40/60 on a H1, H2 basis. I would sort of preface that by saying Q1 is off to a historically strong start. We have been very busy closing out the year-end orders, so we haven't closed the books there yet. We certainly feel really, really comfortable about Q1 and the activity that we saw within that quarter.

Okay, that's great to hear. I saw the revenue segmentation for the full year, but I recognize that that was kind of adjusting for some of these acquisitions and divestitures. Are you able to provide just the revenue segments for the fourth quarter, specifically, kind of where the revenues fell into those segments for the quarter?

I can take that one, Justin, if you want. Yeah. I know the quarterly segment disclosure isn't included in our financials, but of our $18.5 million of revenue, $4.2 million was from our owned and operated IP segment. $12.5 million was from our agency segment, which includes our talent agency, Click. $1.2 million was from our SaaS and managed services segment, and then $560,000 was from our digital asset treasury yield.

Awesome. That's super helpful. Congrats again. I'll jump back in the queue. Thank you.

The next question comes from Greg Gibas with Northland Securities. Please go ahead.

Hey, good afternoon, Justin and Mike. Thanks for taking the questions. Wanted to, I guess, maybe follow up. You mentioned a strong start to Q1 in terms of the performance there. Maybe more broad, what kind of gives you guidance in your 2026 outlook, and could you maybe speak to the growth pipeline of opportunities as it stands today?

Yeah. I'll take that one, Mike. I would say, Greg, we feel really comfortable in terms of guidance. We believe that these are really conservative numbers. As mentioned, Q1 is off to an extremely positive start. Some of the areas of sort of growth and I would say outsized growth into 2026, I think to look for. Certainly, our creator deployment business has had an enormous Q1. It's a really big area of growth for us. We talked in the earnings call a little bit about being the entry point to the creator economy and what we've been able to do through our creator platform and our data business is really layer those together and a huge competitive advantage in helping game publishers and brands execute creator deployment campaigns at real scale.

We saw a huge amount of activity there within Q1 of the year, and that's certainly going to be a large growth area for us in 2026 off of what we did there in 2025. It's been a bit of an area of focus for us, something we're investing into and certainly taking advantage of. I'd look to that area as certainly being a big contributor into Q1 and the remainder of the year. We had really nice sort of flow on within our FaZe esports business. We spoke last year about really professionalizing the esports space. We've moved our FaZe esports business to our headquarters in Dallas, and with that, there's some inventory that we've been able to sell against that's been really healthy, and we're seeing one of the very few sort of profitable North American esports businesses.

Expect that to be a nice contributor also into Q1. Our agency business continues to go from strength to strength. You can see there in the numbers in Q4. The most pleasing part of that is just entering 2026 with more locked-in revenue than ever before. Certainly, we're still out there looking for new business, but I'd say with our current client mix and recurring revenue base. Q1, we can feel really good about off to a great start to the year. In terms of sort of guidance, I think some of the areas for outsized growth that aren't necessarily baked into those numbers are sort of opportunities into new markets. MENA is certainly one for us. We've talked about it before. There's been obviously increased investment into the esports space with the Esports World Cup and everything going on over in Riyadh.

There's some really interesting opportunities for us there. We spoke about the talent and creator space. We're just scraping the surface in terms of the growth into the US. I think the acquisition of Click and the business that they built with Australian talent and now growing that US base has been incredible. We have an incredible foundation, and now it's really about pouring gasoline on that. There's some of the areas I'd look for outsized growth for us to really sort of hit and exceed guidance, which we very much believe we will do so. Yeah, in terms of Q1, I'd say really healthy mix of revenue, but certainly, I'd look for a big sort of contribution from that creator deployment managed services space that I mentioned.

Great. That's very helpful. Appreciate the color there and good to hear. If I could secondarily ask about kind of capital allocation going forward and maybe just starting with your stance on M&A, how profiles of future M&A would be relative or similar, I guess, to your acquisitions of Click and TubeBuddy more recently or different in any deliberate way? Maybe as it relates to just capital allocation, maybe wondering if you're willing to maybe discuss your stance on share buybacks going forward, considering you've been active the last several quarters.

Yeah, happy to touch on both. Yeah, I think that profile, Greg, is certainly similar to assets that we're looking at. I think we touched on it. I think really our focus would be within the technology, performance marketing, media, gaming space, really in call it $10 million-$50 million of revenue, 5%-20% EBITDA margins. It's really the businesses that we're looking at. I think, again, to reiterate, in the past, we acquired some really valuable assets, but assets that were burning cash. We've moved beyond that. We've now got to profitability, and we want to scale it. We're only looking at assets that are accretive. We realize the challenge that exists with really trading where we trade today. Obviously, using equity as currency is challenging. Really the way that we look at these M&A opportunities is relative value deals.

What I would say is, while there's challenges, not only for us, for many in the microcap space in today's markets, within the gaming industry, more broadly, we have a great reputation. We get a lot of inbound on M&A for these sort of small to medium sized standalone companies that lack access to capital and liquidity. We're a really nice home. Within that, I think a lot of people see the longer-term vision and understand that we're undervalued today, but hey, one plus one could equal five here, and we believe in the long-term vision. Long story short, Greg, I'd say that profile of company is certainly what we're looking at. We are very cognizant of dilution. We are obviously working to increase share price. Within that, it will continue to be opportunistic within M&A, but certainly from a relative value type deal.

Again, if you look at TubeBuddy, that was exactly what that deal was, right? 5 million shares to a company that did $10 million in revenue or 30% EBITDA margin, it's basically unheard of. That's finding a partner that really believes in the long-term vision. Continue to be active within M&A, but certainly more opportunistic until share price really starts to move. On share buybacks, I think we've been using the yield we've been generating from our lease to buy back shares. We've bought back obviously over 5 million shares. We have space currently from our current sort of approval from the board to do another $2.5 million worth. We will continue to buy back stock. Whether we get more aggressive on the buyback or not remains to be seen.

That will really come down to how the share price moves off the back of profitability, continued catalysts that we have coming. What I would say is we are really excited, I'd say by the progress that we've made and by what lies in front of us. We understand how undervalued we are. We're equally impatient. We share shareholders' frustration. We will continue to look to buy back stock, and really depending on how. Obviously, there's macro factors at play as well. Depending on how the stock starts to move based off of the catalysts we have coming here over the next 3-6 months, will really determine on how aggressive we are on that front.

Got it. Thanks for your thoughts on those points.

This concludes the question and answer session. I would like to turn the conference back over to Justin Kenna for any closing remarks. Please go ahead.

Yeah, I just wanted to say thanks everybody for joining today and certainly for the continued support. Again, I think it's the elephant in the room is certainly our share price. I just wanted to reiterate that we share the frustration around where the share price sits today. We really do view this in terms of a longer-term play and building really long-term value for shareholders. What I would say, we've talked about hitting profitability in the back half of 2025 for some time. We did a lot of work to get there. I'm really proud of the team and want to really give flowers to all of our team. We've got a really dedicated workforce who works extremely hard. I just wanted to give a huge shout-out to all of our staff.

Yeah, I feel really, really good about the progress that we've made in terms of doing the things that we say we will do. We feel really strongly about where we're headed in 2026. Again, just wanted to thank everybody who joined the call and our shareholders for the continued support. We're not going to leave any stone unturned in terms of continued progress and growth and ensuring that we drive value for shareholders. We really believe that things are going to start to turn here in 2026. Thank you everyone for joining the call. We're really excited to touch base again and report back on our progress with our Q1 results in very short order here. Look forward to that and thanks for joining the call. Cheers.

This brings to a close GameSquare's 2025 fourth quarter financial results conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.