Enthusiast Gaming Holdings Inc.

Q4 2024 revenue was $17.8 million, down from $47.1 million in Q4 2023. Gross margin was 76%, versus 40% a year earlier. Adjusted EBITDA was $1.9 million, compared with a $3 million loss in Q4 2023. Full-year 2024 revenue was $73 million, down from $178 million in 2023, and full-year adjusted EBITDA improved from a $13 million loss in 2023 to a $153,000 loss in 2024. Paid subscribers were 238,000 at December 31, 2024, versus 268,000 a year earlier and 234,000 at September 30, 2024. The company ended 2024 with $4.8 million in cash and positive working capital of approximately $3.3 million excluding certain debt and deferred items. For 2025, management expects gross margins to remain similar to 2024, in the low 70% range and stable with a slight Q1 dip. They expect normal seasonality in Q1, some short-term direct sales impact from the end of NFL Tuesday Night Gaming, but offsetting savings in technology/support/content expenses. Management did not give formal revenue or EBITDA guidance, but said it expects firmer CPMs, continued cost discipline, and additional EBITDA improvement as the year progresses.

Adrian Montgomery framed 2024 as a deliberate reset: the company exited lower-margin lines, cut costs, and rebuilt around owned-and-operated properties and more efficient monetization. His tone was confident and upbeat, emphasizing that the business now has a “profitable, high-margin” model and that the next phase is audience expansion across communities, creators, and experiences. He highlighted momentum in TSR, Icy Veins, U.GG, PocketGamer, and direct sales, while explaining that the NFL Tuesday Night Gaming program ended because the economics were not as attractive as more flexible custom-content formats.

Alex Macdonald focused on the financial reset and cited the core numbers: Q4 revenue of $17.8 million, gross margin of 76%, adjusted EBITDA of $1.9 million, and cash-based operating expenses down by over $10 million year over year. He said incremental revenue now comes in at over 70% gross margin and reiterated that 2025 should bring similar gross margins, with additional savings from the end of NFL TNG flowing through technology, support, web development, and content expense lines. On the balance sheet, he noted $4.8 million in cash, working capital of about $3.3 million, $20.4 million under the credit facility, and $18.5 million under term/operating facilities set to mature in June 2025, while saying the company is working with lenders to extend and amend those facilities.

Analysts asked whether Q1 topline and EBITDA could stay positive, how seasonality and the end of NFL TNG would affect results, and whether gross margin would hold near 2024 levels. Management said Q1 should show normal seasonal softness, especially in media/content and direct sales, but that some NFL TNG sponsors are still spending elsewhere in the portfolio and that there are savings from ending the show. They also said gross margins should remain in the low 70%s and that they have no formal guidance, but are cautiously optimistic about firmer CPMs and year-over-year CPM growth.