GameSquare Holdings Inc.

Total revenue was $18.5 million, up from $7.8 million in the prior-year period, a 137% increase year over year. Reported gross margin was $9.0 million, or 49% of sales, versus $2.3 million, or 29.4% of sales, last year. Adjusted EBITDA was positive $1.0 million compared with a loss of $3.2 million a year ago. As of June 30, 2026, cash and cash equivalents plus digital asset treasury assets totaled $25.9 million. Management reiterated full-year 2026 guidance on a pro forma basis: revenue of $85 million to $90 million, gross margin of 35% to 40%, and adjusted EBITDA of over $5 million.

Justin Kenna framed the quarter as proof that GameSquare’s integrated platform is driving profitable growth, with higher-margin revenue mix and disciplined expense control creating operating leverage. He emphasized the company’s creator, esports, IP, and production capabilities, highlighting new wins and expanded relationships with brands and publishers. His tone was confident and bullish, but he repeatedly said management wants to stay conservative and beat guidance rather than raise it.

Mike Munoz focused on the financial step-up: revenue of $18.5 million versus $7.8 million last year, gross margin of 49% versus 29.4%, and adjusted EBITDA improving by $4.2 million year over year to positive $1.0 million. He also cited liquidity of $25.9 million in cash, cash equivalents, and digital asset treasury assets at quarter-end. His remarks emphasized a strong balance sheet, improving profitability, and flexibility to invest, pursue strategy, and return capital to shareholders.

Analysts pressed on the implied second-half ramp, and management said Q4 should be the largest quarter of the year, with the back half expected to represent about 60% of full-year revenue. Justin said confidence in guidance and the pipeline is higher than at any point since guidance was issued, while noting the company is deliberately staying conservative. On revenue visibility, he said roughly 70% of revenue is now locked in, versus about 30% two to three years ago, and he pointed to ongoing operating leverage and minimal expected OpEx growth versus Q2.