Allied Gaming & Entertainment Inc. Q1 FY2023 earnings call

• Allied is laser-focused on leveraging assets, products, and services to provide unique experiences for gamers as the entertainment landscape evolves.
• In-person events at HyperX Arena: 82 events (42 proprietary, 40 third-party) with third-party events up 5.3% y-o-y. Notable third-party events include various ones like HyperX CES Event, etc.
• Renewed exclusive naming rights agreement with HP/HyperX, with HP/HyperX getting prominent branding, and HP Omen to sponsor the Allied Mobile Esports Truck.
• Season 2 of 'ELEVATED' (sponsored by Progressive Insurance) debuted first 2 episodes, joined by OTK; Season 1 had over 10M live views and 3M VOD views. 'WANNABE' is on the YES App with plans for Season 2.
• Continuing efforts in mobile gaming space, which had over $90B revenue in 2021 and expected to grow at CAGR >12% through 2026.
• Under share repurchase plan, repurchased approximately $2 million of AGAE stock up to Q1 2023, with 1,105,604 shares acquired in Q1 at an average price of $1.26.

Total first quarter revenues were $1.2 million, essentially flat from the fourth quarter of 2022 but down from $2.4 million in the first quarter of 2022. The year-over-year decline was mainly due to the timing of the original content series 'ELEVATED'. However, revenues from proprietary and third-party events at HyperX Arena Las Vegas and Allied Esports Truck operations increased by 9.5% year-over-year. Total costs and expenses for the first quarter of 2023 were $3.8 million, a decrease of $2.3 million or 38% compared to Q1 2022. Net loss for Q1 2023 was $1.9 million compared to $3.8 million in the prior year period. Adjusted EBITDA loss was $2 million in Q1 2023, a 20% reduction from Q1 2022. As of March 31, 2023, cash and short-term investments totaled $84.4 million, including $5 million of restricted cash.

• Trending well in Q2 as beginning to recognize revenue from Season 2 of 'ELEVATED'.
• Targeting to bring new live shows to market in the third quarter.

• Actual results could differ materially from forward-looking statements due to factors in company's public filings, including risk factors from SEC documents.
• Certain financial information presented represents non-GAAP financial measures; earnings release explains non-GAAP measures.

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