Super League Enterprise, Inc. Q3 FY2025 earnings call

• In April, Super League faced challenges like needing capital, heavy debt, complex capitalization, and NASDAQ deficiencies. By October, they secured $20M financing, eliminated debt, streamlined capital structure, and are compliant with NASDAQ. - Partnered with Evo Fund for strategic backing. - Focus on enabling brands to engage with 190 million U.S. consumers who play mobile games, etc. - Client highlights include partnerships with Google, Panda Express, Juicy Drop. - Pursuing pop-ups strategy on Roblox as a scalable, higher-margin product. - Q3 financials: revenue down but gross margin up, pro forma operating costs down, operating loss improved. - Pipeline is healthy with 8 seven-figure opportunities, booked revenue for Q4 higher than Q3, Q1 2026 revenue approaching Q1 2025. - Potential for M&A and digital asset strategy exploration.

Q3 revenues decreased to $2.4 million. Gross margin was 45%, up from 44% in Q2 and 39% in Q3 of 2024. Roblox opportunities now represent 42% of the pipeline, down from 57% of revenue in 2024. Playable and in-game mobile advertising is 20% of the pipeline and held steady at 15% of Q3 revenue.

• Q4 booked revenue is already higher than Q3 revenue. - Q1 2026 revenue is approaching reported revenue from Q1 2025. - Anticipates Roblox mix to remain a meaningful percentage, likely above 1/3 in 2026. - Connected TV partnership is seen as a new source of revenue diversification with significant growth potential.

• Comments made by management include forward-looking statements involving material risks and uncertainties, actual results could differ due to numerous factors. For a description of these risks and uncertainties, see Super League's financial statements and MD&A for the third quarter ended September 30, 2025, available on EDGAR.

Q: Do you expect the current OpEx levels to be the go-forward base or see more efficiencies?

A: We've reduced headcount from 75 to closer to 35, hit a good spot, don't anticipate increasing cost structure but not looking at immediate additional reductions.

Q: Commentary on broader advertising market sentiment?

A: Marketing budgets are a puzzle, past couple quarters had flight to safe havens, but budgets opening back up, encouraging signs seen.

Q: Where does Roblox mix get to?

A: Expect Roblox to continue to represent a meaningful percentage, likely not dipping below 1/3 in 2026; mobile has largest growth potential, Connected TV partnership is new revenue bucket.

Q: Tapped anyone for digital strategy?

A: Evo Fund principal is available for discussions, launched search for Board member with digital asset experience, anticipate bringing in advisers with strong track records in digital asset sector.

Q: Do pop-ups lead to new customers?

A: Yes, pop-ups are low-friction entry point, help brands get into immersive platforms, lead to renewals as seen with 2 renewals in same year.

Q: Anticipate gross margin going forward?

A: Focus on profitability, gross margin is always in mind; some opportunities may have challenging margins but won't turn down significant relationships.