Super League Gaming loses $14.5 million on revenues of $1 million in 2019

Super League Gaming, an esports company that holds events for amateurs, reported that it had a net loss of $30.6 million in 2019, on revenues of $1 million. The company noted that the net loss includes non-cash expenses and that it’s operating loss was $14.5 million. Super League CEO Ann Hand in Los Angeles, said in a statement that the company’s progress during the year has exceeded its expectations. “I truly believe the transparency and positive sense of urgency that comes from being a public company created an added layer of focus, and the results are evident in our rapidly growing audience, player base, global venue partner footprint and game title portfolio. Our platform connects the deeply engaged, passionate audience of competitive gamers to each other and to their hometown venues to not just compete, but share their content around the love of the game establishing Super League as a software and media backbone for bringing amateur, local esports to scale,” Hand said. During the year, Super League Gaming generated 120 million views, compared to 2 million a year ago at the time of its initial public offering. It now has 20 games for its tournaments, compared to a target of six. And it has more than 500 venues, compared to a target of 200. Registered users are at 1 million, versus a target of 600,000. And gameplay hours are at 15 million. Revenues in the fourth quarter were just $262,000, compared to $407,000 for the same period a year earlier. The company blamed that on fluctuations in the timing of brand partner activations. In the quarter, Super League lost $7.5 million, or $1.62 a share. The company still has $8.4 million in cash. For the full year, revenues were $1.08 million, versus $1.04 million a year earlier.