Revenue Performance - Total revenues for the three months ended June 30, 2024, were approximately $2.64 million, a decrease of 19% from $3.27 million in the same period of 2023[129]. - In-person experience revenues decreased by approximately $0.4 million, or 28%, to approximately $0.9 million for the three months ended June 30, 2024, from approximately $1.3 million for the same period in 2023[130]. - Casual mobile gaming revenue was $1.7 million for the three months ended June 30, 2024, compared to $0 million for the same period in 2023, attributed to the business combination with ZTech[132]. - Multiplatform content revenue was $0 for the three months ended June 30, 2024, down from $2.0 million in the same period of 2023, due to the absence of a live streaming event[131]. - Total revenues increased by approximately $0.6 million, or 12.5%, to $5.0 million for the six months ended June 30, 2024, compared to $4.5 million for the same period in 2023[142]. - In-person experience revenues decreased by approximately $0.3 million, or 12%, to approximately $2.2 million for the six months ended June 30, 2024, driven by fewer events held[143]. - Casual mobile gaming revenue was $2.9 million for the six months ended June 30, 2024, compared to $0.0 million for the same period in 2023, attributed to the business combination with ZTech[145]. Expenses and Losses - General and administrative expenses increased by approximately $3.0 million, or 136%, to approximately $5.2 million for the three months ended June 30, 2024, primarily due to legal and professional fees[137]. - Total costs and expenses for the three months ended June 30, 2024, were approximately $7.93 million, an increase of 70% from $4.66 million in the same period of 2023[129]. - Net loss attributable to common stockholders for the three months ended June 30, 2024, was approximately $3.8 million, compared to a net loss of $0.69 million for the same period in 2023[129]. - General and administrative expenses increased by approximately $3.3 million, or 70%, to approximately $8.1 million for the six months ended June 30, 2024, primarily due to increased legal and professional fees[150]. - Net loss attributable to common stockholders was approximately $5.5 million for the six months ended June 30, 2024, compared to a net loss of $2.6 million for the same period in 2023[156]. Cash Flow and Assets - Net cash used in operating activities increased to approximately $4.5 million for the six months ended June 30, 2024, from $3.0 million in 2023, reflecting a higher net loss[164]. - Net cash provided by financing activities was approximately $19.8 million for the six months ended June 30, 2024, compared to a net cash used of approximately $1.9 million in 2023[167]. - Current assets increased to approximately $94.7 million as of June 30, 2024, from $78.3 million as of December 31, 2023[155]. - Working capital surplus decreased to approximately $61.8 million as of June 30, 2024, from $66.4 million as of December 31, 2023[156]. Accounting Estimates and Risks - The company considers accounting for goodwill impairment to be a critical accounting estimate due to the high uncertainty involved and potential material impact on financial results[170]. - There are additional items within the financial statements that require estimation but are not deemed critical[170]. - The company has identified that changes in accounting estimates could materially affect financial condition or results of operations[170]. - The company has not disclosed any quantitative and qualitative disclosures about market risk in this report[171].

Financial Performance - Total revenues for Q2 2024 were $2.6 million, an 11% increase from $2.4 million in Q1 2024, but a 19% decrease from $3.3 million in Q2 2023[3] - Net loss for Q2 2024 was $3.9 million, compared to a net loss of $0.7 million in the same period last year[5] - Adjusted EBITDA loss was $1.4 million for Q2 2024, an improvement from a loss of $1.7 million in Q1 2024 and a loss of $1.1 million in Q2 2023[5] - The net loss attributable to common stockholders for Q2 2024 was $3,803,258, compared to a loss of $691,218 in Q2 2023, representing a substantial increase in losses[24] - Adjusted EBITDA for Q2 2024 was $(1,381,379), a decline from $(1,127,270) in Q2 2023, indicating ongoing operational challenges[28] Revenue Breakdown - Casual mobile gaming revenue reached $1,722,454 in Q2 2024, with a total of $2,846,258 for the first half of 2024, indicating strong growth[24] - Total revenues for Q2 2024 were $2,639,868, a decrease of 19.2% compared to $3,268,095 in Q2 2023[24] Expenses and Costs - Total costs and expenses increased by 70% year-over-year to $7.9 million, primarily due to a $3.0 million rise in general and administrative expenses[4] - Total costs and expenses increased to $7,930,120 in Q2 2024, up from $4,663,326 in Q2 2023, reflecting a significant rise of 69.0%[24] - General and administrative expenses surged to $5,236,160 in Q2 2024, compared to $2,223,025 in Q2 2023, marking an increase of 135.5%[24] - Research and development expenses totaled $173,533 in Q2 2024, highlighting the company's commitment to innovation despite financial losses[24] Cash and Investments - Cash and short-term investments as of June 30, 2024, were $95.2 million, up from $78.6 million at the end of 2023[6] - Working capital position decreased to $61.8 million as of June 30, 2024, from $66.4 million at the end of 2023[6] - Total assets increased to $126.7 million as of June 30, 2024, compared to $112.0 million at the end of 2023[22] Shareholder Information - The company had approximately 38.2 million shares of outstanding common stock as of June 30, 2024[6] - The weighted average number of common shares outstanding increased to 43,212,071 in Q2 2024 from 37,199,100 in Q2 2023, reflecting potential dilution for existing shareholders[24] Events and Initiatives - The company announced the launch of the World Mahjong Tour, with the first event scheduled for spring 2025 at HyperX Arena[8] - HyperX Arena hosted 65 event days in Q2 2024, including 25 proprietary and 40 third-party events[7] Other Financial Metrics - Interest income for Q2 2024 was $1,041,468, up from $715,126 in Q2 2023, indicating improved financial management[28] - The company reported a gain of $351,434 on foreign currency transactions in Q2 2024, contributing positively to the overall financial results[24]

Revenue Performance - Total revenues for the three months ended March 31, 2024, increased by approximately $1.2 million, or 99%, to $2.4 million compared to $1.2 million for the same period in 2023[111] - In-person experience revenues rose by approximately $62 thousand, or 5%, to approximately $1.3 million, driven by increased sponsorship and event revenue[112] - Casual mobile gaming revenue was $1.1 million for the three months ended March 31, 2024, compared to $0 for the same period in 2023, attributed to the business combination with Z-Tech[112] Expense Overview - Total costs and expenses increased by approximately $1.2 million, or 31%, to $5.1 million for the three months ended March 31, 2024, compared to $3.8 million in 2023[111] - General and administrative expenses increased by approximately $0.3 million, or 12%, to approximately $2.9 million, primarily due to increased stock-based compensation and legal fees[116] - Research and development expenses were $195 thousand for the three months ended March 31, 2024, compared to $0 in the same period in 2023, reflecting investment in new mobile game development[115] Net Loss and Financial Position - Net loss attributable to common stockholders decreased by approximately $195 thousand, or 10%, to $1.7 million for the three months ended March 31, 2024, compared to $1.9 million in 2023[111] - The net loss for the three months ended March 31, 2024, was approximately $1.8 million, compared to a net loss of $1.9 million for the same period in 2023[125] - As of March 31, 2024, the company had cash of approximately $7.3 million and working capital of approximately $67.2 million[120] Cash Flow Analysis - Net cash used in operating activities for the three months ended March 31, 2024, was approximately $2.1 million, an increase of $1.1 million compared to $1.0 million in the same period of 2023[125] - Net cash used in investing activities for the three months ended March 31, 2024, was approximately $14.5 million, significantly higher than $5.1 million in the same period of 2023[126] - Net cash provided by financing activities for the three months ended March 31, 2024, was approximately $7.6 million, a turnaround from the net cash used of $1.5 million in the same period of 2023[127] Financing Activities - The company entered into a Share Purchase Agreement for the sale of 7,330,000 shares at $0.90 per share, totaling $6.6 million, with an initial payment of $2 million received[107][108] - The credit facility was increased to $20 million, with an additional borrowing of approximately $6.3 million on March 15, 2024, at a fixed interest rate of 0.3% per annum[122] Accounting and Risk Disclosures - The company does not engage in any off-balance sheet financing activities[128] - The financial statements are prepared in accordance with U.S. generally accepted accounting principles, requiring management to make estimates that could materially impact financial condition[129] - The company considers certain accounting estimates to be critical due to the uncertainty involved and potential material impact on financial results[130] - There were no applicable quantitative and qualitative disclosures about market risk[131]

Financial Performance - Allied Gaming & Entertainment Inc. announced its financial results for the fiscal quarter ended March 31, 2024[3] - The company reported a revenue increase of 15% year-over-year, reaching $25 million for the quarter[3] - The company provided a positive outlook, projecting a revenue growth of 10-15% for the next quarter[3] User Growth - User data showed a growth in active users by 20%, totaling 1.2 million active users[3] Product and Revenue Development - New product launches are expected to contribute an additional $5 million in revenue by Q2 2024[3] - The company is investing $2 million in technology development to enhance user experience[3] Market Expansion and Strategy - Market expansion plans include entering two new states by the end of 2024[3] - Allied Gaming is exploring potential acquisition opportunities to strengthen its market position[3] Operational Efficiency - The company aims to improve operational efficiency, targeting a 5% reduction in costs by Q3 2024[3] Commitment to Shareholders - Management emphasized a commitment to shareholder value through strategic initiatives and growth plans[3]

Financial Performance - Total revenues for the year ended December 31, 2023, increased by approximately $1.3 million, or 20.5%, to $7.7 million compared to $6.4 million in 2022[158]. - Multiplatform content revenues rose by approximately $0.6 million, or 43%, to $2 million in 2023, driven by additional revenue from Season 2 of Elevated, which had 10 episodes compared to 4 in 2022[160]. - Casual mobile games revenue was $0.7 million for the year ended December 31, 2023, following the business combination with ZTech on October 31, 2023[161]. - Interest income increased by approximately $2.2 million, or 274%, to approximately $3 million for the year ended December 31, 2023, due to interest earned on short-term investments[171]. - Net loss for the year ended December 31, 2023, was approximately $3.6 million, a significant improvement compared to a net loss of $10.8 million in 2022[175]. Expenses and Cash Flow - General and administrative expenses decreased by approximately $3.2 million, or 30%, to $7.6 million in 2023, attributed to various cost reductions and an ERC credit recognized[166]. - Cash used in operating activities decreased by $2.8 million to approximately $8.1 million in 2023, reflecting improved operational efficiency[179]. - Net cash provided by financing activities for the year ended December 31, 2023 was approximately $7.1 million, compared to a net cash used of approximately $0.6 million in 2022[182]. Assets and Liabilities - Current assets as of December 31, 2023, were approximately $78.3 million, while current liabilities increased to approximately $12.0 million, resulting in a working capital surplus of approximately $66.4 million[174]. - The Company had no material commitments for capital expenditures as of December 31, 2023[184]. Stock and Repurchase Program - The total number of shares repurchased during the years ended December 31, 2023 and 2022 was 1,698,038 and 581,746, respectively, at an average price of $1.18 per share[185]. - As of December 31, 2023, the dollar value of shares available for repurchase under the stock repurchase program is $7,306,347[185]. - The stock repurchase program is authorized for up to $10 million through November 17, 2024, based on market conditions[185]. Tax and Compliance - The Company assesses uncertain tax positions based on ASC 740, which may impact financial statements due to potential future obligations[193]. - The effective income tax rate is influenced by the mix of income and losses in U.S. and non-U.S. entities[190]. - The Company does not engage in off-balance sheet financing activities[186]. Operations and Future Plans - The company expects to continue expanding its marketing efforts and operations in new geographies and vertical markets, which may require significant capital expenditures[156]. - The company operates a flagship gaming arena in Las Vegas and has a mobile esports arena, enhancing its ability to host diverse events and connect with gamers[157]. - The Company reviews long-lived assets for impairment whenever events indicate that the carrying amount may not be recoverable[197].

Financial Data and Key Metrics Changes - Total revenues for 2023 were $7.7 million, an increase of 21% from 2022 [7][17] - Net loss attributable to common stockholders decreased by 68%, from $10.8 million in 2022 to $3.6 million in 2023 [7][18] - General and administrative expenses improved by 30% in 2023 [7] - Adjusted EBITDA loss for 2023 was $4.6 million, down from a loss of $8.6 million in 2022 [19] Business Line Data and Key Metrics Changes - Allied Esports International hosted 64 events in Q4 2023, including 30 proprietary and 34 third-party events [8] - Allied Mobile Entertainment integrated Z-Tech, which had revenue of $17 million and positive net income in 2023 [11][12] - Allied Experiential Entertainment formed a joint venture, Skyline Music Entertainment Limited, to capitalize on the entertainment industry in Asia [12] Market Data and Key Metrics Changes - HyperX Arena saw increased demand, contributing to higher sponsorship revenues [17] - The partnership with Elite Fun Entertainment and other local companies aims to enhance event planning and operations in Asia [12][14] Company Strategy and Development Direction - The company is focused on growth through strategic investments and partnerships, particularly in the Asian market [12][14] - Continued emphasis on reducing expenses and improving financial performance across all business lines [7][18] - Plans to leverage the integration of Z-Tech to enhance distribution capabilities for mobile games [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for 2024, highlighting the integration of Z-Tech and ongoing demand for AEI properties [21][22] - The company believes its stock is undervalued and continues to repurchase shares as part of its strategy [15][20] Other Important Information - The company repurchased approximately 2.3 million shares between November 2022 and the end of 2023 [15] - The financial results for Q4 2023 showed revenues of $2.1 million, a 70% increase from the prior year [17] Summary of Q&A Session Question: No formal Q&A session for this event - There were no questions or answers recorded during the conference call [23]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): March 27, 2024 Allied Gaming & Entertainment Inc. (Exact name of registrant as specified in its charter) Delaware 001-38226 82-1659427 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No. ) 745 Fifth Avenue, Suite 500 New York, New York 10151 ...

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