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]
Allied Gaming & Entertainment (AGAE) - 2024 Q2 - Quarterly Results