Allied Gaming & Entertainment (US:AGAE)2025-06-06 21:32Revenue Performance - Total revenues increased by approximately $1.4 million, or 18.6%, to $9.1 million for the year ended December 31, 2024, compared to $7.7 million for 2023[175]. - Casual mobile gaming revenue surged to $4.4 million in 2024 from $0.7 million in 2023, reflecting a growth of approximately $3.7 million, or 528.6%[178]. - In-person experience revenue decreased by $0.3 million, or 6.0%, to $4.7 million in 2024 from $5.0 million in 2023[176]. - Multiplatform content revenues dropped by approximately $2.0 million, or 100%, to $0 in 2024 due to the absence of the live streaming event "Elevated" that occurred in 2023[177]. Expenses and Losses - General and administrative expenses rose by approximately $5.8 million, or 76%, to $13.4 million in 2024, primarily due to increased payroll costs and professional fees[184]. - Impairment of goodwill was approximately $9.6 million for 2024, compared to $0 for 2023, indicating a significant decline in the fair value of a reporting unit[186]. - Research and development expenses increased to $866 thousand in 2024 from $163 thousand in 2023, driven by costs related to new casual mobile game development[182]. - For the years ended December 31, 2024 and 2023, the company incurred net losses of approximately $22.6 million and $3.6 million, respectively, with net cash used in operations of approximately $9.8 million and $8.1 million[196][200]. - The increase in net cash used in operating activities from 2023 to 2024 was approximately $1.7 million, primarily due to the increase in net loss[200]. Cash and Investments - Interest income increased by approximately $0.7 million, or 24%, to $3.7 million in 2024, attributed to interest earned on new investments[193]. - Current assets grew to $94.7 million in 2024 from $78.3 million in 2023, while current liabilities increased to $30.5 million from $12.0 million[195]. - As of December 31, 2024, the company had cash and cash equivalents of approximately $59.2 million, with working capital of approximately $64.3 million[196]. - Net cash provided by investing activities for the year ended December 31, 2024 was approximately $23.8 million, significantly higher than $6.1 million in 2023[201][202]. - Net cash provided by financing activities for the year ended December 31, 2024 was approximately $23.9 million, compared to $7.1 million in 2023[203][204]. Capital Management - The company had no material commitments for capital expenditures as of December 31, 2024[206]. - The stock repurchase program authorized by the Board allows for the repurchase of up to $10.0 million of common stock, with $7,305,926 available as of December 31, 2024[207]. - The total number of shares repurchased during the years ended December 31, 2024 and 2023 was 514 and 1,698,038, respectively, at an average price of $1.23 per share[207]. - Cash requirements for current liabilities include approximately $25.8 million for loans payable and $2.5 million for accounts payable and accrued expenses[196]. - The company intends to meet its cash requirements from its current cash and cash equivalents balance[196].