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Allied Gaming & Entertainment (AGAE) - 2024 Q4 - Annual Report
AGAEAllied Gaming & Entertainment (AGAE)2025-06-06 21:32

Revenue Performance - Total revenues increased by approximately 1.4million,or18.61.4 million, or 18.6%, to 9.1 million for the year ended December 31, 2024, compared to 7.7millionfor2023[175].−Casualmobilegamingrevenuesurgedto7.7 million for 2023[175]. - Casual mobile gaming revenue surged to 4.4 million in 2024 from 0.7millionin2023,reflectingagrowthofapproximately0.7 million in 2023, reflecting a growth of approximately 3.7 million, or 528.6%[178]. - In-person experience revenue decreased by 0.3million,or6.00.3 million, or 6.0%, to 4.7 million in 2024 from 5.0millionin2023[176].−Multiplatformcontentrevenuesdroppedbyapproximately5.0 million in 2023[176]. - Multiplatform content revenues dropped by approximately 2.0 million, or 100%, to 0in2024duetotheabsenceofthelivestreamingevent"Elevated"thatoccurredin2023[177].ExpensesandLosses−Generalandadministrativeexpensesrosebyapproximately0 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 13.4millionin2024,primarilyduetoincreasedpayrollcostsandprofessionalfees[184].−Impairmentofgoodwillwasapproximately13.4 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 0for2023,indicatingasignificantdeclineinthefairvalueofareportingunit[186].−Researchanddevelopmentexpensesincreasedto0 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 163thousandin2023,drivenbycostsrelatedtonewcasualmobilegamedevelopment[182].−FortheyearsendedDecember31,2024and2023,thecompanyincurrednetlossesofapproximately163 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 3.6million,respectively,withnetcashusedinoperationsofapproximately3.6 million, respectively, with net cash used in operations of approximately 9.8 million and 8.1million[196][200].−Theincreaseinnetcashusedinoperatingactivitiesfrom2023to2024wasapproximately8.1 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 0.7million,or240.7 million, or 24%, to 3.7 million in 2024, attributed to interest earned on new investments[193]. - Current assets grew to 94.7millionin2024from94.7 million in 2024 from 78.3 million in 2023, while current liabilities increased to 30.5millionfrom30.5 million from 12.0 million[195]. - As of December 31, 2024, the company had cash and cash equivalents of approximately 59.2million,withworkingcapitalofapproximately59.2 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 23.8million,significantlyhigherthan23.8 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 23.9million,comparedto23.9 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 10.0millionofcommonstock,with10.0 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 1.23pershare[207].−Cashrequirementsforcurrentliabilitiesincludeapproximately1.23 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].