Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) Q3 2023 Earnings Call Transcript

Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) Third Quarter 2023 Earnings Statement November 10, 2023

Operator: Good afternoon and welcome to Allied Gaming & Entertainment, Inc. Earnings conference call for the third quarter of 2023. [Operator Instructions] Please note that this event will be recorded. I would now like to turn the conference over to Tyler Drew of Addo Investor Relations. Please continue.

Tyler Drew: Thank you, operator. Good afternoon and welcome to the Allied Gaming & Entertainment 2023 Third Quarter Earnings Conference Call. Allied Gaming & Entertainment CEO Yinghua Chen and CFO Roy Anderson will speak on the call today. Before I turn the call over to management, please note that our prepared remarks may contain forward-looking statements. Words such as may, will, expect, intend, plan, believe, seek, could, estimate, estimate, target, should, anticipate, target and variations of these words and similar expressions are intended to be identified as forward-looking statements. Actual results may differ materially from those implied by such forward-looking statements due to a number of factors discussed in the company’s public filings, including the risk factors discussed in documents filed with the Securities and Exchange Commission.

Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be met. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, certain of the financial information presented in this notice represents non-GAAP financial measures. The Company’s earnings release, issued this afternoon and available on the Company’s website, presents definitions of such non-GAAP financial measures, reconciliations to the relevant GAAP measures and an explanation of why the Company believes such non-GAAP financial measures are useful to investors.

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An interior view of a gaming operator facility, slot machines reflecting the lights.

And with that, it is now my pleasure to turn the call over to Allied Gaming & Entertainment CEO, Yinghua Chen.

Yinghua Chen: Thanks, Tyler, and thanks to all of you for joining us this afternoon. As we share our exciting developments from the past quarter, we are committed to executing our strategic plan to focus on our growth in eSports, gaming and entertainment. Starting with our Q3 financial results, we have achieved a significant milestone by registering a positive net income. This performance reflects our relentless efforts to increase operational efficiency and reduce costs in anticipation of robust revenue growth in 2024. Our unwavering commitment to improving profitability remains unwavering despite the challenges we faced in Q3, particularly in terms of of a 28% decline in revenue, mainly due to declines in life events, reflecting the impact of economic uncertainty.

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