Total revenue for the three months ended March 31, 2024, was in the range of $8.2 million to $8.5 million, a 12% to 16% increase as compared to the same period in the prior year.
Gross margin in the range of 62% to 64% for the three months ended March 31, 2024 as compared to 64% for the same period in 2023.
Total adjusted EBITDA in the range of $1.5 million to $1.8 million for the three months ended March 31, 2024, a 40% to 68% increase year-over-year.
Vancouver, British Columbia--(Newsfile Corp. - May 10, 2024) - FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) ("FansUnite" or the "Company") is pleased to announce that it will file its condensed consolidated interim financial statements and associated management's discussion and analysis ("MD&A") for the three months ended March 31, 2024 on Wednesday, May 15, 2024. In addition, the management team of FansUnite will host an earnings call to discuss the Company's first quarter Fiscal 2024 financial results at 10:00 AM EST / 7:00 AM PST on Thursday, May 16, 2024.
Q1 Fiscal 2024 Earnings Call Details
Day: Thursday, May 16, 2024 Time: 10:00 AM EST / 7:00 AM PST Topic: FansUnite's Q1 Fiscal 2024 financial results
Preliminary Unaudited First Quarter Fiscal 2024 Financial Highlights
The Company is pleased to report preliminary unaudited revenue, gross margin and adjusted EBITDA results for the three months ended March 31, 2024. The positive results came from increased activations during March Madness, a record-breaking Super Bowl weekend, improved revenue from props.com, and realized savings from cost-cutting measures enacted in previous periods.
Scott Burton, CEO of FansUnite, announced, "We are pleased to share that in the first quarter of Fiscal 2024, the Company has sustained growth in revenue and maintained strong gross margins. Alongside notable progress in our top-line figures, FansUnite has seen a significant increase in adjusted EBITDA, showcasing our commitment to profitability. Looking ahead to 2024, we're poised to expand our betting affiliate operations throughout North America, aiming to sustain our success in the sports betting landscape and fortify our balance sheet."
About FansUnite Entertainment Inc.
FansUnite is a global sports entertainment and gaming company. Our business is focused on the regulated and lawful sports betting affiliate market which includes customer acquisition, retention, support and reactivation. FansUnite has established itself as a leader in the North American affiliate market through its subsidiary American Affiliate Co LLC ("AmAff'' or "American Affiliate"). AmAff is a North American omni-channel customer acquisition company, covering both retail and digital customer activation for sportsbooks, casinos, poker and fantasy sports platforms.
For further information, please contact:
Prit Singh, Investor Relations at FansUnite ir@fansunite.com (905) 510-7636
DISCLAIMER REGARDING FINANCIAL INFORMATION:
This news release contains unaudited financial information for the three months ended March 31, 2024, which has been prepared by management based on information currently available to the Company. Accordingly, such financial information may be subject to change based on the results of the Company's year-end audit. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.
FORWARD-LOOKING INFORMATION:
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that FansUnite anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements in this news release include, but are not limited to, the Company's strategic objectives, goals, growth outlook, strategy and focus including expanding the Company's betting affiliate operations throughout North America, sustaining success in the sports betting landscape and fortifying its balance sheet.
Forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and growth rates; the success in the online gambling and sports betting industry; the regulatory environment applicable to online gambling and sports betting; the technological infrastructure and support needed to host the Company's online gambling and sports betting platforms and applications; any cryptocurrency applications to the Company's business; and the Company's growth plan. While FansUnite considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; audit-risks; risks associated with the regulatory environments in the jurisdictions the Company operates in; technology-related risks that could adversely affect the Company's ability to operate its online gambling and sports betting platforms and applications, risks related to the novel coronavirus (COVID-19) global pandemic and any effects it might have on the Company's business thereto. Readers are cautioned that the foregoing list is not exhaustive. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of FansUnite which are available on SEDAR+ at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. FansUnite disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
