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~ Ann Hand to Support Strategic Alternative Initiatives as Executive Chair; President Matt Edelman Promoted to the Role of Chief Executive Officer ~
~ Renowned Marketing and Advertising Executive Bant Breen Appointed to Board of Directors ~
SANTA MONICA, Calif., March 28, 2025 (GLOBE NEWSWIRE) -- Super League (Nasdaq: SLE), a leader in redefining the gaming industry as a media channel, today released fourth quarter and full year 2024 financial results.
Super League Executive Chair, Ann Hand Commented:
"The last two years have presented Super League with a unique set of challenges that have tested our resolve. But make no mistake, our conviction and enthusiasm to seize the opportunity in front of us is unwavering. We have worked tirelessly to build our platform over the years and are confident we have the talent, grit and an actionable plan already underway to successfully achieve our long-term objectives.
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While we have achieved plenty of success across hundreds of campaigns with blue-chip brands, creating innovative technology and growing our audience base, our financial results in the back half of 2024 did not live up to the results we expected. The micro-cap market has not rebounded in ways that we would like, combined with some macro-economic headwinds and structural shifts in the Roblox ad ecosystem, we have had to quickly adapt and be faster and more assertive in building a successful and sustainable business. Yet, we believe in our long-term prospects, and there are positive signs in Q1 - notably that revenue diversification is kicking in, margins are recovering and our pipeline is growing.
Our mandate is getting to breakeven for you, our shareholders. In order to do that, we must realign the business. We are aggressively attacking our cost structure to support this priority with an aim to be EBITDA positive in Q4 2025. Concurrently, we are also focusing on larger revenue, higher margin programs to be more selective in where we focus our limited resources.
In addition, as part of our realignment, I am moving to Executive Chair role through the end of 2025 and passing the torch to Matt Edelman to be our new CEO. I will continue to support and mentor Matt through the transition process and exploration of strategic alternatives. Matt has been our fearless President for the last two years and has the intellect, deep product and industry knowledge, work ethic, energy and enthusiasm to hit the ground running.
In an effort to bolster our Board, we are thrilled to appoint Bant Breen as a Director. Bant is a noted marketing and media executive, entrepreneur and academic. Specifically, Bant has spent a vast amount of his career in holding company and operating leadership roles with some of the largest global advertising agencies. When considering our market adoption opportunity, Bant's history in the industry can potentially be a game changer for our pipeline and ultimately our revenue trajectory.
As for the opportunity we announced with Infinite Reality in October 2024, while discussions continue, the deal has not been completed and the exclusivity period has expired. This has allowed us to advance towards exciting alternatives that are very on-strategy for Super League. These pursuits have significant business overlap with us for more material topline and cost synergies - and they are companies that are close to breakeven or already profitable and could accelerate our path to EBITDA positive with a more dominant position in the playable digital advertising space.
In conclusion, despite the challenges we have faced, we are here and confident in the opportunity that lies ahead. We have responded with a mandate and actionable plan that is already under way. The Board and I are confident that Matt is the right choice to execute this mandate and ultimately deliver value to our shareholders.”
Matt Edelman, Super League President and CEO commented, "My conviction and confidence in Super League's path ahead have never been stronger. We have the grit, fortitude, and vision to deliver upon our most important commitments - more value to our shareholders, meaningful business outcomes for our partners, and attention-grabbing playable content to massive audiences across gaming platforms. I'm grateful to the Board for their support and excited for the opportunity.”
The Company will host a webinar at 8:30 a.m. Eastern Time today, March 28, 2025, to discuss financial results, provide a corporate update and end with a question-and-answer session. To participate, please use the following information.
Super League Fourth Quarter and Full Year 2024 Earnings Webinar
| Date: | Friday, March 28, 2025 |
| Time: | 8:30 am Eastern Time |
| Dial-in: | 1-877-407-0779 |
| International Dial-in: | 1-201-389-0914 |
| Webinar: | Register Here |
A replay will be available within 24 hours after the webinar and can be accessed here or on the Company's investor relations website at https://ir.superleague.com/.
For any questions related to the Company's fourth quarter or full year 2024 financial results, please contact [email protected].
About Super League
Super League (Nasdaq:SLE) is redefining how brands connect with consumers through the power of playable media. Through solutions within mobile games and the world's largest immersive gaming platforms, Super League provides global brands with ads, content, and experiences that are not only seen - they're played, felt, and remembered. Boasting an award-winning development studio, a vast network of native creators, and proprietary engagement technology, Super League is a one-of-a-kind partner for brands looking to stand out in culture, spark loyalty, and drive meaningful impact. In a world where attention is earned, Super League makes brands relevant - by making them playable. For more information, visit superleague.com.
Investor Relations Contact:
Shannon Devine/ Mark Schwalenberg
MZ North America
Main: 203-741-8811
| SUPER LEAGUE ENTERPRISE, INC. CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2024 AND 2023 (In U.S. dollars, rounded to the nearest thousands, except share and per share data) | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 1,310,000 | $ | 7,609,000 | ||||
| Accounts receivable | 3,766,000 | 8,287,000 | ||||||
| Prepaid expenses and other current assets | 677,000 | 862,000 | ||||||
| Total current assets | 5,753,000 | 16,758,000 | ||||||
| Property and Equipment, net | 24,000 | 70,000 | ||||||
| Intangible and Other Assets, net | 4,070,000 | 6,636,000 | ||||||
| Goodwill | 1,864,000 | 1,864,000 | ||||||
| Total assets | $ | 11,711,000 | $ | 25,328,000 | ||||
| Liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 5,282,000 | $ | 10,420,000 | ||||
| Accrued contingent consideration | 138,000 | 1,812,000 | ||||||
| Promissory note - contingent consideration | 1,735,000 | - | ||||||
| Contract liabilities | 50,000 | 339,000 | ||||||
| Notes payable and other, and accrued interest | 3,240,000 | 800,000 | ||||||
| Total current liabilities | 10,445,000 | 13,371,000 | ||||||
| Accrued contingent consideration - long term | - | 396,000 | ||||||
| Warrant liability | 935,000 | 1,571,000 | ||||||
| Total liabilities | 11,380,000 | 15,338,000 | ||||||
| Stockholders' Equity | ||||||||
| Preferred Stock | - | - | ||||||
| Common Stock | 94,000 | 81,000 | ||||||
| Additional paid-in capital | 270,111,000 | 258,923,000 | ||||||
| Accumulated deficit | (269,874,000 | ) | (249,014,000 | ) | ||||
| Total stockholders' equity | 331,000 | 9,990,000 | ||||||
| Total liabilities and stockholders' equity | $ | 11,711,000 | $ | 25,328,000 | ||||
| SUPER LEAGUE ENTERPRISE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In U.S. dollars, rounded to the nearest thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended | Fiscal Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| REVENUE | $ | 3,426,000 | $ | 9,510,000 | $ | 16,182,000 | $ | 25,079,000 | ||||||||
| COST OF REVENUE | (2,427,000 | ) | (5,785,000 | ) | (10,080,000 | ) | (15,297,000 | ) | ||||||||
| GROSS PROFIT | 999,000 | 3,725,000 | 6,102,000 | 9,782,000 | ||||||||||||
| OPERATING EXPENSES | ||||||||||||||||
| Selling, marketing and advertising | 2,510,000 | 3,696,000 | 9,822,000 | 12,450,000 | ||||||||||||
| Engineering, Technology and Development | 1,048,000 | 2,219,000 | 4,447,000 | 9,500,000 | ||||||||||||
| General and administrative | 2,173,000 | 3,165,000 | 8,731,000 | 10,258,000 | ||||||||||||
| Contingent consideration | (129,000 | ) | 529,000 | (144,000 | ) | 1,075,000 | ||||||||||
| Impairment of goodwill and loss on disposal of intangibles | - | 7,052,000 |
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