FaZe Clan just released the company\u2019s first financial results since transitioning to a public listed organization. According to the North American organization\u2019s Q2 records of 2022, for the period that came to a close on June 30th, they recorded a net loss of $9.32 million (7.73 million).<\/p>\n
The amount is higher than FaZe Clan\u2019s recorded net loss for the second quarter of 2021, which was $7.63 million (\u00a36.33 million).
\nThe gaming and esports company accrued a revenue of $18.8 million (\u00a315.6 million) for the second quarter of 2022, significantly higher than the $15.8 million (\u00a313.11 million) they had in the first quarter of 2022.<\/p>\n
FaZe Clan\u2019s total loss for the period for their adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $4.1 million (\u00a33.4 million). The amount is certainly better than the organization\u2019s EBITDA recorded loss for the same period in 2021, which was around $6.2 million (5.14 million).<\/p>\n
The esports organization also revealed other aspects of their financial report, such as the fact that their listing on Nasdaq under the FAZE symbol enabled them to generate $57.8 million (\u00a347.99 million) in net proceeds.<\/p>\n
In July, FaZe Clan merged with a Special Purpose Acquisition Company (SPAC) in the name of B. Riley Principal 150 Merger Corp (BRPM), which enabled them to go public.<\/p>\n
When talking about the losses to their most recent investments, FaZe Clan revealed that they were linked to the marketing costs as well as leadership personnel, both of which FaZe Clan explained were put in place to “drive its growth strategy.”<\/p>\n
The company is renowned for broadening their reach from competitive gaming to a lifestyle and gaming niche where mainstream pop culture is included. They also branched out to content creation and limited edition merchandise to include new streams of revenue, both of which have been shown to be more profitable than managing competitive teams.<\/p>\n
FaZe Clan\u2019s decision to expand their sectors and go public introduced the company to the developing number of esports organizations, conglomerates, and companies that trade publicly. Some of which include Esports Entertainment Group, OverActive Media, Enthusiast Gaming, Astralis, and GameSquare Esports.<\/p>\n