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

Date:

Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) Q3 2023 Earnings Call Transcript November 10, 2023

Operator: Good afternoon, and welcome to the Allied Gaming & Entertainment, Inc. Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Tyler Drew of Addo Investor Relations. Please go ahead.

Tyler Drew: Thank you, operator. Good afternoon, and welcome to the Allied Gaming & Entertainment 2023 Third Quarter Earnings Conference Call. Speaking on the call today are Allied Gaming & Entertainment’s Chief Executive Officer Yinghua Chen and Chief Financial Officer, Roy Anderson. 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, judgment, targeting, should, anticipate, goal and variations of these words and similar expressions are intended to be identified as forward-looking statements. Actual results could differ materially from those implied by such forward-looking statements due to a variety 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 the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. 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 call represents non-GAAP financial measures. The company’s earnings release, which was issued this afternoon and is available on the company’s website, presents definitions of such non-GAAP financial measures, reconciliations to the appropriate GAAP measures and an explanation of why the company believes such non-GAAP financial measures are useful to investors.

An interior shot of a gaming operators facility, gaming 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: Thank you, Tyler, and thank you all for joining us this afternoon. As we share our exciting development from the past quarter, we’re committed to executing our strategic plan to focus on our growth in the realms of e-sports, gaming and entertainment. Beginning with our financial performance in Q3, we’ve achieved a significant milestone by recording positive net income. This accomplishment reflects our relentless effort to enhance operational efficiency and reduce expenses in anticipation of robust revenue growth in 2024. Our unwavering commitment to improving profitability remains steadfast despite the challenges we faced in Q3, particularly in the form of a 28% decrease in revenues, largely due to decrease of life events, reflecting the impact of economic uncertainty.

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