Enhanced

Q2 FY2026 EarningsQ2 FY26 missed consensus across all key financial metrics following the inaugural Enhanced Games. Revenue of $17.7M missed the $24.6M consensus by 28.05%, primarily due to the non-recognition of $10M in contracted value from a major sponsor under ASC 606 collectability rules. The operating loss (EBIT) of -$61.9M was significantly wider than the -$26.4M expectation, driven by $52.0M in one-time production and athlete costs for the Las Vegas launch. Management issued a 'going concern' warning as cash reserves of $19.6M are deemed insufficient for the next 12 months, despite an upcoming $13.3M Tranche 3 private placement closing.