Revenue: As of FY2026 Q1, the actual value is USD 14.5 M.EPS: As of FY2026 Q1, the actual value is USD -0.18.EBIT: As of FY2026 Q1, the actual value is USD -3.045 M.<h4>Overall Financial Performance (Continuing Operations)</h4><ul><li>Revenue: For the three months ended March 31, 2026, revenue was $14,503,721, compared to $7,439,124 for the three months ended March 31, 2025.</li><li>Cost of Revenue: For the three months ended March 31, 2026, cost of revenue was $8,931,440, compared to $4,281,199 for the three months ended March 31, 2025.</li><li>Gross Profit: For the three months ended March 31, 2026, gross profit was $5,572,281, compared to $3,157,925 for the three months ended March 31, 2025.</li><li>Net Loss: For the three months ended March 31, 2026, net loss was - $17,704,972, compared to - $7,173,736 for the three months ended March 31, 2025.</li></ul><h4>Operating Expenses</h4><ul><li>General and Administrative: For the three months ended March 31, 2026, general and administrative expenses were $4,439,647, compared to $3,707,625 for the three months ended March 31, 2025.</li><li>Selling and Marketing: For the three months ended March 31, 2026, selling and marketing expenses were $2,143,014, compared to $1,335,761 for the three months ended March 31, 2025.</li><li>Research and Development: For the three months ended March 31, 2026, research and development expenses were $610,802, compared to $654,053 for the three months ended March 31, 2025.</li><li>Depreciation and Amortization: For the three months ended March 31, 2026, depreciation and amortization expenses were $430,250, compared to $204,131 for the three months ended March 31, 2025.</li><li>Contract Exit Costs: For the three months ended March 31, 2026, contract exit costs were $150,855, compared to $617,213 for the three months ended March 31, 2025.</li><li>Other Operating Expenses: For the three months ended March 31, 2026, other operating expenses were $1,171,697, compared to $745,377 for the three months ended March 31, 2025.</li><li>Total Operating Expenses: For the three months ended March 31, 2026, total operating expenses were $8,946,265, compared to $7,264,160 for the three months ended March 31, 2025.</li></ul><h4>Other Income (Expense), Net</h4><ul><li>Interest Income (Expense), Net: For the three months ended March 31, 2026, net interest income (expense) was - $329,101, compared to $26,586 for the three months ended March 31, 2025.</li><li>Change in Fair Value of Warrant Liability: For the three months ended March 31, 2026, the change in fair value of warrant liability was $659,383, compared to $5,347 for the three months ended March 31, 2025.</li><li>Realized and Change in Unrealized Gain (Loss) on Digital Assets and Investment in ETH Fund: For the three months ended March 31, 2026, this was - $14,592,149, compared to $0 for the three months ended March 31, 2025.</li></ul><h4>Net Income (Loss) from Discontinued Operations</h4><ul><li>For the three months ended March 31, 2026, net income (loss) from discontinued operations was - $94,320, compared to - $3,415,030 for the three months ended March 31, 2025.</li></ul><h4>Revenue by Segment</h4><ul><li>Owned and Operated IP: For the three months ended March 31, 2026, revenue was $2,957,152, compared to $3,088,506 for the three months ended March 31, 2025.</li><li>Agency: For the three months ended March 31, 2026, revenue was $9,528,167, compared to $3,255,786 for the three months ended March 31, 2025.</li><li>SaaS and Managed Services: For the three months ended March 31, 2026, revenue was $2,050,303, compared to $1,094,832 for the three months ended March 31, 2025.</li><li>Yield: For the three months ended March 31, 2026, revenue was - $31,901, compared to $0 for the three months ended March 31, 2025.</li></ul><h4>Gross Profit by Segment</h4><ul><li>Owned and Operated IP: For the three months ended March 31, 2026, gross profit was $714,509, compared to $1,335,662 for the three months ended March 31, 2025.</li><li>Agency: For the three months ended March 31, 2026, gross profit was $3,098,867, compared to $954,833 for the three months ended March 31, 2025.</li><li>SaaS and Managed Services: For the three months ended March 31, 2026, gross profit was $1,790,806, compared to $867,430 for the three months ended March 31, 2025.</li><li>Yield: For the three months ended March 31, 2026, gross profit was - $31,901, compared to $0 for the three months ended March 31, 2025.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities: For the three months ended March 31, 2026, net cash used in operating activities was - $6,419,263, compared to - $8,582,365 for the three months ended March 31, 2025.</li><li>Net Cash Used in Investing Activities: For the three months ended March 31, 2026, net cash used in investing activities was - $2,517,075, compared to - $375,410 for the three months ended March 31, 2025.</li><li>Net Cash Provided by Financing Activities: For the three months ended March 31, 2026, net cash provided by financing activities was $6,729,777, compared to $1,462,218 for the three months ended March 31, 2025.</li><li>Cash and Restricted Cash, End of Period: As of March 31, 2026, cash and restricted cash was $4,195,659, compared to $6,374,333 as of December 31, 2025.</li></ul><h4>Unique Metrics</h4><ul><li>Digital Assets (Fair Value): As of March 31, 2026, digital assets were $22,836,912, including ETH, ANIME, and REKT, compared to $5,987,720 as of December 31, 2025.</li><li>Investment in ETH Fund (Fair Value): As of March 31, 2026, investment in ETH Fund was $10,680,541, compared to $41,374,063 as of December 31, 2025.</li><li>Share Repurchase Program: As of March 31, 2026, GameSquare Holdings, Inc. had repurchased 5,058,590 common shares at a total cost of $2.5 million under its program. Subsequent to March 31, 2026, an additional 2,291,000 common shares were acquired for $1.0 million, with $11.5 million remaining under current authorization.</li><li>ETH-Backed Promissory Notes: As of March 31, 2026, outstanding borrowings were $9.5 million, collateralized by 6,958.15 ETH with a fair value of $14.6 million, resulting in a collateral coverage ratio of approximately 154%. In April 2026, borrowings expanded from $9.5 million to $11.1 million.</li></ul><h4>Future Outlook and Strategy</h4>GameSquare Holdings, Inc. plans to pursue organic growth and M&amp;A opportunities to expand its audience and reach across its agency, SaaS, and owned and operated IP segments. The company intends to leverage its technology assets and creative capabilities for data-driven strategies and campaign optimization. Additionally, GameSquare Holdings, Inc. will continue using funds from its treasury strategy for opportunistic common stock repurchases and extending ETH-backed promissory notes until ETH prices recover.

GameSquare | 10-Q: FY2026 Q1 Revenue: USD 14.5 M