<p>Gamesquare Holdings, Inc. ((GAME)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Gamesquare Holdings 最近的财报电话会议传达了乐观的基调，管理层强调尽管仍面临一些挑战，但强劲的收入势头和改善的盈利趋势。高管们指出，收入同比增长 95%，创纪录的活动预订、增值收购以及充足的现金储备和积极的回购，证明了增长故事正在加强，即使利润率和数字资产波动仍然是关注点。</p>
<h2>爆炸性收入增长支撑故事</h2>
<p>Gamesquare 报告第一季度收入为 1450 万美元，几乎是去年 740 万美元的两倍，因为其游戏和创作者专注服务的需求激增。按 pro forma 基础计算，包括 TubeBuddy，收入达到 1580 万美元，突显了有机增长和收购如何共同推动规模，并使公司在与主要品牌和出版商的合作中获得更多杠杆。</p>
<h2>毛利润大幅增长，尽管利润率压缩</h2>
<p>公司的毛利润大幅上升，同比增加约 77%，达到 560 万美元，增加了大约 240 万美元。然而，毛利率作为销售百分比从去年同期的 42.5% 降至 38.4%，因为收入结构向某些低毛利产品的转变影响了整体毛利率。</p>
<h2>战略并购和平台扩展构建更广泛的护城河</h2>
<p>管理层强调了来自 Click 和 TubeBuddy 等战略收购的强劲势头，这些收购扩大了 Gamesquare 在创作者营销和 AI 驱动的创作者工具方面的覆盖面。TubeBuddy 的贡献已在 pro forma 数据中反映，并被描述为增值，支持收入增长以及向可扩展、软件化经济的长期转变。</p>
<h2>盈利之路变得更加清晰</h2>
<p>按 pro forma 基础计算，调整后的 EBITDA 亏损缩小至约 70 万美元，相当于 pro forma 收入的约 4.2%，显示出朝着盈亏平衡的明确进展。首席执行官还提到，包括 TubeBuddy 在内的调整后 EBITDA 亏损为 65.6 万美元，强化了合并业务稳步朝着公司今年实现正向调整后 EBITDA 的目标迈进。</p>
<h2>强劲的现金储备和积极的回购支持股权故事</h2>
<p>Gamesquare 报告截至季度末的现金和数字资产储备为 3590 万美元，提供了充足的流动性以资助增长计划并应对波动。公司还一直在向股东返还资本，自去年十月以来回购了 300 万股，花费约 350 万美元，并在四月又购买了 230 万股，花费约 100 万美元，仍有约 1140 万美元的回购授权。</p>
<h2>创纪录的 GSX 预订信号更大、更持久的企业需求</h2>
<p>GameSquare Experiences 部门在第一季度预订超过 1000 万美元，创下纪录，管理层将其视为商业吸引力的关键证明。约 70% 的 GSX 项目现在超过 20 万美元，超过 100 万美元的机会数量翻了一番，表明品牌合作伙伴正在扩大预算，并在 Gamesquare 的生态系统中进行更多互动。</p>
<h2>创作者变现和知识产权交易深化收入来源</h2>
<p>公司新增了几位高知名度的创作者，预计将产生超过 500 万美元的增量年收入，增强了其变现引擎。像 “Into the Zone” 和 Roblox Creator Showdown 这样的专有项目今年已经通过大约 10 个活动产生了约 550 万美元，而出版商服务在第一季度交付了约 220 万美元，突显了多个新兴的收入支柱。</p>
<h2>产品路线图增加 SaaS 风格的上行空间</h2>
<p>在产品方面，Stream Hatchet 推出了一个名为 “创意社区” 的新平台，旨在为品牌和代理商管理创作者活动。管理层预计该产品将在 2026 年下半年开始产生收入，为可重复的、软件驱动的创作者营销收入开辟了另一条途径，随着时间的推移可能支持更高的利润率。</p>
<h2>利润率压力反映结构，而非需求疲软</h2>
<p>尽管毛利润在绝对金额上有所扩大，但公司的毛利率较去年下降了约 4.1 个百分点，因为高销量但低毛利的工作在组合中增长更快。管理层将此视为结构问题，而非定价或需求问题，但投资者将密切关注利润率是否会在高毛利产品和 SaaS 工具逐步增加时稳定。</p>
<h2>EBITDA 仍处于亏损状态，但亏损正在缩小</h2>
<p>报告的调整后 EBITDA 在第一季度仍为负，亏损为 110 万美元，而去年同期为 60 万美元，反映了持续的投资和交易成本。尽管如此，改善后的 pro forma 调整后 EBITDA 亏损约为 70 万美元，显示合并业务正朝着盈利方向发展，管理层强调规模和成本控制应在年内使 EBITDA 转为正值。</p>
<h2>数字资产波动影响底线</h2>
<p>数字资产的未实现损失是本季度净亏损的重要因素，为报告的收益引入了额外的噪音。尽管管理层将数字资产视为其国库和收益策略的一部分，但市值波动仍然是头条净结果的风险因素，可能继续掩盖季度间的基础运营表现。</p>
<h2>在亚洲的全球扩张仍处于早期阶段</h2>
<p>公司将其进军亚洲市场描述为一个长期机会，目前仍处于早期阶段，尚未对业绩产生实质性影响。管理层预计，该地区将在 2026 年底至 2027 年期间在损益表中变得更加显著，而近期的国际增长机会则更集中于中东地区，那里商业进展更为顺利。</p>
<h2>季节性和下半年执行仍然是关键风险</h2>
<p>Gamesquare 的业务高度季节性，管理层预计全年上半年和下半年的收入比例约为 40% 至 60%。这种下半年的集中意味着 2026 年的业绩依赖于将强劲的项目转化为年内后期的实际活动，如果交易延迟或跨季度调整，将带来执行风险。</p>
<h2>增加股份授权可能引发稀释质疑</h2>
<p>管理层还讨论了增加授权股份数量的提案，强调这并不等同于立即发行。虽然此举旨在为未来的战略需求提供灵活性，但一些股东可能会将其视为潜在的稀释压力，除非公司明确展示与价值创造相一致的规范使用。</p>
<h2>在强劲的第一季度势头下重申指引</h2>
<p>展望未来，Gamesquare 重申其 2026 年的预测指引，预计收入为 8500 万至 9000 万美元，毛利率为 35% 至 40%，调整后的 EBITDA 超过 500 万美元。管理层表示，第一季度收入几乎翻倍、强劲的毛利增长、改善的预测 EBITDA、稳健的资产负债表、创纪录的 GSX 预订以及不断上升的创作者驱动收入都支持对实现这些目标的信心。</p>
<p>Gamesquare 的财报电话会议描绘了一家快速增长的公司，稳步缩小与盈利之间的差距，得益于大额交易、战略收购和更深入的创作者变现。尽管利润压力、数字资产波动、季节性和股份授权问题给投资者带来了一些谨慎的理由，但整体信息是，增长和运营杠杆在 2026 年及以后正朝着正确的方向发展。</p>

GAME

电子游戏&电子竞技 ETF - VanEck Vectors

电子游戏&体育 ETF - GlobalX

视频游戏技术 ETF - ETFMG

<p>Gamesquare Holdings 发布了强劲的第一季度财报，年同比收入增长 95%，达到 1450 万美元。尽管利润率受到压缩，毛利润仍激增 77%，达到 560 万美元。公司强调了战略收购和 3590 万美元的强大现金储备，以支持增长计划。调整后的 EBITDA 亏损缩小至 70 万美元，显示出向盈利的进展。GameSquare Experiences 单元的创纪录预订和新的创作者变现计划预计将加深收入来源，而新的 SaaS 平台旨在未来提升利润率</p>

<p>Gamesquare Holdings, Inc. ((GAME)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Gamesquare Holdings, Inc. ((GAME)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Gamesquare Holdings’ latest earnings call struck an optimistic tone, with management emphasizing powerful revenue momentum and improving profitability trends despite some lingering headwinds. Executives pointed to 95% year‑over‑year top‑line growth, record event bookings, accretive acquisitions, and an ample cash position with active buybacks as evidence the growth story is strengthening even as margins and digital asset volatility remain watch points.</p>
<div class="lb-trans"><p>Gamesquare Holdings 最近的财报电话会议传达了乐观的基调，管理层强调尽管仍面临一些挑战，但强劲的收入势头和改善的盈利趋势。高管们指出，收入同比增长 95%，创纪录的活动预订、增值收购以及充足的现金储备和积极的回购，证明了增长故事正在加强，即使利润率和数字资产波动仍然是关注点。</p>
</div><h2>Explosive Revenue Growth Underpins the Story</h2>
<div class="lb-trans"><h2>爆炸性收入增长支撑故事</h2>
</div><p>Gamesquare reported Q1 revenue of $14.5 million, nearly doubling from $7.4 million a year earlier as demand for its gaming and creator‑focused services surged. On a pro forma basis including TubeBuddy, revenue reached $15.8 million, underscoring how both organic growth and acquisitions are contributing to scale and giving the company more leverage with major brands and publishers.</p>
<div class="lb-trans"><p>Gamesquare 报告第一季度收入为 1450 万美元，几乎是去年 740 万美元的两倍，因为其游戏和创作者专注服务的需求激增。按 pro forma 基础计算，包括 TubeBuddy，收入达到 1580 万美元，突显了有机增长和收购如何共同推动规模，并使公司在与主要品牌和出版商的合作中获得更多杠杆。</p>
</div><h2>Gross Profit Dollars Surge Despite Margin Compression</h2>
<div class="lb-trans"><h2>毛利润大幅增长，尽管利润率压缩</h2>
</div><p>The company’s gross profit dollars rose sharply, climbing about 77% year over year to $5.6 million, an increase of roughly $2.4 million. However, gross margin as a percentage of sales slipped to 38.4% from 42.5% in the prior‑year quarter, as a changing revenue mix toward certain lower‑margin offerings weighed on the overall margin profile.</p>
<div class="lb-trans"><p>公司的毛利润大幅上升，同比增加约 77%，达到 560 万美元，增加了大约 240 万美元。然而，毛利率作为销售百分比从去年同期的 42.5% 降至 38.4%，因为收入结构向某些低毛利产品的转变影响了整体毛利率。</p>
</div><h2>Strategic M&amp;A and Platform Expansion Build a Wider Moat</h2>
<div class="lb-trans"><h2>战略并购和平台扩展构建更广泛的护城河</h2>
</div><p>Management highlighted strong momentum from strategic acquisitions such as Click and TubeBuddy, which broaden Gamesquare’s reach across creator marketing and AI‑enabled creator tools. TubeBuddy’s contribution is already reflected in pro forma figures and described as accretive, supporting both revenue growth and the longer‑term shift toward scalable, software‑like economics in the creator ecosystem.</p>
<div class="lb-trans"><p>管理层强调了来自 Click 和 TubeBuddy 等战略收购的强劲势头，这些收购扩大了 Gamesquare 在创作者营销和 AI 驱动的创作者工具方面的覆盖面。TubeBuddy 的贡献已在 pro forma 数据中反映，并被描述为增值，支持收入增长以及向可扩展、软件化经济的长期转变。</p>
</div><h2>Path Toward Profitability Becomes More Visible</h2>
<div class="lb-trans"><h2>盈利之路变得更加清晰</h2>
</div><p>On a pro forma basis, adjusted EBITDA loss narrowed to roughly $0.7 million, equal to about 4.2% of pro forma revenue, showing clear progress toward breakeven. The CEO also cited an adjusted EBITDA loss of $656,000 including TubeBuddy, reinforcing that the combined business is moving steadily toward the company’s target of achieving positive adjusted EBITDA this year.</p>
<div class="lb-trans"><p>按 pro forma 基础计算，调整后的 EBITDA 亏损缩小至约 70 万美元，相当于 pro forma 收入的约 4.2%，显示出朝着盈亏平衡的明确进展。首席执行官还提到，包括 TubeBuddy 在内的调整后 EBITDA 亏损为 65.6 万美元，强化了合并业务稳步朝着公司今年实现正向调整后 EBITDA 的目标迈进。</p>
</div><h2>Robust Cash Reserves and Aggressive Buybacks Support the Equity Story</h2>
<div class="lb-trans"><h2>强劲的现金储备和积极的回购支持股权故事</h2>
</div><p>Gamesquare reported $35.9 million in cash and digital asset treasury holdings at quarter‑end, giving it ample liquidity to fund growth initiatives and weather volatility. The company has also been returning capital to shareholders, repurchasing 3.0 million shares since October for about $3.5 million and buying another 2.3 million shares in April for roughly $1 million, with around $11.4 million still authorized.</p>
<div class="lb-trans"><p>Gamesquare 报告截至季度末的现金和数字资产储备为 3590 万美元，提供了充足的流动性以资助增长计划并应对波动。公司还一直在向股东返还资本，自去年十月以来回购了 300 万股，花费约 350 万美元，并在四月又购买了 230 万股，花费约 100 万美元，仍有约 1140 万美元的回购授权。</p>
</div><h2>Record GSX Bookings Signal Larger, Stickier Enterprise Demand</h2>
<div class="lb-trans"><h2>创纪录的 GSX 预订信号更大、更持久的企业需求</h2>
</div><p>The GameSquare Experiences unit booked more than $10 million in Q1, a record level that management framed as a key proof point of commercial traction. About 70% of GSX programs now exceed $200,000 and the number of $1 million‑plus opportunities has doubled, indicating that brand partners are scaling up budgets and engaging across more of Gamesquare’s ecosystem.</p>
<div class="lb-trans"><p>GameSquare Experiences 部门在第一季度预订超过 1000 万美元，创下纪录，管理层将其视为商业吸引力的关键证明。约 70% 的 GSX 项目现在超过 20 万美元，超过 100 万美元的机会数量翻了一番，表明品牌合作伙伴正在扩大预算，并在 Gamesquare 的生态系统中进行更多互动。</p>
</div><h2>Creator Monetization and IP Deals Deepen Revenue Streams</h2>
<div class="lb-trans"><h2>创作者变现和知识产权交易深化收入来源</h2>
</div><p>The company added several high‑profile creators expected to generate more than $5 million of incremental annualized revenue, strengthening its monetization engine. Proprietary programs like “Into the Zone” and the Roblox Creator Showdown have already produced about $5.5 million from roughly 10 events this year, while publisher services delivered about $2.2 million in Q1, highlighting multiple emerging revenue pillars.</p>
<div class="lb-trans"><p>公司新增了几位高知名度的创作者，预计将产生超过 500 万美元的增量年收入，增强了其变现引擎。像 “Into the Zone” 和 Roblox Creator Showdown 这样的专有项目今年已经通过大约 10 个活动产生了约 550 万美元，而出版商服务在第一季度交付了约 220 万美元，突显了多个新兴的收入支柱。</p>
</div><h2>Product Roadmap Adds SaaS‑Style Upside</h2>
<div class="lb-trans"><h2>产品路线图增加 SaaS 风格的上行空间</h2>
</div><p>On the product front, Stream Hatchet rolled out a new platform called “Creative Communities,” designed to manage creator campaigns end‑to‑end for brands and agencies. Management expects this offering to begin generating revenue in the second half of 2026, opening another avenue for recurring, software‑driven creator‑marketing revenue that could support higher margins over time.</p>
<div class="lb-trans"><p>在产品方面，Stream Hatchet 推出了一个名为 “创意社区” 的新平台，旨在为品牌和代理商管理创作者活动。管理层预计该产品将在 2026 年下半年开始产生收入，为可重复的、软件驱动的创作者营销收入开辟了另一条途径，随着时间的推移可能支持更高的利润率。</p>
</div><h2>Margin Pressure Reflects Mix, Not Demand Weakness</h2>
<div class="lb-trans"><h2>利润率压力反映结构，而非需求疲软</h2>
</div><p>While gross profit expanded in absolute dollars, the company’s gross margin rate fell by about 4.1 percentage points versus last year as higher‑volume but lower‑margin work grew faster within the portfolio. Management framed this as a mix issue rather than a pricing or demand problem, but investors will watch closely to see whether margins stabilize as higher‑margin products and SaaS tools ramp.</p>
<div class="lb-trans"><p>尽管毛利润在绝对金额上有所扩大，但公司的毛利率较去年下降了约 4.1 个百分点，因为高销量但低毛利的工作在组合中增长更快。管理层将此视为结构问题，而非定价或需求问题，但投资者将密切关注利润率是否会在高毛利产品和 SaaS 工具逐步增加时稳定。</p>
</div><h2>EBITDA Still in the Red, But Losses Are Narrowing</h2>
<div class="lb-trans"><h2>EBITDA 仍处于亏损状态，但亏损正在缩小</h2>
</div><p>Reported adjusted EBITDA remained negative at a loss of $1.1 million in Q1, compared with a $0.6 million loss a year ago, reflecting ongoing investment and deal costs. Even so, the improved pro forma adjusted EBITDA loss of approximately $0.7 million shows that the combined business is progressing toward profitability, with management emphasizing that scale and cost discipline should tip EBITDA positive over the year.</p>
<div class="lb-trans"><p>报告的调整后 EBITDA 在第一季度仍为负，亏损为 110 万美元，而去年同期为 60 万美元，反映了持续的投资和交易成本。尽管如此，改善后的 pro forma 调整后 EBITDA 亏损约为 70 万美元，显示合并业务正朝着盈利方向发展，管理层强调规模和成本控制应在年内使 EBITDA 转为正值。</p>
</div><h2>Digital Asset Volatility Clouds the Bottom Line</h2>
<div class="lb-trans"><h2>数字资产波动影响底线</h2>
</div><p>Unrealized losses on digital assets were a significant factor behind the quarter’s net loss, introducing added noise into reported earnings. While management characterized digital assets as part of its treasury and yield strategy, the mark‑to‑market swings remain a risk factor for headline net results and could continue to obscure underlying operating performance from quarter to quarter.</p>
<div class="lb-trans"><p>数字资产的未实现损失是本季度净亏损的重要因素，为报告的收益引入了额外的噪音。尽管管理层将数字资产视为其国库和收益策略的一部分，但市值波动仍然是头条净结果的风险因素，可能继续掩盖季度间的基础运营表现。</p>
</div><h2>Global Expansion in Asia Still in Early Innings</h2>
<div class="lb-trans"><h2>在亚洲的全球扩张仍处于早期阶段</h2>
</div><p>The company described its push into Asia as a long‑term opportunity that is still in early stages and not yet materially impacting results. Management expects the region to become more visible in the profit and loss statement starting in late 2026 and into 2027, with nearer‑term international upside more heavily centered on the Middle East, where commercial traction is further along.</p>
<div class="lb-trans"><p>公司将其进军亚洲市场描述为一个长期机会，目前仍处于早期阶段，尚未对业绩产生实质性影响。管理层预计，该地区将在 2026 年底至 2027 年期间在损益表中变得更加显著，而近期的国际增长机会则更集中于中东地区，那里商业进展更为顺利。</p>
</div><h2>Seasonality and Back‑Half Execution Remain Key Risks</h2>
<div class="lb-trans"><h2>季节性和下半年执行仍然是关键风险</h2>
</div><p>Gamesquare’s business is highly seasonal, with management projecting an approximate 40% to 60% revenue split between the first and second halves of the year. That concentration in the back half means 2026 results hinge on converting a strong pipeline into live campaigns later in the year, creating execution risk if deals are delayed or shifted across quarters.</p>
<div class="lb-trans"><p>Gamesquare 的业务高度季节性，管理层预计全年上半年和下半年的收入比例约为 40% 至 60%。这种下半年的集中意味着 2026 年的业绩依赖于将强劲的项目转化为年内后期的实际活动，如果交易延迟或跨季度调整，将带来执行风险。</p>
</div><h2>Share Authorization Increase May Raise Dilution Questions</h2>
<div class="lb-trans"><h2>增加股份授权可能引发稀释质疑</h2>
</div><p>Management also addressed a proposal to increase the number of authorized shares, emphasizing that it does not equate to immediate issuance. While the move is intended to provide flexibility for future strategic needs, some shareholders may view it as a potential dilution overhang unless the company clearly demonstrates disciplined use aligned with value creation.</p>
<div class="lb-trans"><p>管理层还讨论了增加授权股份数量的提案，强调这并不等同于立即发行。虽然此举旨在为未来的战略需求提供灵活性，但一些股东可能会将其视为潜在的稀释压力，除非公司明确展示与价值创造相一致的规范使用。</p>
</div><h2>Guidance Reaffirmed on the Back of Strong Q1 Momentum</h2>
<div class="lb-trans"><h2>在强劲的第一季度势头下重申指引</h2>
</div><p>Looking ahead, Gamesquare reaffirmed its 2026 pro forma guidance for revenue of $85 million to $90 million, gross margins of 35% to 40%, and adjusted EBITDA of more than $5 million. Management said Q1’s near‑doubling of revenue, strong gross profit growth, improving pro forma EBITDA, solid balance sheet, record GSX bookings, and rising creator‑driven revenues all support confidence in meeting those targets.</p>
<div class="lb-trans"><p>展望未来，Gamesquare 重申其 2026 年的预测指引，预计收入为 8500 万至 9000 万美元，毛利率为 35% 至 40%，调整后的 EBITDA 超过 500 万美元。管理层表示，第一季度收入几乎翻倍、强劲的毛利增长、改善的预测 EBITDA、稳健的资产负债表、创纪录的 GSX 预订以及不断上升的创作者驱动收入都支持对实现这些目标的信心。</p>
</div><p>Gamesquare’s earnings call painted the picture of a company growing rapidly and steadily closing the gap to profitability, powered by big‑ticket deals, strategic acquisitions, and deeper creator monetization. While margin pressure, digital asset volatility, seasonality, and share authorization concerns give investors a few reasons for caution, the overall message was that growth and operating leverage are trending in the right direction for 2026 and beyond.</p>
<div class="lb-trans"><p>Gamesquare 的财报电话会议描绘了一家快速增长的公司，稳步缩小与盈利之间的差距，得益于大额交易、战略收购和更深入的创作者变现。尽管利润压力、数字资产波动、季节性和股份授权问题给投资者带来了一些谨慎的理由，但整体信息是，增长和运营杠杆在 2026 年及以后正朝着正确的方向发展。</p>
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Gamesquare Holdings 的财报电话会议强调了其迅猛的增长