Wednesday, November 24, 2021

Engine Media (GAME)(GAME:CA)
The Engine That Could

Engine Media Holdings Inc is engaged in esports data provision, esports tournament hosting, and esports racing. Its brand profile includes Eden Games, Allin sports, and UMG, and others. The company’s operating segments include E-Sports; Media and Advertising and Corporate and Other. It generates maximum revenue from the Media and Advertising segment. The Media and Advertising segment includes platform and advertising services provided to other broadcasters, primarily local tv and radio broadcasters.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A solid Q4. Total company revenues of $11.7 million, (up 67% yoy) was better than our $10.8 million estimate, reflecting better than expected Advertising revenue, which beat our estimate by roughly 16%. The EBITDA loss was better than expected as well, $4.3 million loss versus our loss estimate of $5.2 million.


Significant sequential revenue growth.  The company appears to have favorable revenue trajectory, with 22% sequential revenue growth from Q3. Advertising, which was the largest upside variance in the quarter, reflected a 37% sequential improvement from Q3, with CPMs up a strong 36% …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.