Enhanced Group (ENHA) Q3 2026 earnings summary

Executive summary

• Q3 was a planned pause after the May inaugural Enhanced Games, with focus on Live Enhanced, Enhanced OS development, liquidity, and groundwork for the DEAG acquisition.

• A proposed 77% DEAG stake is expected to lift combined 2027 revenue and Adjusted EBITDA to ~$670M and ~$26M, subject to closing expected in Q1 2027.

Financial highlights

• Q3 revenue was $3.3M vs. $17.7M in Q2 and nil in Q3 2025; Q2 revenue primarily reflected the inaugural Enhanced Games.

• Q3 operating expenses were $16.8M, down ~79% from $79.6M in Q2; operating loss was $13.5M vs. $61.9M in Q2.

• Net loss was $13.5M vs. $5.9M in Q3 2025; Adjusted EBITDA loss was $8.8M vs. $42.7M in Q2 and $3.8M in Q3 2025.

• Q3 SG&A was $12.7M, including $3.1M non-cash Rumble marketing expense and $1.5M stock-based compensation.

Outlook and guidance

• Combined 2027 revenue and Adjusted EBITDA are projected at ~$670M and ~$26M; estimates are preliminary, exclude synergies and transaction financing, and depend on DEAG closing.

• Telehealth revenue is expected to reach well into the double-digit millions in 2027; Live Enhanced targets profitability by year-end 2026.

• The sports business, including Enhanced Games and Breakers, is expected to break even or better in 2027; the 2027 Games budget target is ~$20M.

• The next Enhanced Games are planned for Q4 2027, with revenue from sponsorship, media rights, tickets, and host-city support.