GameSquare (GAME) Q4 2025 earnings summary

Executive summary

• Achieved first positive adjusted EBITDA in Q4 2025, marking a shift to operating profitability and improved scalability from strategic investments and acquisitions, including TubeBuddy and Click.

• Q4 2025 revenue rose 142% year-over-year to $18.5 million, driven by agency and owned IP growth and the Click acquisition.

• Streamlined operations by divesting FaZe Media, winding down Frankly Media, and focusing on scalable, high-margin business segments.

• Built an integrated creator economy platform, combining technology, talent management, agency services, and proprietary IP, positioning as a leading entry point for brands.

Financial highlights

• Q4 2025 revenue: $18.5 million (up from $7.6 million YoY); gross profit: $8.5 million (up from $2.0 million YoY); gross margin: 45.9% (up 20.1 percentage points YoY).

• Q4 adjusted EBITDA: $1.7 million (9.4% of revenue), a $4.8 million improvement from a $3.1 million loss in Q4 2024.

• Pro forma Q4 revenue including TubeBuddy was $20.7 million, with pro forma adjusted EBITDA of $2.3 million (11.2% margin) and gross margin 50.3%.

• FY 2025 revenue: $45.0 million (up from $27.5 million YoY); gross margin: 43.4% (up from 34.3%).

• Ended 2025 with $52 million in cash and digital asset treasury assets and $35.7 million in shareholders' equity.

Outlook and guidance

• FY 2026 guidance: revenue $85–$90 million, gross margin 35–40%, and adjusted EBITDA over $5 million.

• TubeBuddy expected to drive recurring software revenue and high-margin growth.

• Expect continued strong organic growth, improved margin durability, and a healthy Q1 start; seasonality expected with 40% of revenue in H1 and 60% in H2.