Overactive Media (OAM) Q2 2026 earnings summary

Executive summary

• Revenue declined due to the absence of major live events and the exit from the VALORANT Champions Tour EMEA League in late 2025, with Q2 2026 revenue at $5.0 million, down 40% year-over-year.

• Cost reduction initiatives led to a 17% decrease in operating expenses for the quarter and 10% for the first half, reflecting lower team payroll and improved cost discipline.

• Gross margin improved to 52% for the first half, up from 50% year-over-year, despite lower revenue.

• Net loss for the six months narrowed by 16% year-over-year, reflecting improved cost management, with net loss at $5.6 million.

• Secured debt financing was completed during the quarter to support working capital.

Financial highlights

• Six-month revenue was $10.4 million, down 22% from the prior year.

• Q2 gross profit was $2.2 million, down 46% year-over-year; gross margin was 43% versus 48%.

• Adjusted EBITDA loss for Q2 was $2.0 million, compared to a loss of $1.0 million in Q2 2025.

• Net loss for Q2 was $3.1 million, slightly higher than $3 million in Q2 2025.

• Cash and cash equivalents at June 30, 2026, were $2.2 million, down 56% year-over-year.

Outlook and guidance

• Management expects improvements in revenue, gross profit, and adjusted EBITDA in the second half of 2026.

• Focus remains on closing additional partnership deals, completing the financing plan, and converting the partnership pipeline.

• Upcoming events include the Bell Esports Challenge in Toronto and LEC playoffs in Madrid.