Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) This autumn 2023 Earnings Call Transcript March 27, 2024

Allied Gaming & Entertainment Inc. is not one of many 30 hottest shares amongst hedge funds on the finish of the third quarter (see the details here).

Operator: Greetings and welcome to the Allied Gaming & Entertainment, Incorporated Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] And as a reminder, this convention is being recorded. It is now my pleasure to introduce to you Tyler Drew with Investor Relations. Thank you, Tyler. You could start.

Tyler Drew: Thank you, operator. Good afternoon, and welcome to the Allied Gaming & Entertainment 2023 fourth quarter and full 12 months earnings convention name. Speaking on the decision in the present day are Allied Gaming & Entertainment’s Chief Executive Officer Yinghua Chen; and Chief Financial Officer, Roy Anderson. Before I flip the decision over to administration, please be aware that our ready remarks could include forward-looking statements. Words similar to could, will, anticipate, intend, plan, imagine, search, may, estimate, judgment, focusing on, ought to, anticipate, aim and variations of those phrases and related expressions are supposed to be recognized as forward-looking statements. Actual outcomes may differ materially from these implied by such forward-looking statements as a result of a wide range of elements mentioned within the firm’s public filings, together with the danger elements mentioned in paperwork filed with the Securities and Exchange Commission.

Although the corporate believes the expectations mirrored in such forward-looking statements are based mostly upon cheap assumptions, it may give no assurance that its expectations will probably be attained. The firm undertakes no obligation to replace any forward-looking statements, whether or not because of new data, future occasions or in any other case. In addition, sure of the monetary data offered on this name represents non-GAAP monetary measures. The firm’s earnings launch, which was issued this afternoon is on the market on the corporate’s web site, presents definitions of such non-GAAP monetary measures, reconciliations to the suitable GAAP measures and an evidence of why the corporate believes such non-GAAP monetary measures are helpful to traders.

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And with that, it’s now my pleasure to show the decision over to Allied Gaming & Entertainment CEO, Yinghua Chen. Yinghua?

Yinghua Chen: Thank you, Tyler, and thanks all for becoming a member of us this afternoon. We’ve made substantial progress throughout 2023 and have entered 2024 ready of energy. Allied Esports International, Allied Mobile Entertainment, and Allied Experiential Entertainment are all poised for development as we execute on our strategic aims this 12 months. Let’s start with a assessment of our monetary efficiency for the 12 months. In 2023, whole revenues of $7.7 million had been up 21% from 2022. While our web loss attributable to widespread stockholders decreased by 68%. The enchancment in web loss was from our continued dedication decreasing our bills. General and administrative bills improved by 30% and we’re well-positioned for 2024. Turning to Allied Esports International, or AEI, our HyperX Arena was in excessive demand in the course of the fourth quarter, and hosted a wide range of occasions with 64 occasions, comprising 30 proprietary occasions and 34 third-party occasions.

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