GameSquare Holdings Inc (GAME) 2025 Q1 法說會逐字稿

Good afternoon and thank you for joining us for the GameSquare Holdings 2025 first-quarter conference call. On the call today, we have Justin Kenna, GameSquare's CEO; Lou Schwartz, President; and Mike Munoz, CFO. (Operator Instructions)

下午好，感謝您參加 GameSquare Holdings 2025 年第一季電話會議。參加今天電話會議的有 GameSquare 執行長 Justin Kenna、總裁 Lou Schwartz 和財務長 Mike Munoz。（操作員指示）

Before management discusses the results, I'd like to remind everyone that certain statements in this call may be forward-looking in nature. These include statements involving known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. For information about forward-looking statements and risk factors, please refer to our 10-Q for the year ended March 31, 2025, which will be available on the company's website or with the Securities and Exchange Commission.

在管理階層討論結果之前，我想提醒大家，本次電話會議中的某些陳述可能具有前瞻性。這些陳述涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致實際結果與我們的前瞻性陳述中表達或暗示的結果有重大差異。有關前瞻性陳述和風險因素的信息，請參閱我們截至 2025 年 3 月 31 日的年度 10-Q 報表，該報表可在公司網站或美國證券交易委員會查閱。

I will now turn the call over to GameSquare's CEO, Justin Kenna. Justin, please go ahead.

現在我將把電話轉給 GameSquare 的執行長 Justin Kenna。賈斯汀，請繼續。

Thank you, and good afternoon to everyone joining us on today's call. Our first-quarter results reflect steady progress as we continue to optimize our platform with the goal of achieving profitability and positive cash flow in 2025. Results were in line with expectations and were shaped by seasonal trends, low programmatic advertising revenue and the final quarter of FaZe Media's inclusion in our financials.

謝謝大家，祝今天參加電話會議的各位下午好。我們第一季的業績體現出穩定的進展，我們將繼續優化平台，目標是在 2025 年實現盈利和正現金流。結果符合預期，並受到季節性趨勢、較低的程序化廣告收入以及 FaZe Media 納入我們財務的最後一個季度的影響。

As a reminder, on April 1, 2025, we completed the divestiture of FaZe Media selling our remaining 25.5% stake back to its founders. The transaction valued FaZe Media alone at over $39 million compared to our original $14 million stock-based acquisition of both FaZe Esports and FaZe Media. Beginning in Q2 2025 FaZe Media will no longer be reflected in our financial results, a change we expect to significantly enhance profitability.

提醒一下，2025 年 4 月 1 日，我們完成了對 FaZe Media 的剝離，將剩餘的 25.5% 股份出售給其創始人。這項交易對 FaZe Media 的估值超過 3,900 萬美元，而我們最初以 1,400 萬美元的股票收購了 FaZe Esports 和 FaZe Media。從 2025 年第二季開始，FaZe Media 將不再反映在我們的財務表現中，我們預計這項變更將顯著提高獲利能力。

In Q1, we incurred approximately $2.3 million in operating expenses related to FaZe Media and FaZe Media had an adjusted EBITDA loss of $2.3 million. In addition, GameSquare's gross margin would have been nearly 23% if we excluded FaZe Media revenue in Q1. The divestiture also strengthened our balance sheet, eliminating approximately $10 million of debt as of April 1, 2025. Today, our only remaining debt includes a $2.8 million line of credit and a $1.6 million convertible note held by one of our directors. With improved profitability and a leaner capital structure, we are well positioned to pursue initiatives that can further reduce our cost of capital.

在第一季度，我們與 FaZe Media 相關的營運費用約為 230 萬美元，FaZe Media 的調整後 EBITDA 虧損為 230 萬美元。此外，如果我們排除第一季的 FaZe Media 收入，GameSquare 的毛利率將接近 23%。這項資產剝離也增強了我們的資產負債表，截至 2025 年 4 月 1 日，消除了約 1,000 萬美元的債務。如今，我們僅存的債務包括 280 萬美元的信用額度和一位董事持有的 160 萬美元的可轉換票據。隨著獲利能力的提高和資本結構的精簡，我們有能力採取進一步降低資本成本的措施。

This strategic shift also simplifies our business model and it lowers our working capital needs. GameSquare now operates across four core areas: SaaS and managed services, agency and media, owned and operated IP and, of course, FaZe Clan Esports. We have built a differentiated platform that enables deep partnerships with top game publishers and global brands. Our platform is uniquely designed to reach valuable gaming and Gen Z audiences at scale.

這項策略轉變也簡化了我們的業務模式，降低了我們的營運資金需求。GameSquare 目前經營四個核心領域：SaaS 和託管服務、代理商和媒體、自有和經營的 IP，當然還有 FaZe Clan Esports。我們建立了一個差異化的平台，可以與頂級遊戲發行商和全球品牌建立深度合作夥伴關係。我們的平台經過獨特設計，可以大規模覆蓋有價值的遊戲和 Z 世代受眾。

As brands look to gain market share in a challenging economic environment, we are confident in our ability to grow organically, a view supported by recent partnerships, a robust sales pipeline and strong momentum heading into Q2. As shared in our last call, our 2025 strategy focuses on expanding managed services, scaling our agency and media business, accelerating growth in FaZe Esports while really prioritizing profitability.

隨著品牌在充滿挑戰的經濟環境中尋求獲得市場份額，我們對我們的有機成長能力充滿信心，這一觀點得到了近期合作夥伴關係、強勁的銷售管道和第二季度強勁勢頭的支持。正如我們在上次電話會議中所分享的，我們的 2025 年策略重點是擴大託管服務、擴大我們的代理商和媒體業務、加速 FaZe Esports 的成長，同時真正優先考慮獲利能力。

Our core SaaS business is off to a great start. Earlier this year, Stream Hatchet signed its largest contract to date with Capcom to support the launch of Monster Hunter Wilds. In the second quarter, we expect to announce a new strategic partnership with another leading game publisher. These collaborations reflect the growing strength of our platform and Stream Hatchet's evolution from a data analytics provider to a full-service marketing engine capable of delivering value to customers on a global scale.

我們的核心 SaaS 業務起步良好。今年早些時候，Stream Hatchet 與 Capcom 簽署了迄今為止最大的合同，以支持《魔物獵人：荒野》的推出。預計第二季我們將與另一家領先的遊戲發行商建立新的策略合作關係。這些合作反映了我們平台日益增強的實力，以及 Stream Hatchet 從數據分析提供者向能夠在全球範圍內為客戶提供價值的全方位服務行銷引擎的演變。

The addition of managed services has opened the door to multiple 7-figure opportunities in our pipeline. We anticipate strong growth in this area throughout 2025 and beyond. Furthermore, these engagements are expected to serve as a foundation for long-term SaaS and integrated marketing relationships with major game publishers.

託管服務的增加為我們的頻道中的多個七位數機會打開了大門。我們預計該領域在 2025 年及以後將實現強勁成長。此外，這些合作有望成為與主要遊戲發行商建立長期 SaaS 和綜合行銷關係的基礎。

Turning to our agency and media segment, our creative agency, Zoned continues to thrive with in-game world building campaigns and by delivering strategic marketing and activation solutions to top tier brands. As announced today, we signed a new license agreement with Paramount Game Studios to develop Spongebob SquarePants themed game within Fortnite. This strategic partnership deepens our relationship with Paramount and reflects the success of our previous collaborations. Zoned is also seeing momentum in multiyear partnerships.

談到我們的代理商和媒體部門，我們的創意代理商 Zoned 繼續透過遊戲內世界建設活動以及為頂級品牌提供策略行銷和激活解決方案而蓬勃發展。正如今天宣布的那樣，我們與派拉蒙遊戲工作室簽署了一項新的許可協議，在 Fortnite 中開發海綿寶寶主題遊戲。這次策略合作加深了我們與派拉蒙的關係，並體現了我們先前合作的成功。Zoned 在多年期合作中也表現出強勁勢頭。

During the quarter, we renewed our agreement with Jack in the Box, extending the partnership into its third year. This renewal highlights the effectiveness of our strategy and underscores our capability to bridge gaming and pop culture through high-impact digital marketing. Our agency business is also expanding beyond gaming.

本季度，我們與 Jack in the Box 續簽了協議，將合作關係延長至第三年。這次更新凸顯了我們策略的有效性，並強調了我們透過高影響力的數位行銷連結遊戲和流行文化的能力。我們的代理業務也正在擴展到遊戲之外。

They are increasingly recognized as go-to experts in digital and youth culture, enabling collaborations with mainstream brands community-driven initiatives and new use cases for GameSquare's proprietary technology assets. We continue to make progress growing our owned and operated IP segment after adding proven team members and resources to our platform over the past 12 months.

他們越來越被視為數位和青年文化領域的專家，能夠與主流品牌合作開展社群驅動計劃，並為 GameSquare 的專有技術資產提供新的用例。在過去 12 個月中，我們在平台上增加了經驗豐富的團隊成員和資源，繼續在擴大我們擁有和經營的 IP 領域方面取得進展。

We are advancing long-term initiatives, including our recently announced partnership with GGTech to bring the global esports Festival GAMERGY to Dallas in March of 2026. Since its founding in 2016, GAMERGY hosted over 20 events worldwide in countries, including Spain, Argentina, Egypt, Panama, El Salvador and Mexico. GameSquare will provide full platform support including event strategy, design, talent, marketing and operations. We're currently in Phase 1 of planning for GAMERGY Dallas focus on strategy development, programming and US market positioning.

我們正在推進長期計劃，包括最近宣布與 GGTech 合作，於 2026 年 3 月將全球電競節 GAMERGY 帶到達拉斯。自 2016 年成立以來，GAMERGY 已在西班牙、阿根廷、埃及、巴拿馬、薩爾瓦多和墨西哥等國家舉辦了 20 多場活動。GameSquare將提供包括活動策略、設計、人才、行銷和營運在內的全平台支援。我們目前正處於 GAMERGY Dallas 規劃的第一階段，專注於策略制定、程式設計和美國市場定位。

Phase 2 will begin in June and will emphasize partnership and sales. I'm pleased to report that we've already had really a big pipeline and a lot of strong interests from brands and publishers on this front. As part of our partnership with GGTech, we are launching a collegiate esports initiative to foster community engagement across the US campuses. GGTech's university esports program one of the largest in the world, has reached over 2,000 universities, 9,000 teams and 100,000 participants globally. We see this as a high potential avenue to deepen our presence in the collegiate gaming space.

第二階段將於六月開始，重點是合作和銷售。我很高興地告訴大家，我們已經擁有了非常龐大的管道，並且許多品牌和出版商對此表現出濃厚的興趣。作為與 GGTech 合作的一部分，我們正在啟動一項大學電競計劃，以促進美國校園的社區參與。GGTech 的大學電競計畫是世界上最大的計畫之一，已涵蓋全球 2,000 多所大學、9,000 個團隊和 10 萬名參與者。我們認為這是深化我們在大學遊戲領域影響力的一條極具潛力的途徑。

Turning to our FaZe Clan Esports business. FaZe Esports had a really strong first quarter, which included $1 million in prize money from winning the February 2025 Rainbow Six Invitational. We are actively pursuing opportunities that leverage the strength of FaZe Esports and continue to monetize the brand. In the coming months, we plan to announce a new naming rights deal for our headquarters at the Star in Frisco, Texas, transforming it into a performance hub and official home of FaZe Clan Esports.

轉向我們的 FaZe Clan Esports 業務。FaZe Esports 第一季表現非常強勁，包括贏得 2025 年 2 月彩虹六號邀請賽並贏得 100 萬美元獎金。我們正在積極尋求利用 FaZe Esports 實力的機會並繼續將品牌貨幣化。在接下來的幾個月裡，我們計劃宣布一項新的冠名權協議，將位於德克薩斯州弗里斯科的星城總部改造成 FaZe Clan Esports 的表演中心和官方主場。

This is part of a broader strategy to elevate FaZe Clan Esports as a premier esports asset and drive long-term value. Overall, I'm encouraged by the direction we're heading. In Q1, we made substantial improvements to adjusted EBITDA compared to pro forma results last year. These gains reflect improved gross margin and reduced operating expenses.

這是更廣泛策略的一部分，旨在將 FaZe Clan Esports 提升為頂級電競資產並推動長期價值。總的來說，我對我們的前進方向感到鼓舞。在第一季度，與去年的預測結果相比，我們的調整後 EBITDA 取得了大幅改善。這些收益反映了毛利率的提高和營運費用的減少。

We are continuing to implement cost efficiency initiatives to further strengthen profitability. With a streamlined structure, a robust pipeline and positive momentum across key business units, we believe that we're on track to grow revenue and improve profitability organically in 2025. So with this overview, I'd like to turn the call over to Mike to review our 2025 first quarter financial results. Mike?

我們將繼續實施成本效益舉措，以進一步增強獲利能力。憑藉精簡的結構、強大的產品線和主要業務部門的積極勢頭，我們相信我們將在 2025 年實現收入成長和獲利能力有機提升。因此，有了這個概述，我想將電話交給麥克回顧我們 2025 年第一季的財務表現。麥克風？

Thanks, Justin. We believe it's best to compare our reported Q1 2025 financial results to our Q1 2024 pro forma results, which removes complexity from GameSquare's financial statements and includes a full quarter contribution of FaZe Clan for the 3 months ended March 31, 2024.

謝謝，賈斯汀。我們認為，最好將我們報告的 2025 年第一季財務結果與我們的 2024 年第一季度備考結果進行比較，這樣可以消除 GameSquare 財務報表的複雜性，並包括截至 2024 年 3 月 31 日的 3 個月內 FaZe Clan 的整個季度貢獻。

Comparing our 2025 first quarter reported results to the prior year, total revenue was $21.1 million, compared to pro forma revenue of $23.5 million. The 10% year-over-year decrease in revenue was primarily due to a reduction in programmatic advertising revenue, partially offset by growth across our other business segments. Gross margin for the 2025 first quarter was $3.3 million or 15.8% of sales compared to $3.7 million or 15.7% of pro forma sales for the same period last year. Excluding FaZe Media revenue, our gross margin for the 2025 first quarter would have been 22.8%. We expect gross margin to improve going forward, supported by a more profitable revenue mix in 2025 and additional actions underway to improve gross margin.

將我們 2025 年第一季的報告結果與前一年進行比較，總收入為 2,110 萬美元，而預計收入為 2,350 萬美元。收入年減 10% 主要是由於程序化廣告收入減少，但其他業務部門的成長部分抵消了這一下降。2025 年第一季的毛利率為 330 萬美元，佔銷售額的 15.8%，而去年同期的毛利率為 370 萬美元，佔準備考試銷售額的 15.7%。不包括 FaZe Media 收入，我們 2025 年第一季的毛利率將為 22.8%。我們預計，受 2025 年更有利可圖的收入組合以及正在採取的其他提高毛利率的措施的支持，未來毛利率將會提高。

Adjusted EBITDA loss for the 2025 first quarter was $3.4 million compared to a pro forma loss of $7.9 million last year, an improvement of $4.5 million. We expect the EBITDA trend will continue to improve throughout 2025, with positive EBITDA and cash flow in the second half of 2025 as Justin will outline. So with this overview, I'll turn the call back over to Justin to review our guidance in more detail.

2025 年第一季調整後 EBITDA 虧損為 340 萬美元，而去年的備考虧損為 790 萬美元，改善了 450 萬美元。我們預計 EBITDA 趨勢將在 2025 年全年持續改善，正如 Justin 所概述的那樣，2025 年下半年 EBITDA 和現金流將為正值。因此，有了這個概述，我將把電話轉回給賈斯汀，以更詳細地審查我們的指導。

Thanks, Mike. Our first quarter financial results were in line with expectations, and we remain confident in our 2025 outlook, we continue to project pro forma annual revenue of at least $100 million in 2025. Achieving profitability remains essential focus of our 2025 strategy. We continue to target full year gross margin of approximately 20% to 25% and operating expenses around $20 million.

謝謝，麥克。我們第一季的財務表現符合預期，我們對 2025 年的前景仍然充滿信心，我們繼續預計 2025 年的預計年收入至少為 1 億美元。實現盈利仍然是我們 2025 年策略的重點。我們繼續將全年毛利率定為約 20% 至 25%，營運費用定為約 2,000 萬美元。

Our first quarter results clearly demonstrate the operational progress we're making, and we are actively pursuing opportunities to accelerate our path to profitability. As we've noted previously, our business typically sees approximately 60% of annual sales in the second half of the year. As such, we expect seasonality to influence both revenue and profitability in the coming quarters.

我們的第一季業績清楚地表明了我們正在取得的營運進展，我們正在積極尋求機會加速實現盈利。正如我們之前提到的，我們的業務通常在下半年實現約 60% 的年度銷售額。因此，我們預計季節性將影響未來幾季的收入和獲利能力。

That said, we are already seeing sequential trends in Q2 to improve further. Based on our current trajectory, we expect to achieve positive cash flow and adjusted EBITDA in the second half of 2025. Two critical milestones in our transformation. We look forward to keeping you updated on our continued progress throughout the year. So with this overview, Lou, Mike and I are happy to take your questions.

也就是說，我們已經看到第二季的連續趨勢進一步改善。根據我們目前的發展軌跡，我們預計在 2025 年下半年實現正現金流和調整後的 EBITDA。我們轉型過程中的兩個關鍵里程碑。我們期待全年向您通報我們持續取得的進展。透過這個概述，Lou、Mike 和我很樂意回答您的問題。

Operator, please open the call to questions. Thank you.

接線員，請打開電話詢問。謝謝。

(Operator Instructions) Greg Gibas, Northland Securities.

（操作員指示） Greg Gibas，Northland Securities。

Congrats on the quarter and congrats on the expanded relationship with Paramount, Wondering if you could maybe elaborate on the development plan with Spongebob and kind of the general structure of that arrangement?

恭喜本季度取得的成績，也祝賀與派拉蒙的合作關係得到擴大，想知道您是否可以詳細說明海綿寶寶的開發計劃以及該安排的總體結構？

Yes, I can kick off here the show. Yes, we're really excited. We actually -- our agency team with Paramount in New York this week and they had fun dinner altogether last night and very excited about what we're building there. We've been working with Paramount now for some time. We help them with sort of the marketing and growth of Teenage Mutant Ninja Turtles into Fortnite last year, which we talked about, which was really exciting and obviously been working on a number of games with them, with Spongebob and so forth.

是的，我可以在這裡開始表演。是的，我們真的很興奮。事實上，我們的代理商團隊本週與派拉蒙在紐約共進了晚餐，他們昨晚一起享用了愉快的晚餐，對我們在那裡建造的項目感到非常興奮。我們與派拉蒙已經合作了一段時間了。去年，我們幫助他們行銷和發展了《忍者龜》和《要塞英雄》，我們討論過這個，這真的非常令人興奮，顯然我們一直在與他們合作開發許多遊戲，例如《海綿寶寶》等等。

And this is the next step. I think we've done a really good job, and we've gone -- we've moved from being paid to sort of build and market to actually co-owning and driving revenue together. So really exciting.

這是下一步。我認為我們做得非常好，我們已經從付費建設和行銷轉變為實際共同擁有和共同推動收入。真是令人興奮。

The agreement is a two-year contract. Three games minimum per year. So we're very excited. We've got one in the works for summer. That in the coming months, you'll see one out in market, which we're really excited about and really looking to maximize profitability on that and very likely, we'll be launching in Fortnite Mobile, which is really exciting.

該協議為一份為期兩年的合約。每年至少三場比賽。所以我們非常興奮。我們正在為夏季做準備。在接下來的幾個月裡，你會在市場上看到一款這樣的產品，我們對此感到非常興奮，並真心希望實現盈利能力的最大化，而且很有可能，我們會在 Fortnite Mobile 上推出這款產品，這真的令人興奮。

So yes, two-year contract, minimum three games per year, option to make up to eight games per year and a number that are in the works already. So you'll see the launch of our first game in the coming months here.

是的，兩年合同，每年至少三場比賽，每年最多可以選擇八場比賽，而且一些比賽已經在籌備中。因此，您將在未來幾個月內在這裡看到我們的第一款遊戲的推出。

Great. That's helpful, Justin. And if I could follow up, I think you mentioned sequential trends improving in Q2. Just wondering if you could maybe provide some color on what business units you're seeing positive momentum with?

偉大的。這很有幫助，賈斯汀。如果我可以跟進的話，我認為您提到了第二季度連續趨勢的改善。我只是想知道您是否可以提供一些關於哪些業務部門出現積極勢頭的詳細資訊？

Yes, for sure. I think -- we expect the most improvement in Q3 and Q4. I think seasonality, generally in the back half of the year, we see bigger pick up. Our pipeline is really strong. We've got deals closing, and I think you'll start to see that in Q2 and certainly full impact into Q3 and Q4, which we're excited about.

是的，當然。我認為——我們預計第三季和第四季會有最大的改善。我認為季節性因素，一般在下半年，我們會看到更大的回升。我們的管道非常強大。我們已經完成了一些交易，我認為你會在第二季看到這一點，並且肯定會對第三季和第四季產生全面影響，我們對此感到非常興奮。

Also in Q3 we've got -- early in Q3, we've got a few exciting things happening with the Esports World Cup, which we've talked about prior with a $60 million of prize money up for grabs and we've got a number of teams going and competing in Riyadh there and so forth.

此外，在第三季度初期，我們還有幾件令人興奮的事情要做，那就是舉辦電子競技世界杯，我們之前已經討論過這項賽事，該賽事的獎金總額為 6000 萬美元，而且我們有許多隊伍前往利雅得參加比賽等等。

But I think what you'll see in Q2 is continued margin improvement. We did talk about, obviously, in Q1, is the last quarter that FaZe Media is included in the number. You're going to see real margin improvement and continued OpEx improvement, something that we've been really focused on is getting efficient. And I think you'll see continued OpEx improvement into Q2 and even into Q3.

但我認為您會看到第二季利潤率持續提高。我們確實討論過，顯然，第一季是 FaZe Media 被納入該數字的最後一個季度。您將看到真正的利潤率提高和持續的營運支出改善，我們真正關注的是提高效率。我認為您會看到第二季甚至第三季的營運支出持續改善。

And just from a sort of revenue standpoint, we kind of touched on it a little bit on the call, but continued improvement in that SaaS managed services business. We talked about Capcom. We actually have a larger really exciting deal with a major game publisher that we're hoping to be able to announce you very soon, that will be in Q2, really, really exciting one. So the growth out of the SaaS managed services business is really pleasing.

僅從收入角度來看，我們在電話會議中稍微談到了這一點，但 SaaS 託管服務業務仍在繼續改善。我們談論了 Capcom。實際上，我們與一家大型遊戲發行商達成了一項更大、更令人興奮的交易，我們希望能夠很快向您宣布，那將在第二季度，真的非常令人興奮的交易。因此，SaaS 託管服務業務的成長確實令人欣喜。

And certainly, our agency business Zoned. So Zoned was a little softer in Q1. Zoned is a highly profitable business unit for us. Obviously, we touched on the Paramount relationship, but they've been renewing a number of other clients, Jack in the Box. We work really closely with Converse and ESPN and sort of list goes on.

當然，我們的代理業務是分區的。因此，Zoned 在第一季表現略差一些。對我們來說，Zoned 是一個利潤豐厚的業務部門。顯然，我們談到了派拉蒙的關係，但他們一直在與許多其他客戶續約，例如 Jack in the Box。我們與 Converse 和 ESPN 等都進行了密切的合作。

So you'll see improvement in Q2 and certainly Q3 and Q4 from a Zoned perspective. They tend to have -- when we talk about seasonality, a bit of a softer Q1 and really ramp up.

因此，從區域角度來看，您會看到 Q2、Q3 和 Q4 有所改善。當我們談論季節性時，他們往往會看到第一季表現略微疲軟，但隨後真正出現成長。

So yes, we're certainly expecting revenue growth out of those areas and our GameSquare experiential business, seeing a lot of inflow there as well. So they're probably the main areas that I'd expect to see pickup in Q2. Yes, but certainly, certainly be looking for continued OpEx improvement, continued margin improvement as we grow revenue here and certainly on track to hit positive EBITDA and cash flow in the back half of the year.

所以是的，我們確實預計這些地區的收入會成長，而且我們的 GameSquare 體驗業務也會在那裡看到大量流入。所以它們可能是我預計第二季會出現回暖的主要領域。是的，但當然，我們肯定會尋求持續的營運支出改善，隨著我們收入的增長，利潤率也會持續提高，並且肯定會在下半年實現正的 EBITDA 和現金流。

Since there are no more questions, this concludes the question-and-answer session. I would like to turn the conference back over to Justin Kenna for any closing remarks. Please go ahead.

由於沒有其他問題，問答環節到此結束。我想將會議交還給賈斯汀·肯納 (Justin Kenna) 來做結束語。請繼續。

Thanks so much. We tried to keep today a little shorter and more to the point, given that we obviously had our year-end and Q4 earnings call less than a couple of weeks ago. So good to connect again. Thank you, everybody, for making the time. We're certainly pleased with progress.

非常感謝。考慮到我們幾週前才剛召開年終和第四季度收益電話會議，我們試圖讓今天的會議簡短一些，切中要點。很高興再次聯繫。謝謝大家抽出時間。我們當然對進展感到滿意。

There's work still to be done. We make no secret out of the fact, that getting to profitability is our goal and we have a really clear plan to get there.

還有很多工作要做。我們毫不掩飾地表示，實現盈利是我們的目標，我們有一個非常明確的計劃來實現這一目標。

So we're on track for that in the back half of the year, and we certainly expect to get a sort of rerating here in the market with that continued improvement. So we're looking to drive value for shareholders, and we're very appreciative of the continued support. So thanks for dialing in and certainly looking forward to catching up on and giving everyone progress into Q2 and how we're tracking on profitability into the back half of the year. Thanks all.

因此，我們將在今年下半年實現這一目標，並且我們當然希望隨著市場持續改善，獲得某種程度的重新評級。因此，我們希望為股東創造價值，我們非常感謝大家的持續支持。感謝您撥打電話，我們非常期待了解情況，並向大家通報第二季度的進展情況，以及我們如何追蹤下半年的獲利情況。謝謝大家。

This concludes GameSquare's 2025 First Quarter Financial Results Conference Call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

GameSquare 2025 年第一季財務業績電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。