GameSquare Holdings Inc (GAME) 2025 Q2 法說會逐字稿

Good afternoon, and thank you for joining us for the GameSquare Holdings 2025 second-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 年第二季電話會議。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 see our 10-Q for the quarter ended June 30, 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 6 月 30 日的季度 10-Q，該報告可在公司網站或美國證券交易委員會獲取。

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. 2025 is on track to be a transformative year for GameSquare as we aggressively execute against a bold vision aimed at building a leading digital-first platform at the intersection of media, technology, gaming and onchain finance. While our roots are in media, technology and gaming and those businesses continue to deliver strong revenue and operational performance, we have also recently launched a differentiated crypto-native treasury management strategy.

謝謝大家，大家下午好，歡迎參加今天的電話會議。 2025 年有望成為 GameSquare 的變革之年，因為我們積極執行一個大膽的願景，旨在在媒體、技術、遊戲和鏈上金融的交匯處建立領先的數位優先平台。雖然我們的根基在於媒體、科技和遊戲，而這些業務持續帶來強勁的營收和營運業績，但我們最近也推出了差異化的加密原生資金管理策略。

Since its official launch in July using the August 13, 2025, closing price, our treasury strategy has already generated over $19 million in unrealized gains, and we now hold 15,630 ETH with a current market value of $74.3 million. We believe GameSquare is one of only a few companies globally that combines a proven high-performing operating business with a large-scale actively managed Ethereum treasury. This unique model positions us to capture meaningful appreciation and yield from our crypto strategy while leveraging the financial and operating performance of our core businesses.

自 7 月以 2025 年 8 月 13 日收盤價正式推出以來，我們的財務策略已經產生了超過 1900 萬美元的未實現收益，我們目前持有 15,630 ETH，目前市值為 7,430 萬美元。我們相信 GameSquare 是全球僅有的幾家將經過驗證的高績效營運業務與大規模主動管理的以太坊金庫相結合的公司之一。這種獨特的模式使我們能夠從加密策略中獲得有意義的升值和收益，同時利用核心業務的財務和營運績效。

Our operating businesses and onchain treasury management strategy are complementary. In fact, our growing onchain presence is beginning to fuel new opportunities in our operating business, creating the potential for a powerful growth flywheel. Our strategy is also designed to smooth the volatility of the crypto market by balancing it with consistent diversified revenue streams.

我們的營運業務和鏈上資金管理策略是互補的。事實上，我們不斷成長的鏈上業務開始為我們的營運業務帶來新的機遇，為強大的成長飛輪創造潛力。我們的策略還旨在透過平衡持續多樣化的收入流來平滑加密貨幣市場的波動。

Over time, the cash flow and value creation from our treasury activities are expected to fund additional ETH purchases, opportunistic share repurchases and reinvestment in our core businesses. With over $71.5 million in trailing 12-month revenue and a scalable onchain model built for both growth and resilience, this structure sets GameSquare apart and creates an extremely compelling value proposition for our shareholders.

隨著時間的推移，我們財務活動產生的現金流量和價值創造預計將為額外的 ETH 購買、機會性股票回購和核心業務的再投資提供資金。憑藉過去 12 個月超過 7,150 萬美元的收入以及為成長和彈性而構建的可擴展鏈上模型，這種結構使 GameSquare 脫穎而出，並為我們的股東創造了極具吸引力的價值主張。

So with this, I'll jump into our operating performance before I share our early observations from the launch of our treasury management strategy in the third quarter. As we stated on our first quarter earnings call, our priorities this year are focused on achieving profitability, streamlining operations and driving higher-margin revenue opportunities across our core media, technology and gaming businesses.

因此，在分享我們在第三季推出財務管理策略以來的早期觀察結果之前，我將先介紹我們的營運表現。正如我們在第一季財報電話會議上所述，我們今年的首要任務是實現盈利、精簡營運並推動核心媒體、技術和遊戲業務的更高利潤收入機會。

I'm pleased with our progress. On a consolidated basis, we've reduced SG&A expenses by 15% and expanded gross margin by 120 basis points, driving a 16% improvement in adjusted EBITDA year-over-year. Additional restructuring efforts are underway, and we've identified a further $5 million in annualized savings and are expected to begin contributing in the third quarter. We also anticipate stronger gross margin in the second half of the year, supported by higher seasonal revenue and a more profitable mix of business.

我對我們的進展感到滿意。從合併數據來看，我們將銷售、一般及行政費用 (SG&A) 降低了 15%，毛利率提高了 120 個基點，推動調整後 EBITDA 較去年同期成長 16%。額外的重組工作正在進行中，我們已確定每年可節省 500 萬美元，預計將在第三季開始貢獻。我們也預計，受季節性收入增加和業務組合利潤增加的支撐，下半年毛利率將會更高。

During the second quarter, we completed the divestiture of FaZe Media, selling our remaining 25.5% stake back to its founders. This valued FaZe Media at over $39 million compared to our original $14 million stock-based acquisition of both FaZe Esports and FaZe Media and further simplifies our business while reducing working capital requirements.

在第二季度，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。與我們最初以 1400 萬美元的股票收購 FaZe Esports 和 FaZe Media 相比，這對 FaZe Media 的估值超過 3900 萬美元，並進一步簡化了我們的業務，同時降低了營運資金需求。

Today, GameSquare operates across four focus areas SaaS and managed services, agency and media, owned and operated IP, and FaZe Clan Esports. We believe this differentiated end-to-end platform enables deep partnerships with top game publishers and global brands.

如今，GameSquare 的業務重點涵蓋 SaaS 和託管服務、代理商和媒體、自有和經營的 IP 以及 FaZe Clan Esports 四個領域。我們相信，這種差異化的端到端平台能夠與頂級遊戲發行商和全球品牌建立深度合作夥伴關係。

Our reach into gaming and Gen Z audiences is unmatched. And as brands compete for share in a challenging economic environment, we are confident in our ability to grow organically, supported by recent partnerships and a robust sales pipeline. While

我們對遊戲和 Z 世代受眾的影響力無與倫比。在充滿挑戰的經濟環境中，各大品牌都在爭奪市場份額，在近期建立的合作夥伴關係和強大的銷售管道的支持下，我們對自己實現有機成長的能力充滿信心。儘管

consolidated revenue in the second quarter was slightly below expectation due to extended closing time lines of several last deals, we're entering the seasonally strongest part of our year with significant momentum.

由於最近幾筆交易的成交時間延長，第二季的綜合收入略低於預期，但我們正以強勁的勢頭進入今年季節性最強勁的時期。

The demand environment in our agency business is accelerating. Our pipeline is the strongest it's been all year, and many of the opportunities that have shifted out of Q2 are now on track to close in the coming months. We expect meaningful sequential growth with Q3 revenue higher than Q2 and Q4 building further on that growth, supported by both new wins and expansion with existing partners. This momentum positions us for a powerful finish to 2025 and a strong launch into 2026.

我們的代理業務的需求環境正在加速發展。我們的管道是全年最強大的，許多從第二季度轉移出來的商機現在預計在未來幾個月內完成。我們預計第三季營收將出現有意義的連續成長，高於第二季度，第四季的營收將在此基礎上進一步成長，這得益於新的勝利和與現有合作夥伴的擴張。這一勢頭將使我們在 2025 年取得圓滿成功，並在 2026 年取得強勁開局。

We are also advancing multiple growth initiatives across the portfolio, including scaling our Managed Services business, launching new products, and expanding owned and operated relationships. Highlights here include Stream Hatchet's on its largest contract to date, supporting the launch of Monster Hunter Wilds.

我們也正在推動整個投資組合的多項成長計劃，包括擴大託管服務業務、推出新產品以及擴大自有和營運關係。這裡的亮點包括 Stream Hatchet 迄今為止最大的合同，支持《Monster Hunter Wilds》的推出。

This week, it also announced a new managed services agreement with Ubisoft to support the launch of Tom Clancy's Rainbow Six Siege. These wins underscore Stream Hatchet's transformation from a pure data analytics provider into a full-service marketing engine, delivering measurable value for customers on a global scale.

本週，該公司還宣布與育碧達成新的託管服務協議，以支持《湯姆克蘭西的《虹彩六號：圍攻行動》的推出。這些勝利凸顯了 Stream Hatchet 從純數據分析供應商向全方位服務行銷引擎的轉變，為全球客戶提供了可衡量的價值。

During the quarter, Stream Hatchet launched a proprietary AI-based solution that helps game publishers, global brands and agencies connect with Gen Z and Millennial audiences across leading live streaming and social platforms. This engine uses machine learning to decode creative content, audience sentiment and engagement patterns, enabling brands to identify high-performing influencers and design campaigns with surgical precision.

本季度，Stream Hatchet 推出了一個基於人工智慧的專有解決方案，幫助遊戲發行商、全球品牌和代理商透過領先的直播和社交平台與 Z 世代和千禧世代觀眾建立聯繫。該引擎使用機器學習來解碼創意內容、受眾情緒和參與模式，使品牌能夠識別高績效影響者並以手術精確度設計活動。

Within GameSquare Experiences, we've launched a collegiate esports program to engage campuses nationwide in partnership with a national retail chain. In July, GameSquare Experience has successfully produced and managed 100 Thieves Summer Block Party, further showcasing our ability to execute large-scale high-profile events.

在 GameSquare Experiences 中，我們推出了一項大學電競計劃，與全國零售連鎖店合作，吸引全國各地的校園參與。7月，GameSquare Experience成功製作並舉辦了100 Thieves Summer Block Party，進一步展示了我們舉辦大型高知名度活動的能力。

Importantly, the strength of our operating momentum complements our onchain treasury strategy. The same relationships, reach and capabilities driving wins in media, technology and gaming are opening doors with crypto-native companies that see value in our expertise and our access to audience. We are currently in active discussions with more than 15 crypto-native organizations, representing 8 figures of potential deal value that are seeking partners with proven capabilities to help them reach and engage audiences at scale.

重要的是，我們強勁的營運動能補充了我們的鏈上財務策略。同樣的人際關係、影響力和能力推動了我們在媒體、科技和遊戲領域的成功，也為加密原生公司打開了大門，這些公司看到了我們的專業知識和受眾管道的價值。我們目前正在與 15 多個加密原生組織進行積極討論，這些組織的潛在交易價值達 8 位數，他們正在尋求具有成熟能力的合作夥伴來幫助他們大規模地接觸和吸引受眾。

GameSquare's established operating platform positions us uniquely to meet this demand. We believe these relationships will not only deepen our presence in the onchain ecosystem but also generate incremental high-margin revenue streams. Based on our current pipeline, we expect initial wins to begin in the third quarter, like our recently announced $2.5 million agency of record win with Azuki and building further into the fourth quarter, creating another powerful growth driver for our business.

GameSquare 成熟的營運平台使我們能夠滿足這項需求。我們相信，這些關係不僅會加深我們在鏈上生態系統中的存在，還會產生增量的高利潤收入流。根據我們目前的管道，我們預計初步勝利將在第三季度開始，例如我們最近宣布的與 Azuki 達成的 250 萬美元創紀錄的代理勝利，並將在第四季度進一步擴大，為我們的業務創造另一個強大的增長動力。

Our operating momentum makes this the perfect time to review our emerging onchain treasury strategy, which we officially launched on July 1. Our goal is straightforward: to build one of the most sophisticated yield-generating Ethereum strategies of any public company and to do so alongside a high-performing operating platform.

我們的營運動能使得現在成為審查我們新興的鏈上財務策略的最佳時機，該策略於 7 月 1 日正式啟動。我們的目標很簡單：建立任何上市公司中最複雜的收益以太坊策略之一，並與高效能營運平台一起實現這一目標。

Unlike pure crypto plays, our model is designed to compound value while buffering against volatility. We are pursuing a three-pronged crypto-native growth strategy, which includes: firstly, an Ethereum-based treasury strategy through Dialectic's onchain yield platform targeting annualized yields of 8% to 14%. This kicked off, and we're excited to provide yield results at the end of the month.

與純粹的加密貨幣遊戲不同，我們的模型旨在在緩衝波動的同時增加價值。我們正在推行三管齊下的加密原生成長策略，其中包括：首先，透過 Dialectic 的鏈上收益平台實施基於以太坊的財務策略，目標是實現 8% 至 14% 的年化收益率。這項工作已經開始，我們很高興能在月底提供收益結果。

Secondly is our financialized art and culture asset strategy that looks to acquire culturally significant digital assets and NFTs targeting 6% to 10% annualized stablecoin yields; and third and finally, a Web3 operating strategy, leveraging GameSquare's creative agency and gaming businesses to help crypto-native organizations grow global audiences while also adding high potential digital assets and yield opportunities to our treasury. This has already resulted in $2.5 million of high-margin revenue for the back half of the year for our agency of record deal with Azuki.

其次是我們的金融化藝術和文化資產策略，旨在收購具有文化意義的數位資產和 NFT，目標是實現 6% 至 10% 的年化穩定幣收益率；第三，也是最後一點，Web3 營運策略，利用 GameSquare 的創意機構和遊戲業務幫助加密原生組織擴大全球受眾，同時為我們的資金增加高收益的數位資產和機會。這已經為我們與 Azuki 簽訂的代理協議帶來了下半年 250 萬美元的高利潤收入。

The cash flow and appreciation from these activities are intended to fund additional ETH purchases, return capital to shareholders through buybacks and reinvest in our operating business, creating a self-reinforcing cycle of growth across both pillars of our company. We have built a dedicated onchain platform supported by best-in-class infrastructure and guided by proven leaders in the crypto and DeFi space. This includes the team at Dialectic who bring deep expertise in structuring, managing and optimizing institutional-grade onchain portfolios.

這些活動產生的現金流和增值旨在為額外的 ETH 購買提供資金，透過回購向股東返還資本並再投資於我們的營運業務，從而在我們公司的兩個支柱中創造一個自我強化的成長循環。我們建立了一個專用的鏈上平台，由一流的基礎設施支持，並由加密和 DeFi 領域經驗豐富的領導者指導。其中包括 Dialectic 團隊，他們在建立、管理和優化機構級鏈上投資組合方面擁有深厚的專業知識。

Our strategy is also supported by seasoned advisers such as Ryan Zurrer of Dialectic, Robert Leshner of Superstate, and Rhydon Lee of Goff Capital, all of whom have been instrumental in refining our portfolio construction, risk management and yield generation strategies.

我們的策略也得到了 Dialectic 的 Ryan Zurrer、Superstate 的 Robert Leshner 和 Goff Capital 的 Rhydon Lee 等經驗豐富的顧問的支持，他們都在完善我們的投資組合建構、風險管理和收益產生策略方面發揮了重要作用。

This platform allows us to actively manage our ETH holdings in real time, identify high conviction opportunities and move capital efficiently across strategies. Importantly, the systems we've put in place are built for scale, enabling us to increase capital deployment as our treasury grows while maintaining robust oversight and compliance controls.

該平台使我們能夠即時主動管理我們的 ETH 持有量，識別高信念機會並在各個策略之間有效地轉移資本。重要的是，我們建立的系統是為擴大規模而構建的，使我們能夠隨著資金的增長而增加資本部署，同時保持強有力的監督和合規控制。

Although still in its early days, our onchain strategy has already begun to generate meaningful results. As of August 13, 2025, we held 15,630 ETH with an original cost basis of $55 million and a market value of $74.3 million, reflecting an average cost per ETH of

儘管我們的鏈上策略仍處於早期階段，但它已經開始產生有意義的成果。截至 2025 年 8 月 13 日，我們持有 15,630 ETH，原始成本基礎為 5,500 萬美元，市值為 7,430 萬美元，反映每 ETH 的平均成本為

approximately $3,519 and a market price of $4,751. We own 1 of only 24 Ape CryptoPunks in existence acquired on July 24, 2025, for $5.15 million or 1,084 ETH.

約 3,519 美元，市場價格為 4,751 美元。我們擁有現存僅有的 24 個 Ape CryptoPunks 中的 1 個，於 2025 年 7 月 24 日以 515 萬美元或 1,084 ETH 的價格收購。

Our NFT yield strategy managed by 1OF1 is targeting annualized yields of 6% to 10%. On August 1, we funded our yield strategy with Dialectic that is currently tracking within our targeted 8% to 14% annualized return range. As of August 13, 2025, our ETH, NFT and cash totaled $99.4 million or $1 per share, with total debt of just over $1 million.

我們由 1OF1 管理的 NFT 收益策略目標是實現 6% 至 10% 的年化報酬率。8 月 1 日，我們透過 Dialectic 為我們的收益策略提供資金，目前該策略的年化回報率在我們目標的 8% 至 14% 範圍內。截至 2025 年 8 月 13 日，我們的 ETH、NFT 和現金總額為 9,940 萬美元，即每股 1 美元，總債務略高於 100 萬美元。

As you can see, GameSquare has never been in a stronger financial position. Its strength provides significant flexibility to pursue strategic initiatives, invest in our operating platform and return capital to shareholders. Reflecting this confidence, our Board of Directors has approved a share repurchase program authorizing the company to buy back up to $5 million of our common stock. The program will be funded directly from the net proceeds of our onchain yield strategy, ensuring that our treasury activities directly translate into shareholder value creation.

如您所見，GameSquare 的財務狀況從未如此強勁。它的實力為推行策略舉措、投資我們的營運平台和向股東返還資本提供了極大的靈活性。為了體現這種信心，我們的董事會批准了一項股票回購計劃，授權公司回購價值高達 500 萬美元的普通股。該計劃將直接由我們的鏈上收益策略的淨收益提供資金，確保我們的財務活動直接轉化為股東價值創造。

So with this overview, I'd like to turn the call over to Mike to review our 2025 2nd quarter financial results. Mike?

因此，有了這個概述，我想將電話交給麥克回顧我們 2025 年第二季的財務表現。麥克風？

Thanks, Justin. It's important to note that our second quarter financial results do not reflect the July launch of our treasury management strategy. The contribution of this strategy will begin to be reflected in our financial results starting in the third quarter.

謝謝，賈斯汀。值得注意的是，我們的第二季財務表現並未反映我們 7 月推出的財務管理策略。該策略的貢獻將從第三季開始反映在我們的財務表現中。

Comparing our 2025 2nd quarter reported results to the prior year, total revenue was $15.8 million (sic-$15.9 million) compared to $17.8 million. The 11% year-over-year decline in revenue was primarily due to a reduction in programmatic advertising revenue partially offset by growth across our other business segments.

將我們 2025 年第二季報告的結果與前一年進行比較，總收入為 1580 萬美元（原文如此，即 1590 萬美元），而上一年為 1780 萬美元。收入年減 11% 主要是由於程序化廣告收入的減少，但其他業務部門的成長部分抵消了這一影響。

Gross margin for the 2025 2nd quarter was $2.4 million or 15.3% of sales compared to $2.5 million or 14.1% of sales for the same period last year. 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. Adjusted EBITDA loss for the 2025 2nd quarter was $3.5 million compared to a loss of $4.2 million last year and a loss of $3.0 million for the first quarter of 2025.

2025 年第二季的毛利率為 240 萬美元，佔銷售額的 15.3%，而去年同期的毛利率為 250 萬美元，佔銷售額的 14.1%。我們預計，在 2025 年更具盈利性的收入組合以及正在採取的提高毛利率的其他措施的支持下，未來毛利率將會提高。2025 年第二季調整後 EBITDA 虧損為 350 萬美元，而去年虧損 420 萬美元，2025 年第一季虧損 300 萬美元。

Before I turn the call back over to Justin, I want to quickly review some balance sheet items after the second quarter that take into account our recent equity offerings, onchain purchases and debt repayments. As of August 13, 2025, GameSquare had approximately 99 million common shares outstanding, cash and cash equivalents of $20 million, onchain treasury assets of $79.4 million, total debt of $1.25 million and a market cap to net asset value ratio of 0.92 times. As you can see, GameSquare has a strong financial position with excellent liquidity to pursue strategic initiatives, invest in our operating platform and return capital to shareholders.

在我將電話轉回給賈斯汀之前，我想快速回顧一下第二季度之後的一些資產負債表項目，其中考慮了我們最近的股票發行、鏈上購買和債務償還。截至 2025 年 8 月 13 日，GameSquare 擁有約 9,900 萬股普通股，現金及現金等價物為 2,000 萬美元，鏈上財務資產為 7,940 萬美元，總負債為 125 萬美元，市值與淨資產價值比率為 0.92 倍。如您所見，GameSquare 擁有強大的財務狀況和出色的流動性，可以推行策略舉措、投資我們的營運平台並向股東返還資本。

So with this overview, I'll turn the call back over to Justin.

因此，有了這個概述，我將把電話轉回給賈斯汀。

Thanks, Mike. As a result of the strong performance since the launch on July 1, 2025, of our Ethereum-based treasury strategy and continued restructuring initiatives aimed at streamlining operations and accelerating the path to profitability, we plan to reintroduce full year guidance in the third quarter of 2025. That said, I want to provide investors with the following assumptions that we believe will add some insight into why we expect the second half of 2025 to be meaningfully stronger.

謝謝，麥克。由於我們基於以太坊的財務策略自 2025 年 7 月 1 日推出以來表現強勁，並持續進行重組舉措，旨在簡化營運並加速獲利之路，我們計劃在 2025 年第三季重新引入全年指引。話雖如此，我想向投資者提供以下假設，我們相信這些假設將有助於我們了解為什麼我們預計 2025 年下半年將會更加強勁。

As we've discussed, we launched our Ethereum yield strategy on August 1, which is targeting annualized onchain yields of 8% to 14%. Approximately 60% of 2025 revenue is expected to be generated in the second half of the year, in line with typical seasonal trends. We expect revenue growth combined with a more profitable mix of revenue will further improve consolidated gross margin in the second half of the year.

正如我們所討論的，我們在 8 月 1 日推出了以太坊收益策略，目標是實現 8% 至 14% 的年化鏈上收益率。預計 2025 年約 60% 的收入將在下半年產生，與典型的季節性趨勢一致。我們預計，收入成長加上更有利可圖的收入組合將進一步提高下半年的綜合毛利率。

Opportunities that shifted out of the second quarter are now on track to close in the coming months. We expect meaningful sequential growth with third quarter revenue higher than the second quarter and fourth quarter building further on that growth, supported by both new wins and expansion with existing partners.

從第二季度轉移出來的機會現在預計在未來幾個月內結束。我們預計第三季度的收入將出現有意義的連續增長，高於第二季度，並且第四季度的收入將在此基礎上進一步增長，這得益於新的勝利和與現有合作夥伴的擴張。

We expect additional wins in the crypto space like the $2.5 million recently announced Azuki deal to continue that were not modeled into our original numbers. Ongoing restructuring initiatives are expected to lower operating expenses in the second half of 2025, with approximately $5 million of additional annualized savings expected by the end of the third quarter.

我們預計加密領域將繼續出現更多勝利，例如最近宣布的 250 萬美元 Azuki 交易，而這些勝利並未計入我們的原始數據中。正在進行的重組措施預計將降低 2025 年下半年的營運費用，預計到第三季末將額外節省約 500 萬美元的年度化成本。

Taken together, the strength of our operating platform, the seasonally stronger revenue mix, our ongoing expense discipline and the contribution from our onchain treasury strategy gives us confidence in a significantly improved performance in the back half of the year. GameSquare is building what we believe is a category-defining model that combines high-performance operating platform with

綜合來看，我們強大的營運平台、季節性較強的收入組合、持續的支出紀律以及鏈上財務策略的貢獻，讓我們有信心在今年下半年實現業績的顯著改善。GameSquare 正在建立我們認為的類別定義模型，該模型將高效能操作平台與

one of the most sophisticated actively managed Ethereum treasuries in the public markets. Our dual strategy is designed to deliver growth, yield and appreciation while providing the resilience to outperform across market cycles. We are focused on expanding our reach profitably into traditional and onchain economies and translate this advantage into meaningful lasting shareholder value. We believe the second half of 2025 will show the full potential of what our platform can deliver.

公開市場上最複雜的主動式管理型以太坊金庫之一。我們的雙重策略旨在實現成長、收益和升值，同時提供在整個市場週期中表現優異的韌性。我們專注於將我們的業務範圍擴大到傳統和鏈上經濟領域，並將這一優勢轉化為有意義的持久股東價值。我們相信，2025 年下半年將充分展現我們平台的潛力。

So with this overview, Lou, Mike and I are happy to take questions. Operator, please open the call to questions.

透過這個概述，Lou、Mike 和我很樂意回答問題。接線員，請打開電話詢問。

(Operator Instructions)

（操作員指示）

Greg Gibas, Northland Securities.

格雷格·吉巴斯，Northland Securities。

Great. Justin, Lou and Mike. Congrats on the early progress and success with that Ethereum treasury strategy. I wanted to just kind of follow up on your, I guess, revenue performance in terms of a little lighter than you expected.

偉大的。賈斯汀、盧和麥克。祝賀以太坊財政戰略的早期進展和成功。我只是想跟進一下您的收入表現，我想，收入表現可能比您預期的要低。

Could you provide maybe a little bit more color on what maybe panned out differently than expected? And simply, was it kind of deal timing? Or were there other impacts? And appreciate the comments on kind of the expectations into the back half.

您能否提供更多細節來說明哪些結果可能與預期不同？簡單來說，這是交易時機嗎？還是有其他影響？並感謝您對後半部分的期望的評論。

Yeah, absolutely. Thank you, Greg. I think there's three main factors in Q2, which I think the most sort of pleasing factor of that is that they're sort of macro related and that these deals are very much on the table. So I would say number one was really the effect of the tariffs. I think that we had two sort of large deals with global gaming companies that are headquartered in China.

是的，絕對是。謝謝你，格雷格。我認為第二季有三個主要因素，其中最令人高興的因素是它們與宏觀相關，而且這些交易都非常活躍。所以我想說，第一點確實是關稅的影響。我認為我們與總部位於中國的全球遊戲公司達成了兩項大型交易。

These were multiyear seven figure deals that they haven't gone away, but they certainly slowed down and one that we were expecting to paper in short order that was certainly slowed down by, I think, the confusion that some of the announcements around tariffs created.

這些都是多年的七位數交易，它們並沒有消失，但它們的進度肯定放慢了，我們原本預計很快就會完成的一項交易肯定因為一些有關關稅的公告所造成的混亂而放慢了進度。

And I certainly think that from an advertising and sort of agency perspective, I do think that there was sort of some pain felt across those segments. So certainly, we weren't isolated there. I think the pleasing part of that is that these deals are very much on the table. We've got real inventory.

我確實認為，從廣告和代理商的角度來看，這些領域確實感受到了某種痛苦。所以可以肯定的是，我們在那裡並不是孤立的。我認為令人高興的是這些交易基本上已經達成。我們有真實的庫存。

I hate to sort of continue to use the word pipeline because these deals are translating into real revenue. And again, I'd touch on sort of the Azuki deal that we just announced. It's $2.5 million of really high margin revenue that wasn't even factored into the model at all. So feel really good about Q3 and Q4 revenue, Q2 a little softer for sure, so I think, one, certainly kind of the tariff announcements. I'd say number two was a sort of slowdown in our programmatic advertising revenue.

我不願意繼續使用「管道」這個詞，因為這些交易正在轉化為實際收入。我再次談一下我們剛剛宣布的 Azuki 交易。這是 250 萬美元的高利潤收入，但根本沒有計入模型中。所以對第三季和第四季的收入感覺非常好，第二季肯定會稍微疲軟一些，所以我認為，首先，肯定是關稅公告。我想說的第二個因素是我們的程序化廣告收入放緩。

This is a part of the business I think we've been pretty vocal about it. It's been really low-margin sort of revenue for us. And when we talk about being a next-generation media company, certainly, our focus is not on programmatic advertising.

這是業務的一部分，我認為我們對此一直非常直言不諱。對我們來說，這確實是一種利潤很低的收入。當我們談到成為下一代媒體公司時，我們的重點當然不是程序化廣告。

We're really focused on our map building business, connecting brands authentically with these audiences, large-scale campaigns, really high-margin areas of our business, and that really I think you'll see a continued focus there. So certainly kind of from a top line perspective but what I think you will see in the back half of the year is really material margin growth.

我們真正專注於地圖建立業務，將品牌與這些受眾真實地聯繫起來，開展大規模的活動，這是我們業務中利潤率非常高的領域，而且我認為你會看到我們對此持續關注。所以從營收角度來看確實如此，但我認為今年下半年你會看到真正的實質利潤成長。

So certainly, top line came off a little bit, but again, I think if you look year-on-year, there is adjusted EBITDA improvement. And to kind of touch on that, Greg, because I think that's really key, right, is if you think about that EBITDA piece, right, into Q3 and how you kind of get to profitability, right, if you're looking at a burn of just sort of over $1 million a month. I think if you look at and this isn't even sort of taking into account the increase in revenue and margin, which we expect but just from sort of that $5 million of annualized restructuring costs.

因此，營業收入確實有所下降，但我認為，如果與去年同期相比，調整後的 EBITDA 有所改善。格雷格，我想談談這一點，因為我認為這真的很關鍵，對吧，如果你考慮一下 EBITDA 部分，對吧，進入第三季度，以及你如何實現盈利，對吧，如果你看到每月的虧損超過 100 萬美元。我認為，如果你看一下，這甚至沒有考慮到我們預期的收入和利潤的增長，而只是來自 500 萬美元的年度重組成本。

If you take into account that and even just the sort of yield off our current Ethereum strategy, you're already sort of at breakeven, right, before you even look at kind of that revenue growth. So we feel really good about the operating business. I think third factor is really just a renewed sort of focus on this crypto space. I think that we kind of touched on the pipeline there, but there are 15-plus active conversations going on.

如果你考慮到這一點，甚至只是考慮到我們目前以太坊策略的收益，那麼在你考慮收入成長之前，你已經達到收支平衡了。因此，我們對經營業務感到非常滿意。我認為第三個因素其實只是對加密空間的重新關注。我認為我們有點觸及了那裡的管道，但還有 15 多個活躍的對話正在進行中。

And this is not a pivot in terms of our services, so I'd really note that. I think that we're just seeing a lot of inbound, right, from these blockchain gaming companies, exchanges, wallets, neobanks that are all wanting to reach youth audience at scale.

這不是我們服務的轉捩點，所以我真的要注意這一點。我認為我們看到了很多來自區塊鏈遊戲公司、交易所、錢包、新銀行的入站流量，它們都希望大規模地接觸年輕受眾。

They're all wanting to reach these traditional gaming audiences, and so we're seeing a huge amount of inbound there. So yes, just to sort of summarize that, say, some macro factors, the tariffs, certainly a bit of a slowdown in programmatic revenue but again, year-on-year EBITDA improvement. We know the job is not done by any extent, but I think there's a really clear path here to profitability.

他們都希望接觸到這些傳統遊戲受眾，因此我們看到了大量的入站流量。所以是的，總結一下，例如一些宏觀因素，關稅，當然會導致程序化收入有所放緩，但 EBITDA 同比有所改善。我們知道這項工作還遠未完成，但我認為這裡有一條通往盈利的清晰道路。

And that's not to sort of we're not just looking at our unrealized gains on Ethereum, right, which is, as we talked about, $19 million. We're trading currently below cash in Ethereum. So yes, we certainly think there's significant upside, but we certainly think just from an operating standpoint that we'll be getting to profitability in the near term.

這並不是說我們不只是關注以太坊的未實現收益，正如我們所說的，這個數字是 1900 萬美元。我們目前的以太坊交易價格低於現金。所以是的，我們確實認為有很大的上升空間，但我們確實認為僅從營運的角度來看，我們將在短期內實現盈利。

Yeah, great, Really appreciate the detailed color there. And it does make sense. You kind of beat me to a follow-up question as well. But I guess I'll just ask two on you mentioned the 15-plus active conversations in the crypto space.

是的，太棒了，真的很欣賞那裡的詳細色彩。這確實有道理。您也搶先問了我一個後續問題。但我想我只想問兩個關於你提到的加密空間中超過 15 個活躍對話的問題。

That's exciting. Wondering if you could maybe characterize the timing of those opportunities? Like could you say those are longer term? Or could those be contributors in the back half? And I guess just secondly or lastly, as it relates to your guidance, like do you have a sense of the timing on when you is it just getting a better sense of the treasury strategy and how that's trending?

這太令人興奮了。想知道您是否可以描述一下這些機會的時機嗎？你能說這些是長期的嗎？或者那些人可能是後半部的貢獻者？我想其次或最後一點，就您的指導而言，您是否知道何時可以更好地了解財務策略及其趨勢？

And sorry, and I guess if I could throw in another one, just in terms of the incremental restructuring, maybe where you expect to derive those savings from in the business.

抱歉，我想如果我可以再補充一個，就增量重組而言，也許您希望從業務中獲得這些節省。

Yeah, absolutely. So a bit in there, I'd say we'll touch on sort of the restructuring first and we can go backwards from there. On the restructuring front, we've been talking about some time really consolidating our technology platforms, Stream Hatchet and Sideqik. We've made some really big strides there. We've continued to pull out efficiencies within the business.

是的，絕對是。因此，我想說，我們先會談一下重組，然後再從那裡開始回顧。在重組方面，我們一直在談論如何真正整合我們的技術平台 Stream Hatchet 和 Sideqik。我們在那裡取得了一些重大進展。我們不斷提高業務效率。

We've obviously integrated engine gaming and then phased plans over the past two years. And we've been continuing to look at efficiencies, so really just around streamlining our offering. And I think you'll see that sort of net effect of that in Q3 and Q4, and we're going to be operating sort of really efficiently. And so I think from that point, it's really about, one, hitting profitability and two is obviously scaling from there. I think that we can really hit operational efficiency from there and again, really see scale into 2026.

顯然，在過去的兩年裡，我們已經整合了引擎遊戲，並制定了分階段的計劃。我們一直在關注效率，因此實際上只是簡化我們的服務。我認為您會在第三季和第四季看到這種淨效應，而且我們的營運將會非常有效率。因此我認為從這一點來看，第一，真正重要的是實現盈利，第二，顯然要從那裡開始擴大規模。我認為我們可以從那時真正提高營運效率，並真正看到 2026 年的規模。

In terms of the sort of crypto revenue category, it's been an interesting one. I think it's certainly been one we've been involved in this space for some time, and we've certainly been on the sideline sort of watching as these treasury strategies have appeared. And we certainly looked at it from a perspective of we're not in an arms race here with BitMine and others to own the most Ethereum.

就加密收入類別而言，這是一個有趣的類別。我認為我們已經涉足這個領域有一段時間了，我們也一直在旁觀望這些財務策略的出現。我們當然是從這樣一個角度來看待這個問題的：我們不會與 BitMine 和其他公司進行軍備競賽，以擁有最多的以太坊。

We, one, believe that our sort of strategy is really differentiated by the fact that we have an exclusive partnership with Dialectic. From a public company standpoint, that is an exclusive relationship. And we believe that we can generate the greatest yields on Ethereum. So we certainly believe, at the end of this month when we can report our first month and actual results on yield, that people will start to see that and hopefully, the market will see those actual results.

我們相信，我們的策略之所以與眾不同，是因為我們與 Dialectic 建立了獨家合作關係。從上市公司的角度來看，這是一種排他性關係。我們相信我們可以在以太坊上產生最大的利益。因此，我們確信，在本月底，當我們能夠報告第一個月的實際收益率結果時，人們將開始看到這一點，並且希望市場能夠看到這些實際結果。

But certainly, we think that we have a differentiated approach by the fact that our operating business really does work within this space, right? And that is through our core businesses in technology, agency, events, marketing, media, these gaming audiences living on the Internet and there's enormous crossover with these crypto communities, right? They're all digitally native.

但當然，我們認為我們採取了一種差異化的方法，因為我們的營運業務確實在這個領域內發揮作用，對嗎？這是透過我們在科技、代理商、活動、行銷、媒體方面的核心業務，這些生活在網路上的遊戲受眾與這些加密社群有著巨大的交叉，對吧？他們都是數位原生世代。

It's really sort of servicing everything Internet culture. And so we have done that. We've worked with a number of blockchain gaming developers in the past. Our largest sponsor on the FaZe Esports side is Rollbit, which is another crypto-native bidding site.

它實際上為一切互聯網文化提供服務。我們也這麼做了。我們過去曾與許多區塊鏈遊戲開發商合作。FaZe Esports 方面我們最大的贊助商是 Rollbit，這是另一個加密原生競價網站。

And so, we have had experience in the past, Greg, but we've sort of made some real emphasis here of growth, and I think we're going to really start to see some material results into the back half of the year. So this isn't like a 2026, '27 strategy.

所以，格雷格，我們過去有過經驗，但我們在這裡確實強調了成長，我認為我們將在今年下半年真正開始看到一些實質的成果。所以這不像是 2026 年或 2027 年的策略。

You need to wait three, four quarters to see the results. We've had a huge amount of inbound since we announced the treasury strategy we've made. We've done a lot of work with our staff around the space and really educating everybody around the space. And we think we're really uniquely positioned to be that leading Internet culture, digitally native agency. So we talk about kind of how fragmented the gaming space is.

你需要等待三、四個季度才能看到結果。自從我們宣布製定的財務策略以來，我們已經收到了大量的入站資金。我們與該領域的員工一起做了很多工作，並真正教育了該領域的每個人。我們認為，我們確實擁有獨特的優勢，可以成為領先的網路文化和數位原生機構。因此，我們討論遊戲空間的分散程度。

I think the crypto space even more so, right? And they're not engaging the big traditional agencies like a lot of gaming publishers and brands now are. So I think there's, yes, a huge opportunity for us to be the go to when it comes to IRL events, when it comes to marketing campaigns, when it comes to content. And so yes, I mean, we saw an announcement yesterday with Azuki. That's $2.5 million of revenue.

我認為加密空間更是如此，對嗎？而且他們並不像現在的許多遊戲發行商和品牌那樣與大型傳統機構合作。所以我認為，是的，當涉及 IRL 活動、行銷活動和內容時，我們有巨大的機會成為首選。是的，我的意思是，我們昨天看到 Azuki 的公告了。那是250萬美元的收入。

It's going to hit our books in Q3 and Q4, and we expect there to be a number of other deals that will be closed and announced within sort of Q3 that will hit our books in Q3 and certainly within Q4 and into next year.

它將在第三季和第四季記入我們的帳簿，我們預計還會有許多其他交易會在第三季完成並宣布，這些交易也會在第三季記入我們的帳簿，當然也會在第四季以及明年記入我們的帳簿。

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.

問答環節到此結束。我想將會議交還給賈斯汀·肯納 (Justin Kenna) 做結束語。請繼續。

Thank you. And yes, I just want to thank everyone for jumping on today's call. We've certainly received a lot of inbound around the treasury strategy and sort of understanding the different pieces there and why the company is trading below cash and Ethereum. And I think that as frustrated as we certainly are as management, we're going to continue to keep our heads down and drive the business

謝謝。是的，我只想感謝大家參加今天的電話會議。我們確實收到了很多有關財務策略的信息，並了解了其中的不同部分以及為什麼該公司的交易價格低於現金和以太坊。我認為，儘管我們作為管理層感到沮喪，但我們將繼續埋頭苦幹，推動業務發展

forward and get to profitability to prove out the yield strategy to continue to really drive for long-term sustained shareholder success, and that's really what we're in this for.

向前邁進並實現盈利，以證明收益策略能夠繼續真正推動股東的長期持續成功，而這正是我們真正要做的。

I think that we mentioned it in the script, but we really look at this strategy as a long-term strategy. This isn't about just writing the appreciation in price in Ethereum, which is certainly nice. That sort of $19 million unrealized gain is certainly nice. But it's this is about long-term sustained success. It's about generating real yield that we can invest into the operating business and that we can continue to execute.

我認為我們在劇本中提到了這一點，但我們確實將這一策略視為長期策略。這不僅僅是在以太坊上寫下價格的升值，當然很好。1900 萬美元的未實現收益確實不錯。但這關乎長期持續的成功。這是為了產生實際收益，我們可以將其投資到營運業務中並繼續執行。

So as I mentioned, we're really uniquely positioned here as a service provider to the crypto space. We see this as a new vertical and new revenue stream for us. We're going to continue to be a leader in the gaming space, but we think that we're extremely well positioned for future growth. And so yes, I really appreciate the support of all the investors, and we're certainly here if anybody has questions about the strategy or wants to understand more. We're always available.

正如我所提到的，作為加密領域的服務提供者，我們確實具有獨特的優勢。我們認為這是我們的一個新垂直領域和新的收入來源。我們將繼續在遊戲領域保持領先地位，但我們認為我們已經為未來的成長做好了充分的準備。是的，我非常感謝所有投資者的支持，如果有人對該策略有疑問或想了解更多信息，我們一定會在這裡。我們隨時為您服務。

Yes, again, we feel really bullish about where things sit today and where we're headed. We're really, really excited about Q3 and Q4. Nothing has changed in our ruthless pursuit of profitability, and we're really excited to sort of update shareholders with our Q3 results and deliver those results for shareholders. So again, thank you, everyone, for jumping on today. And the company really appreciates it. Thank you.

是的，我們再次對目前的狀況和未來的發展方向感到非常樂觀。我們對第三季和第四季感到非常興奮。我們對獲利能力的不懈追求從未改變，我們非常高興向股東通報我們的第三季業績，並為股東帶來這些成果。所以，再次感謝大家今天的參與。公司對此非常感激。謝謝。

This brings to a close GameSquare's 2025 second quarter financial results conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

至此，GameSquare 2025 年第二季財務業績電話會議結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。