Sports media company Playmaker has recorded revenue figures of $4.8m for the third quarter of 2021, after not generating revenue in the corresponding period in 2020.
The business started generating revenue with a series of acquisitions earlier this year. When including the acquisitions of Yardbarker, Futbol Sites and Two-Up Agency, Playmaker’s pro-forma revenue was $5.6m – a 109.0% increase from 2020.
After accounting for sales costs of $306,169, Playmaker’s gross profit came to $4.5m.
Operating expenses for the quarter were $3.5m, down 42.6% from 2020. Salary was the biggest operating expense at $1.7m, down from $2.9m last year.
Looking at other operating expenses, costs of advertising and commissions were $913,589, share-based compensation amounted to $212,837, professional fees were $200,165 and web services and publishing fees came to $181,272.
Operating income totaled $1.0m, after no operating income in Q3 of 2020.
However ,with significantly lower listing fees – down 95.6% to $84,162 – lower transaction costs of $353,053 (down from $581,080), a 90.3% decrease in interest expenses to $11,552 and other expenses of $15,379, pre-tax income came to $893,307 – up from the $544,699 loss suffered in 2020.
Pre-tax losses for the year to date were $565,239, more than the $164,012 loss from last year.
Playmaker’s net income came to $893,307 in Q3, after a $29,340 net loss the year before.
The third quarter saw Playmaker complete its acquisition of digital media company Yardbarker in a $24m deal. The company also launched a new sports betting content vertical in September, backed by investor Jeff Gross.
Playmaker founder and CEO Jordan Gnat said: “We are excited to share our results from the third quarter and the continuation of the progress that we have made since our Q2 earnings release in August. In Q3 we have begun to see the results of the execution of our roll up strategy with the acquisitions of Yardbarker and Two-Up.
“We are seeing strong momentum from all three levers of our growth engine – organic, acquisition, and synergies – and we will continue our efforts to maximize each one.”
Q3 was the first full quarter of trading on the TSX Venture Exchange (TSXV) in Toronto, Canada for Playmaker.