Allied Esports revenue jumps 182% in third quarter
Allied Esports Entertainment,today announced financial results for the third quarter ended September 30, 2021, as well as an update on key business initiatives and leadership.
Total revenues of $1.7 million increased 182% for the third quarter of 2021 compared to the third quarter of 2020. This was driven by the increased foot traffic at the Company’s HyperX Esports Arena Las Vegas due to the increased number of events and loosened restrictions of operating hours and social distancing measures as well as continued encouraging results from the Company’s push into its Multiplatform Content pillar of the business.
Costs and expenses: Total costs and expenses for the third quarter of 2021 were $5.6 million, an increase of 27% compared to the third quarter of 2020. Costs and expenses increased primarily due to higher expenses in the In-person pillar and selling and marketing expenses due to the recovery of live in-person events. General and administrative expenses also increased primarily due to severance accrual for our former CEO along with additional compensation, including the normalization of salaries in 2021 as compared to the temporary salary reductions in the third quarter of 2020 in response to the COVID pandemic.
Net income for the quarter was $74.3 million compared to a net loss of $6.5 million in the prior year period. The improvement was primarily driven by the gain on the sale of WPT.
Adjusted EBITDA loss was $3.0 million for the third quarter of 2021 compared to a loss of $2.4 million in the third quarter of 2020.