FansUnite Entertainment announced that it has filed its interim financial statements and associated management’s discussion and analysis for the three months ended March 31, 2023.

Total revenue was $8.73 million, a decrease of approximately 11% over the same period in Fiscal 2022. Gross margin of $5.41 million (62%) as compared to $5.90 million (61%) over the same period in Fiscal 202.

Net loss of $6.15 million in Q1 Fiscal 2023 which includes non-cash expenses of $6.39 million, as compared to $9.17 million over the same period in Fiscal 2022, which includes non-cash expenses of $10.31 million.

FansUnite completed a $3.04 million non-brokered private placement offering (the “Offering”) led by Tekkorp Capital and affiliates (“Tekkorp”), an investment firm that advises and invests in innovative public and private companies  within the global digital gaming industry, in which a total of $1.4 million was invested into  FansUnite by both Tekkorp and FansUnite’s insiders and management.

“The work we began in 2022 to reduce costs and streamline operations are being reflected in our  results,” said Scott Burton, CEO of FansUnite. “The first quarter of 2023 saw an increase in gross  margin to 62%, a decrease in net loss to $6.4 million as compared to $9.2 million in Q1 of the  prior year while we generated positive cash flow from our operations. Additionally, we reached  multiple strategic milestones, including the sale of one of our affiliate brands, BetPrep, to achieve  cost-savings and reallocate our resources to other high-revenue segments as well as the  Company obtaining a prominent strategic investor, Tekkorp Capital, in our recent financing.”