OverActive Media reports record revenues and lower net loss for 2023

Esports holding company OverActive Media has announced increased revenues and a lower net loss in 2023 compared to 2022.

OverActive’s 2023 financial report noted record revenues of CAD $15.7m (~£9.2m), an increase of 11% from last year. The company also recorded a much lower net loss in 2023 — CAD $12.5m (~£7.3m), compared to 2022’s CAD $36.9m (~£21.4m).

2023 was a substantial year for the company. OverActive’s CEO departed, the company launched a content creator academy and it reached a deal with the Overwatch League (OWL) to eliminate outstanding fees it paid to enter the competition.

In the report, the company also shared that its adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) loss has improved by 29% to CAD $6.2m (~£3.6m) relative to the prior year. This follows a Q3 whereby OverActive Media recorded its first-ever profitable EBITDA operating quarter.

OverActive Media is the owner of various esports teams such as Call of Duty League franchise Toronto Ultra, Overwatch team Toronto Defiant and Spanish esports brand MAD Lions.

The company also announced that as of December 31st, 2023, it had cash and cash equivalents of CAD $13.9m (~£8m), compared to $13.5m (~£7.8m) from December 31st, 2022.

At the end of Q3, interim CEO Adam Adamou was promoted to a permanent position. On the financial results, he said: “2023 was a transformative year for us, marked by resilience and growth as we continue to build a global esports powerhouse.

“Our success was driven by deep engagement with our passionate audience, excellent team performances and live events, and strong and enduring brand partnerships. We achieved record revenues despite a global economic slowdown while driving productivity by significantly reducing operating expenses.”