• Q4 2025 Adjusted EBITDA of $2.4 million, compared to $(0.2) million in prior year
• Q4 Adjusted EBITDA margin of 27%, compared to (2)% in the prior year
• FY2025 Adjusted EBITDA from continuing operations of $3.7 million, compared to $2.2 million in prior year
• Results reflect operating progress from the Company’s product-first strategic shift
• Record profits achieved while continuing to invest in R&D and future growth

Toronto, Ontario–(Newsfile Corp. – April 14, 2026) – Enthusiast Gaming Holdings Inc. (TSX: EGLX) (“Enthusiast Gaming” or the “Company”), a digital publisher focused on building tools, platforms, and experiences for gamers, today announced financial results for the three months ended (“Q4 2025”) and year ended December 31, 2025 (“FY 2025”). The results reflect continued operating progress from the Company’s product-first strategic shift, including record quarterly Adjusted EBITDA, strong Adjusted EBITDA margins, and cash generation, demonstrating a scalable business model.

“In Q3, we said the results of our product-first strategic shift would begin to shine through, and in Q4 they did,” said Alex Macdonald, CEO of Enthusiast Gaming. “We delivered record Adjusted EBITDA of $2.4 million in the quarter, the highest in company history by a wide margin, alongside an Adjusted EBITDA margin of approximately 27%. Importantly, this level of profitability was achieved while directing a significant portion of our spend toward R&D and future growth, underscoring the quality of the earnings we delivered. These results were also achieved despite a muted advertising backdrop and were accompanied by gains in working capital and cash.

“The operating progress behind these results is increasingly visible across the business, with total time spent with gamers increasing a further 7% quarter-over-quarter in Q4. We are also seeing future value emerge across our portfolio through the continued scaling of the U.GG mono-app ecosystem, the emergence of Tracklock.gg as a high-potential new contributor, and the expansion of Icy Veins into new gaming genres through a proven product model, technology stack, and CMS.

“We have demonstrated that the business is capable of producing meaningful profitability and generating cash, creating real underlying enterprise value. Our task now is to continue building on that foundation. The principal remaining challenge is one of capital structure, not business viability, and we expect continued execution to unlock value for all stakeholders. With that momentum and solid profits continuing into Q1, our priorities for 2026 remain clear: continue developing best-in-class products, demonstrate scalable growth from our already strong P&L position, broaden our relevance, maximize efficiency, and foster our culture of innovation.”

Financial Highlights for Q4 2025
(All figures are from continuing operations, unless otherwise stated)

• Revenue of $8.9 million, compared to $10.6 million in Q4 2024, with the majority of the decline being attributable to a reduction in the number of low-margin third-party network websites represented by the Company for web programmatic inventory as a result of the Company’s decision to focus on developing its owned and operated websites. Gross profit of $8.0 million, compared to $8.9 million in Q4 2024, similarly driven by third-party network partners leaving the network, with gross margin increasing to 89.9% from 83.8% in the year ago period.
• Operating expenses of $6.1 million, a $2.2 million year-over-year decrease from $8.3 million in Q4 2024 as a result of initiatives taken to establish an efficient and scalable operating model.
• Adjusted EBITDA of $2.4 million, compared to $(0.2) million in Q4 2024, a $2.6 million year-over-year improvement. Adjusted EBITDA from continuing operations of $2.4 million, compared to $2.2 million in Q4 2024. Adjusted EBITDA from discontinued operations of $Nil, compared to $(2.5) million in Q4 2024.
• Net loss of $6.0 million, compared to $83.6 million in Q4 2024, primarily due to the decrease in Q4 2025 goodwill and intangible asset impairment charges of $81.9 million.

Business Highlights for Q4 2025

• U.GG achieved a significant increase in engagement in Q4, including an 11% improvement in average session duration quarter-over-quarter, driven by multiple product and feature advancements. These advancements included the launch of the Deadlock desktop application into U.GG’s mono-app ecosystem, the continued growth of tracklock.gg, which is expected to see significant further gains upon release of Deadlock into open beta, and the release of U.GG’s League of Legends year-in-review feature, a personalized snapshot that summarizes a player’s annual performance.
• Icy Veins demonstrated continued growth in Q4 2025, expanding its presence in Gacha titles like Genshin Impact, Honkai: Star Rail, and Zenless Zone Zero, while further establishing itself as a go-to source for gaming news beyond ARPGs and Blizzard titles. Additionally, Q4 saw significant progress towards Icy Veins’ modernization initiatives planned for H1 2026, together with preparations for major expansions announced for both of its flagship titles, with support for World of Warcraft Midnight successfully launching in Q1 2026 and Diablo IV’s Lord of Hatred scheduled for Q2 2026.
• TheSimsResource continued to evolve its first-to-market LookBuilder tool which provides users with a browser-based, 3D-rendered, real-time outfit preview engine, including significant UI/UX enhancements, and the inclusion of colour swatch collections to increase customizability.LookBuilder is available for both free and paid users and is intended to drive deeper engagement across TSR. Additional product advancements included significant back-end updates to improve legacy infrastructure and scalability and improvements to search for enhanced discoverability.
• Addicting Games launched Indie Spotlight, a rotating curated selection of playable indie games and demos meant to highlight independent developers and the games they are building, as well as further enhancements to improve the user experience and position the property to capitalize on clear synergies with the Company’s PocketGamer brand, which represents one of the world’s leading mobile gaming destinations on the web and the pre-eminent B2B mobile gaming conference and event series.
• Pocket Gamer Connects (“PGC”) continued to entrench itself as the industry leading conference series for mobile gaming professionals and industry participants, hosting PGC Helsinki and PGC Summit Korea in October 2025 and PGC Aqaba in November 2025. Subsequent to the quarter, PGC also hosted PGC London, its largest event ever by all relevant metrics, including attendance, sponsors, speakers and company representation, in January 2026, and PGC San Francisco in March 2026.
• Fantasy Football Scout (“FFS”) expanded its partnership with the English Premier League in Q4, introducing assistive warning systems for the Premier League’s fantasy football offering, alerting fantasy managers to the impending or potential absence of a player in a future game week. In addition, FFS launched a new mobile app for its sister site, LiveFPL, providing a native mobile experience for its long-standing fantasy property and attracting hundreds of thousands downloads since launch.

Fourth Quarter 2025 Results Comparison
Revenue was $8.9 million in Q4 2025, an 15.8% decrease compared to $10.6 million in Q4 2024. Media and Content revenue was $5.2 million in Q4 2025, a 21.0% decrease from $6.6 million in Q4 2024, primarily due to a decreased number of represented third-party publishers in the network as the Company shifted focus to its owned and operated websites. Events revenue was $0.9 million in Q4 2025 compared to $1.1 million in Q4 2024. Subscription revenue was $2.8 million in Q4 2025 compared to $2.9 million in Q4 2024.

Gross profit was $8.0 million in Q4 2025, a 9.6% decrease compared to $8.9 million in Q4 2024. Gross margin increased to 89.9% in Q4 2025 from 83.8% in Q4 2024.

Adjusted EBITDA was $2.4 million, compared to $(0.2) million in Q4 2024. Adjusted EBITDA from continuing operations was $2.4 million, compared to $2.2 in Q4 2024. Adjusted EBITDA from discontinued operations was $Nil, compared to $(2.5) million in Q4 2024.

Net loss was $6.0 million, or $(0.04) per share, in Q4 2025, compared to net loss of $83.6 million, or $(0.52) per share, in Q4 2024.

Full Year 2025 Results Comparison
Revenue was $32.0 million in FY 2025, a 23.1% decrease compared to $41.7 million in FY 2024. Media and Content revenue was $15.3 million in FY 2025, a 37.1% decrease from $24.3 million in FY 2024, primarily due to a decreased number of represented third-party publishers in the network as the Company shifted focus to its owned and operated websites. Events revenue was $5.3 million in FY 2025 compared to $4.5 million in FY 2024. Subscription revenue was $11.4 million in FY 2025 compared to $12.8 million in FY 2024.

Gross profit was $28.0 million in FY 2025, a 9.9% decrease compared to $31.1 million in FY 2024. Gross margin increased to 87.4% in FY 2025 from 74.6% in FY 2024.

Adjusted EBITDA was $(2.6) million, compared to $(2.0) million in FY2024. Adjusted EBITDA from continuing operations was $3.7 million, compared to $2.2 million in FY 2024. Adjusted EBITDA from discontinued operations was $(6.3) million, compared to $(4.2) million in FY 2024.

Net loss was $44.1 million, or $(0.28) per share, in FY 2025, compared to net loss of $96.0 million, or $(0.61) per share, in FY 2024.

Organizational Updates

The Company announced that Sara Slane has tendered her resignation from the board of directors of the Company. The Company thanks Ms. Slane for her contributions and service.

Supplemental Information

Enthusiast Gaming’s financial statements and management discussion and analysis (“MD&A”) are available at www.sedarplus.ca and enthusiastgaming.com/financials. All amounts are in Canadian dollars.

About Enthusiast Gaming

Enthusiast Gaming builds tools, platforms, and experiences that gamers use every day. Its portfolio of owned and operated digital properties includes some of the most recognizable names in gaming, such as U.GG, Icy Veins, TheSimsResource, PocketGamer, Addicting Games, and Fantasy Football Scout, as well as the global B2B event series PocketGamer Connects. Through these assets, Enthusiast Gaming generates revenue from programmatic advertising, subscriptions, and events, and is focused on expanding its owned IP and deepening direct engagement with its audience.

Forward-Looking Statements

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast Gaming anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements in this news release include, but are not limited to, statements regarding trends in certain financial and operating metrics of the Company, the launch and timing of new products, and expectations relating to the financial performance and the financial results of future periods.

Forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and growth rates; the success in the gaming media industry; the Company’s growth plan, and judgment applied in the application of the Company’s accounting policies and in the preparation of financial statements in accordance with applicable financial reporting standards. While Enthusiast Gaming considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; and future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive. For more information on the risks, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of Enthusiast Gaming which are available on SEDAR+ at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. Enthusiast Gaming disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Non-GAAP Measures

This press release references certain non-GAAP measures, including Adjusted EBITDA, as described below. These non-GAAP measures are not recognized measures under GAAP and do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those GAAP measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS.

The Company uses non-GAAP measures including:

“EBITDA”, defined as earnings before interest, taxes, depreciation and amortization. Enthusiast Gaming calculates EBITDA using gross margin less total operating expenses plus share-based compensation and amortization and depreciation; and,

“Adjusted EBITDA”, which is defined as EBITDA adjusted for severance, annual directors and officers liability insurance associated with the Company’s former listing on Nasdaq and other non-recurring company costs, such as litigation costs.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the exchange) accepts responsibility for the adequacy or accuracy of this release.

Enthusiast Gaming Holdings Inc.
Consolidated Statements of Loss and Comprehensive Loss
For the three months and year ended December 31, 2025 and 2024
(Expressed in Canadian Dollars)

		For the three months ended						For the year ended
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
		(Unaudited)			(Unaudited)			(Audited)			(Audited)
Revenue	$	8,910,976		$	10,581,054		$	32,034,244		$	41,664,470
Cost of sales		897,571			1,711,866			4,033,351			10,591,758
Gross margin		8,013,405			8,869,188			28,000,893			31,072,712
Operating expenses
Professional fees		413,457			476,861			1,451,065			1,550,559
Consulting fees		71,776			318,335			432,764			2,113,639
Advertising and promotion		74,335			46,099			550,268			377,247
Office and general		376,666			486,180			2,407,072			2,736,650
Salaries and wages		2,947,018			2,947,872			12,910,753			15,128,317
Technology support, web development and content		1,890,995			2,927,906			7,896,882			9,319,926
Foreign exchange loss (gain)		53,212			198,857			(53,746	)		64,515
Share-based compensation		45,075			392,699			177,864			(1,147,697	)
Amortization and depreciation		253,166			520,413			1,549,173			2,234,312
Total operating expenses		6,125,700			8,315,222			27,322,095			32,377,468
Other expenses (income)
Goodwill impairment		–			72,044,148			–			72,044,148
Intangible asset impairment		–			9,844,441			–			9,844,441
Transaction costs		–			227,151			389,439			2,136,114
Share of net loss from investment in associates and joint ventures		–			–			–			11,024
Interest and accretion		947,753			444,906			3,674,310			2,170,348
(Gain) loss on revaluation of deferred payment liability		(504,542	)		67,937			(743,298	)		44,451
Gain on sale of assets		–			–			–			(344,852	)
Loss on disposal of property and equipment		–			–			–			25,997
Loss (gain) on revaluation of long-term debt		2,528,863			(478,408	)		5,315,417			2,907,390
Loss on modification of long-term debt		550,000			–			700,759			401,951
Loss on derecognition of long-term debt		–			–			1,537,923			–
Other income		(375,309	)		–			(375,309	)		–
Interest income		(350	)		(3,077	)		(5,990	)		(4,787	)
Loss before income taxes from continuing operations		(1,258,710	)		(81,593,132	)		(9,814,453	)		(90,540,981	)
Income taxes
Current tax expense		30,132			189,631			31,549			372,160
Deferred tax recovery		(67,928	)		(847,490	)		(165,393	)		(1,056,310	)
Net loss for the period from continuing operations		(1,220,914	)		(80,935,273	)		(9,680,609	)		(89,856,831	)
Net loss from discontinued operations		(4,729,108	)		(2,636,940	)		(34,438,172	)		(6,126,169	)
Net loss for the period		(5,950,022	)		(83,572,213	)		(44,118,781	)		(95,983,000	)
Other comprehensive (loss) income
Items that may be reclassified to profit or loss
Foreign currency translation adjustment		(267,469	)		3,514,132			(6,764,889	)		4,340,222
Net loss and comprehensive loss for the period	$	(6,217,491	)	$	(80,058,081	)	$	(50,883,670	)	$	(91,642,778	)
Net loss per share from continuing operations, basic and diluted	$	(0.01	)	$	(0.52	)	$	(0.06	)	$	(0.57	)
Net loss per share from discontinued operations, basic and diluted	$	(0.03	)	$	(0.02	)	$	(0.22	)	$	(0.04	)
Net loss per share, basic and diluted	$	(0.04	)	$	(0.54	)	$	(0.28	)	$	(0.61	)
Weighted average number of common shares
outstanding, basic and diluted		159,169,003			155,759,149			159,169,003			156,481,036

 

Enthusiast Gaming Holdings Inc.
Consolidated Statements of Financial Position
As of December 31, 2025 and 2024
(Expressed in Canadian Dollars)

		December 31, 2025			December 31, 2024
ASSETS
Current
Cash		$	3,262,528		$	4,765,373
Trade and other receivables			4,806,842			12,351,539
Income tax receivable			75,334			12,371
Prepaid expenses			752,995			2,010,796
Total current assets			8,897,699			19,140,079
Non-current
Property and equipment			8,755			187,464
Right-of-use assets			–			800,908
Long-term portion of prepaid expenses			–			148,546
Intangible assets			24,491,606			71,815,485
Goodwill			31,543,408			36,353,244
Total assets		$	64,941,468		$	128,445,726
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
Contract liabilities			6,235,303			5,735,275
Income tax payable			–			131,441
Current portion of long-term debt			45,583,794			38,990,332
Current portion of deferred payment liability			525,083			2,322,274
Current portion of lease liabilities			118,078			727,525
Total current liabilities			61,238,830			62,929,477
Non-current
Long-term portion of lease liabilities			–			295,977
Deferred tax liability			1,921,014			13,470,905
Total liabilities		$	63,159,844		$	76,696,359
Shareholders’ Equity
Share capital			461,607,373			461,607,373
Warrants reserve			2,561,231			1,823,168
Contributed surplus			17,774,059			17,596,195
Accumulated other comprehensive income			4,777,309			11,542,198
Deficit			(484,938,348	)		(440,819,567	)
Total shareholders’ equity			1,781,624			51,749,367
Total liabilities and shareholders’ equity		$	64,941,468		$	128,445,726

 

Enthusiast Gaming Holdings Inc.
Consolidated Statements of Cash Flows
For the years ended December 31, 2025 and 2024
(Expressed in Canadian Dollars)

		December 31, 2025			December 31, 2024
Cash flows from operating activities
Net loss for the year from continuing operations	$	(9,680,609	)	$	(89,856,831	)
Items not affecting cash:
Goodwill impairment		–			72,044,148
Intangible asset impairment		–			9,844,441
Amortization and depreciation		1,549,173			2,234,312
Share-based compensation		177,864			(1,147,697	)
Accretion		(97,784	)		(161,878	)
Deferred tax recovery		(165,393	)		(1,056,310	)
Share of net income from investment in joint ventures		–			11,024
Gain on sale of assets		–			(344,852	)
(Gain) loss on revaluation of deferred payment liability		(743,298	)		44,451
Foreign exchange loss (gain)		42,457			(320,592	)
Loss on disposal of property and equipment		–			25,997
Gain on settlement of accounts payable		(386,500	)		(1,384,377	)
Loss on modification of long-term debt		700,759			401,951
Loss on derecognition of long-term debt		1,537,923			–
Loss on revaluation of long-term debt		5,315,417			2,907,390
Transaction costs		389,439			2,136,114
Provisions		56,672			24,837
Changes in working capital:
Changes in trade and other receivables		1,009,985			3,797,171
Changes in prepaid expenses		106,091			518,379
Changes in accounts payable and accrued liabilities		(1,531,330	)		(6,422,503	)
Changes in contract liabilities		509,771			1,094,870
Changes in income tax receivable and payable		52,459			421,934
Income tax paid		(246,135	)		(538,682	)
Net cash used in operating activities from continuing operations		(1,403,039	)		(5,726,703	)
Net cash from (used in) operating activities from discontinued operations		659,684			(14,023,339	)
Net cash used in operating activities		(743,355	)		(19,750,042	)
Cash flows from investing activities
Proceeds from sale of assets, net of transaction costs		–			2,693,339
Repayment of deferred payment liability		(1,376,800	)		(85,700	)
Acquisition of property and equipment		(840	)		(5,303	)
Net cash (used in) from investing activities from continuing operations		(1,377,640	)		2,602,336
Net cash from investing activities from discontinued operations		941,948			1,244,289
Net cash (used in) from investing activities		(435,692	)		3,846,625
Cash flows from financing activities
Proceeds from long-term debt, net of transaction costs		2,249,464			20,737,490
Repayment of long-term debt		(2,268,758	)		(6,373,678	)
Repayment of other long-term debt		–			(173,858	)
Lease payments		(39,359	)		(289,431	)
Net cash (used in) from financing activities from continuing operations		(58,653	)		13,900,523
Net cash used in financing activities from discontinued operations		(183,867	)		(561,193	)
Net cash (used in) from financing activities		(242,520	)		13,339,330
Foreign exchange effect on cash from continuing operations		(74,389	)		318,588
Foreign exchange effect on cash from discontinued operations		(6,889	)		158,906
Foreign exchange effect on cash		(81,278	)		477,494
Net change in cash		(1,502,845	)		(2,086,593	)
Cash, beginning of year		4,765,373			6,851,966
Cash, end of year		3,262,528			4,765,373
Cash held by discontinued operations		–			180,903
Cash held by continuing operations	$	3,262,528		$	4,584,470

 

Enthusiast Gaming Holdings Inc.
EBITDA and Adjusted EBITDA from Continuing Operations
For the three months and year ended December 31, 2025 and 2024
(Unaudited – Expressed in Canadian Dollars)

		For the three months ended						For the years ended
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Gross margin	$	8,013,405		$	8,869,188		$	28,000,893		$	31,072,712
Operating expenses		(6,125,700	)		(8,315,222	)		(27,322,095	)		(32,377,468	)
Share-based compensation		45,075			392,699			177,864			(1,147,697	)
Amortization and depreciation		253,166			520,413			1,549,173			2,234,312
EBITDA		2,185,946			1,467,078			2,405,835			(218,141	)
Severance		9,647			273,799			389,064			763,677
D&O insurance specific to the
Company’s former Nasdaq listing		82,380			201,478			475,085			1,022,926
Other non-recurring items		130,407			382,668			380,501			614,259
Adjusted EBITDA	$	2,408,380		$	2,325,023		$	3,650,485		$	2,182,721

 

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