GameSquare (GAME) financial statements
GameSquare reported revenue of $45M in fiscal 2025, up 27.4% a year over 6 years.
Net income was -$40M.
Free cash flow was -$18M, and the company returned $2M in net buybacks.
The diluted share count rose 2128% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from GameSquare's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $11M | $33M | $42M | $28M | $41M | $28M | $45M |
| Cost of revenue | — | — | — | $18M | $31M | $18M | $25M |
| Gross profit | — | — | — | $10M | $10M | $9M | $20M |
| Research and development | — | — | — | — | $3M | $2M | $2M |
| Selling, general and admin | $2M | $10M | $10M | $25M | $20M | $22M | $25M |
| Operating income | — | — | — | -$18M | -$25M | -$34M | -$25M |
| Interest expense | $908,766 | $1M | $729,848 | $169,570 | $696,028 | $570,960 | $243,185 |
| Pre-tax income | -$37M | -$29M | -$12M | -$18M | -$26M | -$35M | -$30M |
| Income tax | — | — | — | -$304,369 | -$55,096 | — | $63,721 |
| Net income | -$43M | -$41M | -$4M | -$18M | -$31M | -$49M | -$40M |
| EPS (diluted) | -$14.46 | -$3.42 | -$0.28 | -$3.26 | -$2.81 | -$1.75 | -$0.61 |
| Diluted shares | 3M | 12M | 16M | 6M | 11M | 28M | 66M |
| Gross margin | — | — | — | 34.4% | 24.5% | 34.3% | 43.4% |
| Operating margin | — | — | — | -65.0% | -61.5% | -124.8% | -56.1% |
| Net margin | -405.3% | -122.2% | -10.4% | -64.5% | -75.7% | -177.0% | -89.1% |
Balance sheet
Fiscal years, from GameSquare's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5M | $15M | $9M | $977,413 | $3M | $12M | $5M |
| Receivables | $4M | $9M | $8M | $8M | $16M | $21M | $9M |
| Total current assets | $12M | $32M | $22M | $10M | $22M | $36M | $22M |
| Property, plant and equipment | $409,389 | $403,811 | $127,390 | $3M | $2M | $303,950 | $114,054 |
| Goodwill | $16M | $16M | $15M | — | $16M | $13M | $6M |
| Total assets | $43M | $57M | $43M | $20M | $65M | $79M | $79M |
| Total current liabilities | $42M | $32M | $22M | $11M | $36M | $55M | $41M |
| Long-term debt | — | $9M | $5M | — | — | — | — |
| Total liabilities | $53M | $42M | $27M | $13M | $46M | $67M | $44M |
| Shareholders' equity | -$10M | $15M | $16M | $7M | $18M | $12M | $36M |
| Net debt | -$5M | -$5M | -$1M | -$977,413 | $4M | $3M | -$5M |
Cash flow
Fiscal years, from GameSquare's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$13M | -$30M | -$20M | -$12M | -$16M | -$31M | -$18M |
| Capital spending | $110,380 | $188,170 | $78,698 | $31,251 | $2,239 | $5,117 | $77,115 |
| Free cash flow | -$13M | -$31M | -$20M | -$12M | -$16M | -$31M | -$18M |
| Stock-based compensation | $1M | $4M | $5M | $2M | $2M | $2M | $3M |
| Share buybacks (net) | — | — | — | — | — | — | -$2M |
| Net borrowing | $9M | $4M | — | — | — | — | — |
| Free cash flow margin | -125.2% | -91.5% | -48.7% | -42.6% | -38.9% | -111.0% | -41.1% |
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Open GAME in InvestinglyQuestions
What was GameSquare's revenue in 2025?
$45M in fiscal 2025, from its 10-K filing.
How much free cash flow does GameSquare generate?
-$18M in fiscal 2025 (operating cash flow minus capital spending).
From GameSquare's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.