OverActive Media Experiences First Quarter 2023 Monetary Effects


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Ancient Crew Viewership Exceeds 13.5 Million Hours in Q1

TORONTO, Might 24, 2023 (GLOBE NEWSWIRE) — OverActive Media (“OverActive” or the “Corporate”) (TSXV: OAM) (OTCQB: OAMCF), an international sports activities, media and leisure corporate for lately’s technology of lovers, lately launched its first quarter effects for the 3 months ended March 31, 2023. Except in a different way specified, all quantities are in Canadian bucks ($).

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First Quarter 2023 Achievements

  • Toronto Extremely wins Primary Championship and breaks viewership data, securing $274,540 in prize cash
  • MAD Lions tops viewership throughout North The usa and EMEA areas, riding 7.8 million viewership hours1
  • Working prices diminished through $0.7 million, a 12% year-over-year development, pushed through financial savings throughout company payroll, promoting, normal, and administrative and crew operations bills

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“Our esports groups are the core of what we do at OverActive, and within the first quarter, we noticed historical viewership and engagement for our MAD Lions and Toronto Extremely franchises,” stated Adam Adamou, Co-Founder and Period in-between CEO, OverActive Media. “Each groups crowned their respective leagues for top viewership. As we glance forward, making an investment in target audience enlargement and engagement is still our precedence. It’s a worth motive force for our industry and companions, as it’s our largest alternative to draw and convert lovers. Attaining 1 million fans throughout our Toronto Extremely social channels is an indication of growth and momentum we’re development throughout all our manufacturers.”

Endured Mr. Adamou, “Our first quarter is traditionally our weakest. Going ahead, we see decrease losses with each and every successive quarter this yr. Our focal point is on attaining top quality income and disciplined price control, to ship more potent effects and a trail to quarterly profitability in opposition to the again finish of the yr. Control believes that the Corporate has enough coins sources, that in conjunction with a more potent second-half outlook, presents us the facility to self-fund our enlargement projects.”

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First Quarter 2023 Monetary Highlights

  • First quarter 2023 general income diminished through 23% relative to the comparative prior-year duration  to $1.6 million. That is essentially because of macroeconomic headwinds leading to a decline in partnership income for the quarter.
  • Adjusted EBITDA2 of roughly $(3.7) million, in comparison to Adjusted EBITDA of $(2.1) million all the way through the comparative prior-year duration. That is the results of a $1.9 million acquire in non-recurring different source of revenue all the way through the similar quarter within the prior yr.
  • Internet lack of $(5.7) million, in comparison to $(4.6) million all the way through the comparative prior-year duration.
  • As of March 31, 2023, the Corporate had coins and coins equivalents of $10.4 million. As of Might 23, 2023, the Corporate had coins and coins equivalents of $11.6 million.

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First Quarter 2023 Operations Highlights

OverActive Media

  • OverActive Media gained league franchise rate deferrals totaling nearly $10.1 million, with bills driven out between 12 to 24 months.
  • OverActive introduced its access into the VALORANT esports ecosystem. On January 31, the Corporate locked in an NA VALORANT Challengers League spot, and on March 30, it signed its first all-female esports crew, MAD Lions Laurë, to compete in VALORANT Sport Changers.

Toronto Extremely / Name of Accountability League

  • Toronto Extremely, OverActive’s Name of Accountability League franchise, gained the Primary III Championship on March 12. In keeping with Esports Charts3, the record-breaking ultimate fit secured the absolute best top viewership in Name of Accountability League historical past, with greater than 332,000 tuning in. The similar match additionally noticed over 5.5 million hours watched over the match as lovers joined on-line and in individual.4
  • Toronto Extremely’s Primary Championship win led to $274,540 in prize cash.

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Important Bulletins Next to Quarter Finish

  • The Corporate introduced new sponsorship agreements with AMD and LG UltraGear™ and renewed relationships with Scuf Gaming (SCUF) and Nielsen Sports activities.
  • MAD Lions, OverActive’s League of Legends crew, gained the LEC 2023 Spring Cut up Championship, qualifying for the Mid-Season Invitational (MSI 2023) as EMEA’s first seed. The crew accomplished the absolute best viewership of all Western groups, hanging within the best 5 suits of the match.5
  • Up to now, in 2023, OverActive’s skilled esports groups have reached greater than 25 million hours watched throughout all match suits.6
  • The 2023 Overwatch League season introduced on April 27, 2023. The crew is recently competing in Spring Degree Qualifiers to resolve in the event that they qualify for Midseason Insanity, which takes position in South Korea from June 16 to 18, 2023.
  • Toronto Extremely, OverActive’s Name of Accountability League crew, secured an early spot to the season’s finale, the Grand Championships, happening in Las Vegas, NV. The emblem additionally lately surpassed 1 million fans throughout its social platforms, reinforcing the succeed in of the fan group.

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The Corporate’s consolidated unaudited monetary statements, notes to monetary statements, and Control’s Dialogue and Research for the three-month duration ended March 31, 2023, are to be had at the Corporate’s web site at www.overactivemedia.com and below the Corporate’s profile on SEDAR at www.sedar.com.

Convention Name
The Corporate will behavior a convention name the next day, Thursday, Might 25, 2023 at 9:00 a.m. (Japanese Time) to check the primary quarter effects, in addition to supply an summary of the Corporate’s contemporary milestones and enlargement technique.

To get right of entry to the convention name with out operator help, please sign in and input your telephone quantity at https://emportal.ink/3LrhqlO to obtain an fast computerized callback. To dial at once to be entered into the decision through an operator, please dial 1-888-390-0605, or for global callers, 416-764-8609. A replay can be to be had in a while after the decision and can also be accessed through dialling 1-888-390-0541 or, for global callers, 416-764-8677. The access code for the replay is 588516#. The replay will expire on Thursday, June 1, 2023.

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A are living convention name webcast can also be accessed on OverActive’s web site at www.overactivemedia.com or at once by way of https://app.webinar.web/mLoZMNop4nO. A web-based webcast archive can be to be had by way of the similar hyperlink for 90 days following the decision.

1 https://escharts.com/tournaments/lol/lec-winter-2023
2 Adjusted EBITDA is a non-IFRS measure. Discuss with “Non-IFRS Measures” on the finish of this press liberate.
3 https://escharts.com/tournaments/cod/call-duty-league-2023-stage-3-major
4 https://escharts.com/tournaments/cod
5 https://twitter.com/esportscharts/standing/1660563649352663041
6 https://escharts.com/

Consolidated Statements of Monetary Place
(expressed in 1000’s of Canadian bucks)
As at March 31, 2023 and December 31, 2022

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  March 31, 2023 December 31, 2022
Present belongings:    
Money and coins equivalents $ 10,420 $ 13,557
Business and different receivables   4,161   6,589
Pay as you go bills and different recent belongings   2,745   2,086
General recent belongings   17,326                            22,232
Non-current belongings:    
Assets and gear   2,483   2,531
Proper-of-use belongings   1,338   1,297
Intangible belongings   56,002   55,624
Goodwill   5,964   5,958
General non-current belongings   65,787   65,410
General belongings $ 83,113 $ 87,642
Liabilities and Shareholders’ Fairness    
Present liabilities:    
Business payable and collected liabilities $ 2,502 $ 4,256
Provisions   686   686
Notes payable   63   63
Present portion of rent liabilities   1,220   1,074
Present portion of contract liabilities   1,782   820
Present portion of payable associated with franchise belongings   1,675   1,581
Present portion of long-term debt   169   163
Present portion of deferred grant source of revenue   36   35
General recent liabilities   8,133   8,678
Non-current liabilities:    
Deferred tax legal responsibility   8,156   8,160
Lengthy-term portion of rent liabilities   225   349
Lengthy-term payable associated with franchise belongings   23,757   22,638
Lengthy-term debt   189   228
Lengthy-term deferred grant source of revenue   38   46
Different long-term liabilities   84   84
General non-current liabilities   32,449   31,505
General liabilities   40,582   40,183
Shareholders’ fairness:    
Percentage capital   133,638   133,638
Warrants reserve   621   621
Contributed surplus   9,265                            8,914
Accrued different complete loss   (3,787)   (4,247)
Deficit   (97,206)   (91,467)
General shareholders’ fairness   42,531   47,459
General liabilities and shareholders’ fairness $ 83,113 $ 87,642

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Consolidated Statements of Internet Loss and Complete Loss
(expressed in 1000’s of Canadian bucks, apart from according to proportion quantities)

For the 3 months ended March 31, 2023 and 2022

  For the 3 months ended
  March 31, March 31,
    2023   2022
Earnings $ 1,617 $ 2,099
Working prices   5,365   6,095
Loss sooner than the undernoted   (3,748)   (3,996)

Undernoted bills (source of revenue):

Depreciation   431   311
Amortization of intangible belongings   57   80
Foreign currencies loss (acquire)   10   (267)
Finance source of revenue   (76)  
Finance prices   1,229   1,437
Percentage-based reimbursement   351   993
Different source of revenue   (7)   (1,923)
Loss sooner than source of revenue taxes   (5,743)   (4,627)
Source of revenue tax (restoration) expense   (4)   11
Internet loss for the duration   (5,739)   (4,638)
Different complete source of revenue (loss):    
Foreign currency echange translation   460   (954)
Complete loss for the duration $ (5,279) $ (5,592)
Loss according to proportion:    
Elementary and Diluted $ (0.07) $ (0.06)

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The next desk gifts a reconciliation of web loss to adjusted EBITDA for the 3 months ended March 31, 2023 and 2022:

                                   3 months ended
  March 31, 2023 March 31, 2022
(In 1000’s of Canadian bucks) $ $
Internet loss for the duration (5,739) (4,638)
Source of revenue tax (get better) expense (4) 11
Depreciation 431 311
Amortization and impairment 57 80
Finance source of revenue (76)
Finance price 1,229 1,437
Foreign currencies loss (acquire) 10 (267)
Percentage-based reimbursement 351 993
Adjusted EBITDA (3,741) (2,073)

Consolidated Statements of Money Flows
(expressed in 1000’s of Canadian bucks)

For the 3 months ended March 31, 2023 and 2022

  For the 3 months ended
  March 31, March 31,
    2023   2022
Money utilized in :    
Working actions:      
Internet loss for the duration $ (5,739) $ (4,638)
Changes for:    
Depreciation   431   311
Amortization of intangible belongings   57   80
Foreign currencies loss (acquire)   10   (267)
Percentage-based reimbursement   351   993
Finance price   1,229   1,437
Source of revenue tax (restoration) expense   (4)   11
Different   (8)   (8)
Exchange in non-cash running operating capital:    
Lower (Building up) in business and different receivables   2,428   (9)
Building up in pay as you go bills and different recent belongings   (734)   (504)
Lower in business payable and collected liabilities   (1,754)   (764)
Building up in contract liabilities   962   624
    (2,771)   (2,734)
Financing actions:    
Reimbursement of long-term debt   (48)   (45)
Primary fee of rent legal responsibility   (305)   (213)
Fee of hobby portion of rent legal responsibility   (33)   (42)
    (386)   (300)
Making an investment actions:    
Acquire of belongings and gear   (10)   (48)
Intangibles bought     (5)
    (10)   (53)
Lower in coins and coins equivalents   (3,167)   (3,087)
Money and coins equivalents, starting of duration   13,557   29,577
Impact of alternate fee adjustments on coins and coins equivalents   30   (143)
Money and coins equivalents, finish of duration  $ 10,420 $ 26,347

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Leah Gaucher, Director, Advertising & Communications, OverActive Media
(647) 924-2614

Babak Pedram, Investor Members of the family, Virtus Advisory Team Inc.
(416) 955-8651


OverActive Media (TSXV: OAM) (OTCQB: OAMCF) is headquartered in Toronto, Ontario, with operations in Madrid, Spain and Berlin, Germany. OverActive’s mandate is to construct an built-in international corporate turning in sports activities, media and leisure merchandise for lately’s technology of lovers with a focal point on esports, videogames, content material introduction and distribution, tradition, and are living and on-line occasions. OverActive owns crew franchises in skilled esports leagues together with (i) the Overwatch League, running because the Toronto Defiant, (ii) the Name of Accountability League, running because the Toronto Extremely, and (iii) the League of Legends Ecu Championship (“LEC”), running because the MAD Lions. OverActive additionally leads OAM Are living, an occasions arm that produces each are living and on-line occasions.

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This press liberate incorporates statements which represent “forward-looking statements” and “forward-looking data” inside the which means of appropriate securities rules (jointly, “forward-looking statements”), together with statements in regards to the plans, intentions, ideals and recent expectancies of OverActive with recognize to long run industry actions and running efficiency. Ahead-looking statements are continuously known through the phrases “might”, “would”, “may just”, “must”, “will”, “intend”, “plan”, “wait for”, “consider”, “estimate”, “be expecting” or identical expressions and comprises data in regards to the expected monetary and running result of OverActive one day.

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Buyers are cautioned that forward-looking statements don’t seem to be in accordance with historic details however as a substitute OverActive control’s expectancies, estimates or projections regarding long run effects or occasions in accordance with the reviews, assumptions and estimates of control thought to be cheap on the date the statements are made. Despite the fact that OverActive believes that the expectancies mirrored in such forward-looking statements are cheap, such statements contain dangers and uncertainties, and undue reliance must now not be positioned thereon, as unknown or unpredictable components can have subject matter hostile results on long run effects, efficiency or achievements of the OverActive. A number of the key components that would reason precise effects to vary materially from the ones projected within the forward-looking statements come with the next: the possible have an effect on of OverActive’s qualifying transaction on relationships, together with with regulatory our bodies, workers, providers, shoppers and competition; adjustments usually financial, industry and political stipulations, together with adjustments within the monetary markets; adjustments in appropriate rules and laws each in the neighborhood and in overseas jurisdictions; compliance with intensive executive law; the dangers and uncertainties related to overseas markets; the facility of the Corporate to proceed to execute on its current partnerships and industry technique; the facility of the MAD Lions and Name of Accountability Leagues to care for viewership; the a hit of completion of the Corporate’s new venue; and different possibility components set out in OverActive’s annual data shape for the yr ended December 31, 2021 and its different filings with Canadian securities regulators, copies of that may be discovered below OverActive’s profile at www.sedar.com. Those forward-looking statements is also suffering from dangers and uncertainties within the industry of OverActive and normal marketplace stipulations, together with COVID-19.

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Will have to a number of of those dangers or uncertainties materialize, or must assumptions underlying the forward-looking statements turn out fallacious, precise effects might range materially from the ones described herein as meant, deliberate, expected, believed, estimated or anticipated. Despite the fact that OverActive has tried to spot vital dangers, uncertainties and components which might reason precise effects to vary materially, there is also others that reason effects to not be as expected, estimated or meant and such adjustments might be subject matter. OverActive does now not intend and don’t suppose any legal responsibility, to replace the forward-looking statements apart from as in a different way required through appropriate regulation.


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This press liberate comprises references to adjusted EBITDA. Adjusted EBITDA is a non-IFRS monetary measure and is outlined through the Corporate as web source of revenue or loss sooner than source of revenue taxes, finance prices, depreciation and amortization, lower/building up in web provide price of franchise responsibilities, foreign currencies beneficial properties/loss, help bills from Franchise League and executive help, restructuring prices, opposite takeover prices, intangibles belongings impairment price and share-based reimbursement. We consider that adjusted EBITDA is an invaluable measure of monetary efficiency as it supplies a sign of the Corporate’s talent to capitalize on enlargement alternatives in an economical method, finance its ongoing operations and repair its monetary responsibilities.

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This non-IFRS monetary measure isn’t an income or coins go with the flow measure identified through IFRS and does now not have a standardized which means prescribed through IFRS. Our means of calculating this sort of monetary measure might vary from the strategies utilized by different issuers and, accordingly, our definition of this non-IFRS monetary measure might not be related to identical measures offered through different issuers.  Buyers are cautioned that non-IFRS monetary measures must now not be construed as a substitute for web source of revenue made up our minds in response to IFRS as signs of our efficiency or to coins flows from running actions as measures of liquidity and coins flows.

A reconciliation of Adjusted EBITDA to web source of revenue/loss is also discovered within the Corporate’s Control’s Dialogue and Research for the 3 and twelve-month sessions ended December 31, 2022.

Neither the TSXV nor its Law Products and services Supplier (as that time period is outlined within the insurance policies of the TSXV) accepts accountability for the adequacy or accuracy of this liberate.


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