GameSquare Holdings Inc. (NASDAQ:GAME) shares jumped 74.36% to $0.44 in after-hours trading Wednesday after the company reported fourth-quarter 2025 results that included its first positive adjusted EBITDA, along with full-year 2025 financials and a reiteration of its 2026 guidance.
The Texas-based, vertically integrated media, entertainment and technology company reported results for the period ending Dec. 31, 2025.
What Q4 Data Says
Fourth-quarter earnings per share came in at -$0.32, compared with a analyst estimate of -$0.02, marking a miss of 1,500%. Revenue for GameSquare totaled $18.46 million, falling short of the estimated $23.08 million by 20.03%.
Other metrics reported:
| Metric | Q4 2025 | Q4 2024 |
|---|---|---|
| Gross Profit | $8.5 million | $2.0 million |
| Gross Margin | 45.9% | 25.8% |
| Adjusted EBITDA | $1.7 million | -$3.1 million |
Adjusted EBITDA for the company improved and accounted for 9.4% of revenue in the fourth quarter of 2025, compared with negative 40.1% in the same period a year earlier.
Net loss of GameSquare from continuing operations totaled $28.2 million. This included a $20.3 million fair-value loss on digital assets, $12.1 million in impairment expense and a $1.9 million loss on non-consolidated investments. These were partially offset by a $7.4 million gain related to warrant liabilities.
Fiscal Year 2025 Full Year
Full-year data of GameSquare reported:
| Metric | 2025 | 2024 |
|---|---|---|
| Revenue | $45.0 million | $27.5 million |
| Gross Profit | $19.5 million | $9.5 million |
| Gross Margin | 43.4% | 34.3% |
| Adjusted EBITDA | -$4.6 million | -$11.9 million |
| Net Loss from Continuing Ops | -$30.0 million | -$34.8 million |
Adjusted EBITDA loss narrowed significantly in 2025 compared to 2024, representing -10.2% of revenue versus -43.2% in 2024.
Full-Year FY 2026 Financial Outlook
GameSquare reiterated its 2026 annual guidance of $85 to $90 million in revenue, gross margin of 35% to 40%, and adjusted EBITDA of over $5 million.
CEO Justin Kenna stated the company believes “2026 is shaping up to be a strong year of revenue growth and profitable annual adjusted EBITDA.”
GameSquare Holdings Inc. is set to report first-quarter 2026 earnings on May 14, with analysts projecting an EPS of -$0.04 on revenue of $17.77 million.
Trading Metrics, Technical Analysis
GameSquare has a market capitalization of $25.04 million, with a 52-week high of $2.87 and a 52-week low of $0.24.
The Relative Strength Index (RSI) of GAME stands at 37.50.
Over the past 12 months, the small-cap stock has dropped 59.95%.
GAME is currently positioned very close to the lower end of its 52-week range.
Price Action: The stock of the gaming media network closed the regular session at $0.25, up 0.04%, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings indicate GAME stock has a negative price trend across all time frames.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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