What is GameSquare's operating income?

GameSquare's total operating income in 2025 was -$25.24 million, based on the following breakdown: Total Gross Profit: $19.52 million Total Operating Expenses: $44.75 million

GameSquare (GAME) Financials

$0.36 -0.03 (-8.67%)

Closing price 07/16/2026 04:00 PM Eastern

Extended Trading

$0.35 -0.01 (-2.88%)

As of 05:01 AM Eastern

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Annual Income Statements for GameSquare

This table shows GameSquare's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	8/31/2020	8/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-43	-41	-18	-31	-49	-40
Consolidated Net Income / (Loss)	-43	-41	-18	-31	-54	-42
Net Income / (Loss) Continuing Operations	-37	-29	-18	-26	-35	-30
Total Pre-Tax Income	-37	-29	-18	-26	-35	-30
Total Operating Income	-29	-29	-18	-25	-34	-25
Total Gross Profit	-3.72	33	9.66	10	9.45	20
Total Revenue	2.54	33	28	41	28	45
Operating Revenue	2.54	33	28	41	28	45
Total Cost of Revenue	6.25	0.00	18	31	18	25
Operating Cost of Revenue	6.25	-	18	31	18	25
Total Operating Expenses	25	62	28	35	44	45
Selling, General & Admin Expense	1.77	19	18	17	23	23
Marketing Expense	2.51	1.30	7.09	6.31	5.30	5.57
Research & Development Expense	-	-	0.00	3.07	1.89	2.05
Depreciation Expense	3.44	1.08	2.31	1.89	1.37	1.12
Other Operating Expenses / (Income)	3.59	37	-	-	0.02	1.39
Impairment Charge	14	4.32	0.70	7.02	13	12
Total Other Income / (Expense), net	-7.77	-0.10	-0.13	-0.95	-0.41	-4.73
Interest Expense	0.91	-	0.17	2.88	1.03	0.00
Interest & Investment Income	-	-	0.00	-0.52	-0.32	-1.36
Other Income / (Expense), net	-6.86	-0.10	0.04	2.44	0.93	-3.37
Income Tax Expense	0.00	0.00	-0.30	-0.06	0.00	0.06
Net Income / (Loss) Discontinued Operations	0.00	-12	-0.03	-5.01	-20	-12
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.08	-0.07	0.01	0.00	-5.56	-2.02
Basic Earnings per Share	-	($5.84)	($3.26)	($2.81)	($1.75)	($0.61)
Weighted Average Basic Shares Outstanding	2.95M	11.87M	5.56M	11.12M	27.90M	65.72M
Diluted Earnings per Share	($14.46)	-	($3.26)	($2.81)	($1.75)	($0.61)
Weighted Average Diluted Shares Outstanding	2.95M	11.87M	5.56M	11.12M	27.90M	65.72M

This table shows GameSquare's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-5.05	-18	-5.26	-12	-5.48	-26	-5.16	-3.02	-0.81	-31	-18
Consolidated Net Income / (Loss)	-5.05	-18	-5.26	-12	-7.46	-30	-7.17	-3.02	-0.81	-31	-18
Net Income / (Loss) Continuing Operations	-5.48	-15	-6.81	-9.66	-3.94	-14	-3.76	-6.04	5.95	-23	-18
Total Pre-Tax Income	-5.49	-15	-6.81	-9.66	-3.94	-14	-3.76	-6.04	5.95	-23	-18
Total Operating Income	-5.48	-11	-6.28	-6.18	-3.14	-19	-4.11	-4.72	-2.39	-11	-3.37
Total Gross Profit	2.51	3.52	3.39	2.52	4.22	-0.68	3.16	2.43	5.59	8.16	5.57
Total Revenue	12	16	18	18	9.31	-17	7.44	16	11	-3.28	15
Operating Revenue	12	16	18	18	9.31	-17	7.44	16	11	-3.28	15
Total Cost of Revenue	8.99	12	14	15	5.09	-17	4.28	13	5.72	-11	8.93
Operating Cost of Revenue	8.99	12	14	15	5.09	-17	4.28	13	5.72	-11	8.93
Total Operating Expenses	7.99	15	9.67	8.70	7.36	18	7.26	7.15	7.99	19	8.95
Selling, General & Admin Expense	5.42	2.86	6.01	5.91	5.03	5.74	4.45	4.62	7.27	4.12	5.61
Marketing Expense	1.47	2.36	2.22	1.64	1.20	0.25	1.34	1.50	1.46	0.59	2.14
Research & Development Expense	0.44	1.97	0.69	0.59	0.45	0.17	0.65	0.56	0.52	0.20	0.61
Depreciation Expense	0.57	0.59	0.76	0.56	0.35	-0.30	0.20	0.30	0.27	-0.03	0.43
Other Operating Expenses / (Income)	-	-	-	-	-	-	0.62	-	-	-	0.15
Total Other Income / (Expense), net	-0.00	-3.74	-0.53	-3.48	-0.79	4.39	0.35	-1.32	8.34	-12	-14
Interest & Investment Income	-	-	-	-0.19	0.18	-	0.03	0.04	0.17	-	-0.33
Other Income / (Expense), net	0.20	-0.70	-0.09	-3.29	0.06	4.26	0.32	-1.36	8.17	-10	-14
Income Tax Expense	-0.01	-0.04	0.00	0.00	0.00	-	0.00	0.00	0.00	0.06	0.00
Net Income / (Loss) Discontinued Operations	0.42	-2.66	1.55	-2.34	-3.53	-15	-3.42	3.02	-6.76	-8.03	-0.09
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-	0.00	-0.39	-1.98	-3.19	-2.02	0.00	0.00	-	0.00
Basic Earnings per Share	($0.42)	($1.60)	($0.30)	($0.38)	($0.18)	($0.95)	($0.14)	($0.08)	($0.01)	($0.38)	($0.18)
Weighted Average Basic Shares Outstanding	12.13M	11.12M	17.37M	30.44M	31.27M	27.90M	36.72M	38.97M	87.95M	65.72M	97.33M
Diluted Earnings per Share	($0.42)	($1.60)	($0.30)	($0.38)	($0.18)	($0.95)	($0.14)	($0.08)	($0.01)	($0.38)	($0.18)
Weighted Average Diluted Shares Outstanding	12.13M	11.12M	17.37M	30.44M	31.27M	27.90M	36.72M	38.97M	87.95M	65.72M	97.33M
Weighted Average Basic & Diluted Shares Outstanding	-	0.00	30.36M	31.19M	32.64M	0.00	38.91M	99.00M	98.38M	0.00	93.70M

This table details how cash moves in and out of GameSquare's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	8/31/2020	8/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	89	100	-5.05	2.02	10	-6.77
Net Cash From Operating Activities	83	72	-12	-16	-31	-18
Net Cash From Continuing Operating Activities	83	72	-12	-16	-31	-18
Net Income / (Loss) Continuing Operations	43	41	-18	-31	-54	-42
Consolidated Net Income / (Loss)	43	41	-18	-31	-54	-42
Depreciation Expense	3.78	3.51	2.31	3.29	3.46	1.55
Amortization Expense	-	-	0.31	0.34	0.52	0.48
Non-Cash Adjustments To Reconcile Net Income	27	25	3.27	7.99	20	27
Changes in Operating Assets and Liabilities, net	8.99	2.58	0.30	3.58	-0.45	-5.03
Net Cash From Investing Activities	-0.11	-0.19	0.02	14	2.71	-60
Net Cash From Continuing Investing Activities	-0.11	-0.19	0.02	14	2.71	-60
Purchase of Property, Plant & Equipment	-0.11	-0.19	-0.03	-0.00	-0.01	-0.08
Acquisitions	-	-	0.00	11	-0.06	-4.87
Sale of Property, Plant & Equipment	-	-	0.05	2.75	0.36	0.00
Divestitures	-	-	-	0.00	2.41	0.00
Other Investing Activities, net	-	-	-	-	0.00	-55
Net Cash From Financing Activities	5.74	28	6.84	3.95	38	73
Net Cash From Continuing Financing Activities	5.74	28	6.84	3.95	38	73
Repayment of Debt	1.06	-3.16	-0.15	3.95	-8.44	-7.41
Repurchase of Common Equity	-	-	-0.06	0.00	0.00	-1.78
Issuance of Debt	1.00	31	0.75	0.00	16	4.00
Issuance of Common Equity	3.69	0.00	6.30	0.00	30	78
Effect of Exchange Rate Changes	-	-	0.02	0.07	0.05	-0.71
Cash Interest Paid	-	-	0.01	0.56	1.28	1.08
Cash Income Taxes Paid	-	-	0.00	0.00	0.00	0.00

This table details how cash moves in and out of GameSquare's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-0.53	-0.73	4.83	6.72	-3.34	1.95	-7.34	0.67	1.00	-1.11	-2.18
Net Cash From Operating Activities	-3.29	-5.87	-8.02	-9.58	-7.76	-5.21	-8.58	1.70	-10	-1.14	-6.42
Net Cash From Continuing Operating Activities	-2.02	-7.14	-8.02	-9.58	-7.76	-5.21	-8.58	1.70	-10	-1.14	-6.42
Net Income / (Loss) Continuing Operations	-5.05	-18	-5.26	-12	-7.46	-30	-7.17	-3.02	-0.81	-31	-18
Consolidated Net Income / (Loss)	-5.05	-18	-5.26	-12	-7.46	-30	-7.17	-3.02	-0.81	-31	-18
Depreciation Expense	0.93	0.93	0.98	0.95	0.80	0.72	0.58	0.30	0.27	0.40	0.43
Amortization Expense	0.09	0.05	0.09	0.09	0.17	0.17	0.18	0.10	0.10	0.10	0.10
Non-Cash Adjustments To Reconcile Net Income	0.28	9.64	-2.65	3.47	0.99	18	-0.70	-1.43	1.39	27	15
Changes in Operating Assets and Liabilities, net	1.73	0.04	-1.18	-2.10	-2.26	5.08	-1.47	5.75	-11	2.01	-3.82
Net Cash From Investing Activities	-	2.80	2.73	0.03	-0.06	-	-0.38	-0.64	-61	1.43	-2.52
Net Cash From Continuing Investing Activities	-	2.80	2.73	0.03	-0.06	-	-0.38	-0.64	-61	1.43	-2.52
Purchase of Property, Plant & Equipment	-	-0.00	-0.00	-0.00	-0.00	-	-0.08	-0.00	-	-0.00	-0.00
Acquisitions	-11	11	0.00	-	-0.06	-	-0.30	-	-4.57	-	0.00
Divestitures	-	-	2.41	-	-	-	0.00	-	-	-	1.52
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	-	-	0.25
Other Investing Activities, net	-	-	-	-	-	-	0.00	-	-57	2.38	-4.28
Net Cash From Financing Activities	1.19	3.56	9.48	17	4.13	7.55	1.46	0.49	72	-1.32	6.73
Net Cash From Continuing Financing Activities	1.19	3.56	9.48	17	4.13	7.55	1.46	0.49	72	-1.32	6.73
Repayment of Debt	0.19	4.59	-0.39	1.05	-6.66	-2.45	-0.54	0.26	-7.59	-1.54	0.00
Repurchase of Common Equity	-	-	-0.13	-	-	-	0.00	-	-	-	-0.77
Issuance of Debt	1.01	-1.04	-	-	6.05	10	2.00	-	1.78	2.00	7.50
Effect of Exchange Rate Changes	-	-	0.63	-0.53	0.35	-0.40	0.16	-0.88	0.08	-0.07	0.03
Cash Interest Paid	0.17	0.24	0.21	0.43	0.44	0.21	0.16	0.12	0.22	0.57	0.06
Cash Income Taxes Paid	-	-	0.00	-	-	-	0.00	-	-	-	0.00

This table presents GameSquare's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	8/31/2020	8/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	43	57	20	65	79	79
Total Current Assets	12	32	10	22	36	22
Cash & Equivalents	5.24	15	0.98	2.95	12	4.60
Restricted Cash	0.39	0.33	0.00	0.05	1.05	1.77
Accounts Receivable	3.85	8.65	8.11	16	21	8.73
Prepaid Expenses	1.57	6.20	0.90	0.92	1.49	0.77
Other Current Assets	1.13	1.07	0.11	1.87	0.12	6.33
Plant, Property, & Equipment, net	0.41	0.40	3.00	2.46	0.30	0.11
Total Noncurrent Assets	31	24	7.11	40	42	57
Noncurrent Note & Lease Receivables	-	-	-	0.00	9.21	0.55
Goodwill	16	16	0.00	16	13	5.91
Intangible Assets	12	5.12	4.61	19	15	7.36
Other Noncurrent Operating Assets	0.55	0.56	2.50	5.13	4.77	43
Total Liabilities & Shareholders' Equity	43	57	20	65	79	79
Total Liabilities	53	42	13	46	67	44
Total Current Liabilities	42	32	11	36	55	41
Short-Term Debt	3.92	1.83	0.26	4.52	9.98	6.00
Accounts Payable	12	10	4.85	23	27	22
Accrued Expenses	4.69	5.72	3.18	5.29	14	6.79
Current Deferred Revenue	0.55	2.64	1.09	1.93	2.73	3.95
Other Current Liabilities	15	12	1.14	0.95	1.01	2.21
Total Noncurrent Liabilities	11	9.40	2.42	10	12	2.77
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	0.06	-	0.00	0.81
Other Noncurrent Operating Liabilities	-	-	2.36	1.99	2.05	1.96
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	-10	15	7.27	18	12	36
Total Preferred & Common Equity	-11	15	7.27	18	12	36
Preferred Stock	-	-	0.00	0.00	0.00	3.92
Total Common Equity	-10	15	7.27	18	12	32
Common Stock	69	123	50	92	119	195
Retained Earnings	-82	-123	-42	-73	-122	-162
Treasury Stock	-	-	-	-	0.00	-0.58
Accumulated Other Comprehensive Income / (Loss)	-	-	-0.27	-0.13	-0.21	-0.59

This table presents GameSquare's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	102	106	101	68	44	121	68
Total Current Assets	38	46	42	26	21	26	39
Cash & Equivalents	7.17	14	11	4.68	4.70	6.01	2.36
Restricted Cash	0.65	0.65	0.00	1.14	1.79	1.48	1.84
Accounts Receivable	26	28	27	18	13	13	11
Prepaid Expenses	3.00	2.74	3.05	1.06	0.88	0.95	0.80
Other Current Assets	1.55	0.29	0.29	0.15	0.12	4.31	23
Plant, Property, & Equipment, net	0.80	0.62	0.46	0.27	0.12	0.14	0.11
Total Noncurrent Assets	63	58	59	42	23	95	29
Noncurrent Note & Lease Receivables	7.13	8.75	8.99	9.31	8.75	8.58	0.55
Goodwill	23	23	23	13	5.56	4.22	8.62
Intangible Assets	28	22	22	15	5.23	14	7.98
Other Noncurrent Operating Assets	5.04	4.65	5.42	4.59	3.80	68	12
Total Liabilities & Shareholders' Equity	102	106	101	68	44	121	68
Total Liabilities	63	63	61	57	50	42	49
Total Current Liabilities	53	54	58	45	48	40	45
Short-Term Debt	4.23	5.28	13	7.28	7.77	0.00	9.57
Accounts Payable	30	31	29	24	26	18	21
Accrued Expenses	14	14	13	11	11	12	7.01
Current Deferred Revenue	4.19	2.24	2.08	2.73	2.47	5.24	5.77
Other Current Liabilities	0.82	0.76	0.94	0.96	0.71	4.53	1.53
Total Noncurrent Liabilities	10	9.65	2.23	12	1.37	2.07	4.21
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	0.81
Other Noncurrent Operating Liabilities	1.90	1.81	2.23	1.87	1.37	2.07	3.39
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	1.77
Total Equity & Noncontrolling Interests	39	42	40	11	-5.54	79	18
Total Preferred & Common Equity	39	42	40	11	-5.54	79	18
Preferred Stock	0.00	0.00	0.00	0.00	0.00	5.15	3.92
Total Common Equity	39	42	40	11	-5.54	74	14
Common Stock	117	117	118	125	125	205	194
Retained Earnings	-79	-90	-96	-127	-130	-131	-180
Treasury Stock	-	-	-	-	-	-	0.00
Accumulated Other Comprehensive Income / (Loss)	0.42	-0.12	0.24	-0.05	-0.59	-0.52	-0.56

This table displays calculated financial ratios and metrics derived from GameSquare's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	8/31/2020	8/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	15,543,309.00	31,607,750.00	31,607,750.00	32,635,995.00	98,380,767.00
DEI Adjusted Shares Outstanding	0.00	3,885,827.00	7,901,938.00	7,901,938.00	32,635,995.00	98,380,767.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-10.46	-2.29	-3.96	-1.49	-0.41
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	1,214.63%	-15.78%	47.08%	-33.31%	63.37%
EBITDA Growth	0.00%	21.28%	38.45%	-23.80%	-52.54%	9.78%
EBIT Growth	0.00%	19.81%	36.86%	-25.95%	-45.78%	14.46%
NOPAT Growth	0.00%	1.28%	36.51%	-39.10%	-35.42%	26.58%
Net Income Growth	0.00%	4.69%	55.55%	-72.76%	-73.61%	22.45%
EPS Growth	0.00%	0.00%	0.00%	13.80%	37.72%	65.14%
Operating Cash Flow Growth	0.00%	-12.91%	-116.50%	-34.84%	-90.13%	39.82%
Free Cash Flow Firm Growth	0.00%	0.00%	48.50%	-217.18%	62.47%	-131.93%
Invested Capital Growth	0.00%	131.03%	-5.58%	328.60%	-33.20%	88.17%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-54.48%	-54.83%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-9.10%	32.28%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-7.64%	31.35%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-27.11%	43.65%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-27.70%	-3.79%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-36.72%	-52.50%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	0.00%	2.12%	18.10%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	43.16%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-55.83%	-50.49%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	-146.56%	100.00%	34.39%	24.46%	34.32%	43.37%
EBITDA Margin	-1,269.02%	-75.99%	-55.54%	-46.75%	-106.93%	-59.05%
Operating Margin	-1,147.77%	-86.19%	-64.98%	-61.45%	-124.79%	-56.08%
EBIT Margin	-1,418.09%	-86.50%	-64.85%	-55.54%	-121.40%	-63.56%
Profit (Net Income) Margin	-1,684.96%	-122.16%	-64.48%	-75.74%	-197.17%	-93.60%
Tax Burden Percent	115.89%	141.22%	98.51%	118.81%	156.12%	140.55%
Interest Burden Percent	102.53%	100.00%	100.93%	114.79%	104.03%	104.77%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-678.87%	-404.88%	-189.46%	-102.66%	-102.80%	-65.40%
ROIC Less NNEP Spread (ROIC-NNEP)	-850.06%	-1,283.73%	-72.06%	-403.48%	-470.64%	-833.76%
Return on Net Nonoperating Assets (RNNOA)	1,103.74%	-1,148.12%	29.01%	-141.46%	-254.88%	-111.36%
Return on Equity (ROE)	424.87%	-1,553.00%	-160.45%	-244.12%	-357.68%	-176.75%
Cash Return on Invested Capital (CROIC)	0.00%	-484.05%	-183.72%	-226.99%	-62.99%	-126.59%
Operating Return on Assets (OROA)	-83.47%	-57.52%	-47.06%	-54.03%	-46.62%	-36.20%
Return on Assets (ROA)	-99.18%	-81.23%	-46.78%	-73.68%	-75.72%	-53.30%
Return on Common Equity (ROCE)	434.06%	-1,446.20%	-159.43%	-244.12%	-357.68%	-162.20%
Return on Equity Simple (ROE_SIMPLE)	377.03%	-268.66%	-249.21%	-170.36%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-20	-20	-13	-18	-24	-18
NOPAT Margin	-803.44%	-60.33%	-45.49%	-43.02%	-87.36%	-39.26%
Net Nonoperating Expense Percent (NNEP)	171.19%	878.85%	-117.40%	300.81%	367.85%	768.37%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-57.21%	-75.44%	-42.41%
Cost of Revenue to Revenue	246.56%	0.00%	65.61%	75.54%	65.68%	56.63%
SG&A Expenses to Revenue	69.86%	55.67%	63.41%	40.32%	82.41%	50.02%
R&D to Revenue	0.00%	0.00%	0.00%	7.43%	6.86%	4.56%
Operating Expenses to Revenue	1,001.21%	186.19%	99.37%	85.91%	159.12%	99.45%
Earnings before Interest and Taxes (EBIT)	-36	-29	-18	-23	-33	-29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-32	-25	-16	-19	-29	-27
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.13	1.56	2.24	1.19
Price to Tangible Book Value (P/TBV)	0.00	0.00	5.83	0.00	0.00	2.05
Price to Revenue (P/Rev)	0.00	0.00	0.55	0.69	0.98	0.84
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	2.26	1.36	1.80	1.17
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.53	0.93	1.22	0.92
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	-1.50	0.73	0.04	0.69	1.66	0.17
Long-Term Debt to Equity	-1.11	0.61	0.00	0.45	0.83	0.00
Financial Leverage	-1.30	0.89	-0.40	0.35	0.54	0.13
Leverage Ratio	-4.28	19.12	3.43	3.31	4.72	3.32
Compound Leverage Factor	-4.39	19.12	3.46	3.80	4.91	3.47
Debt to Total Capital	299.68%	42.33%	3.45%	40.88%	62.36%	14.40%
Short-Term Debt to Total Capital	77.75%	6.91%	3.45%	14.55%	31.30%	14.40%
Long-Term Debt to Total Capital	221.94%	35.43%	0.00%	26.33%	31.07%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	9.42%
Noncontrolling Interests to Total Capital	4.32%	0.54%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-204.00%	57.13%	96.55%	59.12%	37.64%	76.18%
Debt to EBITDA	-0.47	-0.44	-0.02	-0.66	-0.68	-0.23
Net Debt to EBITDA	-0.23	0.28	0.05	-0.50	-0.23	0.01
Long-Term Debt to EBITDA	-0.35	-0.37	0.00	-0.42	-0.34	0.00
Debt to NOPAT	-0.74	-0.56	-0.02	-0.71	-0.83	-0.34
Net Debt to NOPAT	-0.36	0.35	0.06	-0.55	-0.28	0.02
Long-Term Debt to NOPAT	-0.55	-0.47	0.00	-0.46	-0.41	0.00
Altman Z-Score	0.00	0.00	-3.81	-2.01	-3.26	-3.25
Noncontrolling Interest Sharing Ratio	-2.16%	6.88%	0.64%	0.00%	0.00%	8.23%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.29	0.97	0.96	0.61	0.67	0.54
Quick Ratio	0.22	0.74	0.86	0.54	0.62	0.33
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-24	-12	-39	-15	-34
Operating Cash Flow to CapEx	75,187.69%	38,408.87%	0.00%	0.00%	0.00%	-23,858.14%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-73.04	-13.65	-14.28	0.00
Operating Cash Flow to Interest Expense	91.32	0.00	-70.32	-5.59	-29.62	0.00
Operating Cash Flow Less CapEx to Interest Expense	91.20	0.00	-70.21	-4.63	-29.27	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.06	0.66	0.73	0.97	0.38	0.57
Accounts Receivable Turnover	0.66	5.34	3.35	3.36	1.46	2.99
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	6.20	82.01	16.49	15.11	19.90	215.31
Accounts Payable Turnover	0.50	0.00	2.42	2.20	0.71	1.03
Days Sales Outstanding (DSO)	553.43	68.37	108.93	108.58	250.39	121.93
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	726.92	0.00	151.07	165.77	512.93	352.91
Cash Conversion Cycle (CCC)	-173.49	68.37	-42.14	-57.19	-262.53	-230.98
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	3.00	6.94	6.55	28	19	35
Invested Capital Turnover	0.85	6.71	4.17	2.39	1.18	1.67
Increase / (Decrease) in Invested Capital	0.00	3.93	-0.39	22	-9.32	17
Enterprise Value (EV)	0.00	0.00	15	38	34	41
Market Capitalization	0.00	0.00	15	29	27	38
Book Value per Share	($3.48)	$1.28	$0.46	$1.16	$0.37	$0.32
Tangible Book Value per Share	($12.95)	($0.47)	$0.17	($1.05)	($0.49)	$0.19
Total Capital	5.04	27	7.53	31	32	42
Total Debt	15	11	0.26	13	20	6.00
Total Long-Term Debt	11	9.40	0.00	8.18	9.91	0.00
Net Debt	7.41	-7.03	-0.72	9.70	6.74	-0.38
Capital Expenditures (CapEx)	0.11	0.19	-0.02	-2.75	-0.36	0.08
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-31	-15	-1.14	-12	-21	-19
Debt-free Net Working Capital (DFNWC)	-26	0.90	-0.16	-9.42	-8.31	-13
Net Working Capital (NWC)	-30	-0.94	-0.42	-14	-18	-19
Net Nonoperating Expense (NNE)	22	21	5.33	14	30	24
Net Nonoperating Obligations (NNO)	13	-8.37	-0.72	9.70	6.74	-0.38
Total Depreciation and Amortization (D&A)	3.78	3.51	2.62	3.63	3.98	2.03
Debt-free, Cash-free Net Working Capital to Revenue	-1,237.10%	-44.21%	-4.06%	-30.04%	-77.90%	-42.32%
Debt-free Net Working Capital to Revenue	-1,015.07%	2.69%	-0.58%	-22.80%	-30.16%	-28.15%
Net Working Capital to Revenue	-1,169.48%	-2.81%	-1.51%	-33.74%	-66.40%	-41.48%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($2.81)	($1.75)	($0.61)
Adjusted Weighted Average Basic Shares Outstanding	0.00	3.89M	0.00	11.12M	27.90M	65.72M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($2.81)	($1.75)	($0.61)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	3.89M	0.00	11.12M	27.90M	65.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	2.97M	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	-11	-17	-12	-12	-15	-9.19
Normalized NOPAT Margin	-414.75%	-51.26%	-43.74%	-30.19%	-55.47%	-20.43%
Pre Tax Income Margin	-1,453.92%	-86.50%	-65.46%	-63.75%	-126.30%	-66.59%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-39.58	0.00	-107.40	-7.97	-32.40	0.00
NOPAT to Interest Expense	-22.43	0.00	-75.33	-6.18	-23.31	0.00
EBIT Less CapEx to Interest Expense	-39.70	0.00	-107.29	-7.02	-32.05	0.00
NOPAT Less CapEx to Interest Expense	-22.55	0.00	-75.22	-5.22	-22.97	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-0.36%	0.00%	0.00%	-4.23%

This table displays calculated financial ratios and metrics derived from GameSquare's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	31,607,750.00	31,607,750.00	31,607,750.00	30,362,552.00	31,193,243.00	32,635,995.00	32,635,995.00	38,913,565.00	98,998,596.00	98,380,767.00	98,380,767.00
DEI Adjusted Shares Outstanding	7,901,938.00	7,901,938.00	7,901,938.00	30,362,552.00	31,193,243.00	32,635,995.00	32,635,995.00	38,913,565.00	98,998,596.00	98,380,767.00	98,380,767.00
DEI Earnings Per Adjusted Shares Outstanding	-0.64	-2.25	-0.67	-0.38	-0.18	-0.81	-0.16	-0.08	-0.01	-0.32	-0.18
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	535.41%	56.92%	-19.08%	-210.67%	-58.04%	-11.09%	21.58%	81.07%	94.97%
EBITDA Growth	0.00%	0.00%	-118.91%	-472.89%	50.44%	-22.01%	42.90%	32.53%	391.90%	-54.18%	-453.04%
EBIT Growth	0.00%	0.00%	-111.47%	-277.96%	41.61%	-19.55%	40.60%	35.75%	287.57%	-48.10%	-356.54%
NOPAT Growth	0.00%	0.00%	-108.50%	-13.35%	42.65%	-64.09%	34.63%	23.60%	-8.74%	41.39%	17.83%
Net Income Growth	0.00%	0.00%	-21.07%	-193.90%	-47.76%	-66.17%	-36.36%	74.85%	89.17%	-5.20%	-146.80%
EPS Growth	0.00%	0.00%	61.54%	-11.76%	57.14%	40.63%	53.33%	78.95%	94.44%	60.00%	-28.57%
Operating Cash Flow Growth	0.00%	0.00%	-1,117.81%	-53.15%	-135.94%	11.29%	-7.07%	117.73%	-33.65%	78.06%	25.20%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	138.26%	192.56%	30.12%	-534.04%	-127.59%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-33.20%	-48.77%	-110.41%	67.87%	88.17%	12.06%
Revenue Q/Q Growth	1.23%	36.07%	13.28%	0.57%	-47.80%	-286.10%	142.95%	-24.90%	-28.62%	-128.97%	542.45%
EBITDA Q/Q Growth	-189.28%	-162.44%	52.50%	-58.86%	74.97%	-546.05%	77.77%	5.97%	208.29%	-441.25%	20.27%
EBIT Q/Q Growth	-110.66%	-130.09%	47.52%	-48.58%	67.46%	-371.07%	73.92%	10.56%	195.01%	-471.94%	19.61%
NOPAT Q/Q Growth	-0.59%	-108.68%	45.09%	1.66%	49.10%	-497.07%	78.12%	33.74%	27.56%	-221.78%	69.33%
Net Income Q/Q Growth	-23.69%	-252.38%	70.45%	-128.16%	37.81%	-296.28%	75.75%	57.93%	73.22%	-3,749.14%	43.10%
EPS Q/Q Growth	-23.53%	-280.95%	81.25%	-26.67%	52.63%	-427.78%	85.26%	42.86%	87.50%	-3,700.00%	52.63%
Operating Cash Flow Q/Q Growth	47.44%	-78.55%	-36.49%	-19.57%	19.03%	32.87%	-64.74%	119.80%	-710.40%	88.98%	-461.57%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	5.21%	1.31%	91.44%	577.83%	159.31%	-174.51%	22.34%	79.21%
Invested Capital Q/Q Growth	0.00%	0.00%	54.40%	-5.57%	3.74%	-55.83%	18.41%	-119.20%	1,772.25%	-50.49%	-29.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.84%	22.51%	19.14%	14.14%	45.29%	0.00%	42.45%	15.31%	49.43%	0.00%	38.42%
EBITDA Margin	-36.98%	-71.33%	-29.91%	-47.25%	-22.65%	0.00%	-40.70%	-35.85%	54.39%	0.00%	-115.44%
Operating Margin	-47.66%	-73.09%	-35.43%	-34.65%	-33.78%	0.00%	-55.20%	-29.77%	-21.15%	0.00%	-23.26%
EBIT Margin	-45.88%	-77.59%	-35.95%	-53.11%	-33.11%	0.00%	-50.88%	-38.37%	51.08%	0.00%	-119.15%
Profit (Net Income) Margin	-43.92%	-113.75%	-29.68%	-67.32%	-80.20%	0.00%	-96.43%	-19.04%	-7.14%	0.00%	-122.07%
Tax Burden Percent	92.08%	117.27%	77.28%	124.25%	189.67%	205.66%	190.86%	49.98%	-13.59%	135.16%	100.54%
Interest Burden Percent	103.96%	125.02%	106.83%	102.03%	127.72%	99.09%	99.30%	99.27%	102.89%	107.10%	101.90%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-75.30%	-64.38%	-74.34%	-67.42%	0.00%	-20.35%	-110.97%	-37.06%	0.00%	-36.02%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-176.24%	-100.35%	1,008.85%	-601.18%	0.00%	-72.50%	-528.60%	-94.52%	0.00%	-215.95%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-93.12%	-12.52%	-33.79%	-29.29%	0.00%	-24.38%	1.96%	4.37%	0.00%	-122.69%
Return on Equity (ROE)	0.00%	-168.42%	-76.89%	-108.12%	-96.72%	0.00%	-44.72%	-109.01%	-32.69%	0.00%	-158.71%
Cash Return on Invested Capital (CROIC)	0.00%	-139.98%	0.00%	0.00%	0.00%	-62.99%	-4.29%	0.00%	-105.81%	-126.59%	-84.25%
Operating Return on Assets (OROA)	0.00%	-75.48%	-19.85%	-31.56%	-19.82%	0.00%	-10.35%	-50.07%	45.80%	0.00%	-91.23%
Return on Assets (ROA)	0.00%	-110.65%	-16.38%	-40.01%	-48.01%	0.00%	-19.62%	-24.84%	-6.41%	0.00%	-93.47%
Return on Common Equity (ROCE)	0.00%	-168.42%	-76.89%	-108.12%	-96.72%	0.00%	-44.72%	-109.01%	-31.27%	0.00%	-128.61%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-83.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.84	-8.01	-4.40	-4.32	-2.20	-13	-2.87	-3.30	-2.39	-7.70	-2.36
NOPAT Margin	-33.36%	-51.17%	-24.80%	-24.25%	-23.65%	0.00%	-38.64%	-20.84%	-21.15%	0.00%	-16.28%
Net Nonoperating Expense Percent (NNEP)	0.00%	100.94%	35.97%	-1,083.19%	533.76%	199.94%	52.15%	417.62%	57.46%	735.80%	179.93%
Return On Investment Capital (ROIC_SIMPLE)	-	-25.78%	-8.60%	-7.80%	-4.10%	-41.20%	-10.26%	-148.40%	-3.04%	-18.49%	-8.65%
Cost of Revenue to Revenue	78.16%	77.49%	80.86%	85.86%	54.71%	0.00%	57.55%	84.69%	50.57%	0.00%	61.58%
SG&A Expenses to Revenue	47.16%	18.28%	33.91%	33.16%	54.06%	0.00%	59.86%	29.17%	64.22%	0.00%	38.69%
R&D to Revenue	3.82%	12.57%	3.86%	3.28%	4.84%	0.00%	8.79%	3.52%	4.59%	0.00%	4.21%
Operating Expenses to Revenue	69.50%	95.60%	54.57%	48.79%	79.07%	0.00%	97.65%	45.08%	70.58%	0.00%	61.68%
Earnings before Interest and Taxes (EBIT)	-5.28	-12	-6.37	-9.47	-3.08	-15	-3.79	-6.08	5.78	-21	-17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.25	-11	-5.30	-8.42	-2.11	-14	-3.03	-5.68	6.15	-21	-17
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.56	0.57	0.86	0.56	2.24	1.85	0.00	0.91	1.19	1.92
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.20	2.05	0.00
Price to Revenue (P/Rev)	0.00	0.69	0.39	0.58	0.38	0.98	1.13	0.35	0.67	0.84	0.51
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.36	0.61	0.86	0.58	1.80	1.40	0.00	0.91	1.17	1.51
Enterprise Value to Revenue (EV/Rev)	0.00	0.93	0.47	0.56	0.41	1.22	1.80	0.36	0.65	0.92	0.72
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.64	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.69	0.33	0.31	0.33	1.66	1.66	-1.40	0.00	0.17	0.49
Long-Term Debt to Equity	0.00	0.45	0.22	0.19	0.00	0.83	0.97	0.00	0.00	0.00	0.00
Financial Leverage	0.00	0.53	0.12	-0.03	0.05	0.54	0.34	0.00	-0.05	0.13	0.57
Leverage Ratio	0.00	3.31	2.64	2.49	2.50	4.72	3.46	4.07	1.86	3.32	4.53
Compound Leverage Factor	0.00	4.14	2.82	2.54	3.19	4.68	3.43	4.04	1.92	3.55	4.62
Debt to Total Capital	0.00%	40.88%	24.68%	23.67%	24.55%	62.36%	62.46%	348.98%	0.00%	14.40%	32.91%
Short-Term Debt to Total Capital	0.00%	14.55%	8.27%	9.53%	24.55%	31.30%	25.99%	348.98%	0.00%	14.40%	32.91%
Long-Term Debt to Total Capital	0.00%	26.33%	16.41%	14.14%	0.00%	31.07%	36.48%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.54%	9.42%	13.50%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.09%
Common Equity to Total Capital	0.00%	59.12%	75.32%	76.33%	75.45%	37.64%	37.54%	-248.98%	93.46%	76.18%	47.51%
Debt to EBITDA	0.00	-0.66	-0.57	-0.45	-0.49	-0.68	-0.64	-0.16	0.00	-0.23	-0.24
Net Debt to EBITDA	0.00	-0.50	-0.22	0.05	-0.07	-0.23	-0.43	-0.03	0.00	0.01	-0.13
Long-Term Debt to EBITDA	0.00	-0.42	-0.38	-0.27	0.00	-0.34	-0.38	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	-0.71	-0.63	-0.64	-0.70	-0.83	-0.78	-0.24	0.00	-0.34	-0.56
Net Debt to NOPAT	0.00	-0.55	-0.24	0.07	-0.10	-0.28	-0.52	-0.04	0.00	0.02	-0.31
Long-Term Debt to NOPAT	0.00	-0.46	-0.42	-0.38	0.00	-0.41	-0.45	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	-1.46	-0.70	-0.63	-0.80	-2.47	-2.70	-2.72	0.28	-2.95	-3.54
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.32%	0.00%	18.97%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.61	0.72	0.87	0.72	0.67	0.57	0.43	0.65	0.54	0.87
Quick Ratio	0.00	0.54	0.62	0.80	0.66	0.62	0.52	0.37	0.48	0.33	0.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	-48	-45	-45	-3.82	18	42	-31	-24	-5.04
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	-282,503.60%	0.00%	-11,380.94%	105,936.28%	0.00%	-119.50%	-202,948.56%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-109.69	0.00	-43.26	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-15.72	-2.33	-18.42	0.00	-7.52	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-15.72	-1.24	-17.67	0.00	-7.52	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.97	0.55	0.59	0.60	0.38	0.20	1.30	0.90	0.57	0.77
Accounts Receivable Turnover	0.00	3.36	2.18	2.20	2.25	1.46	0.78	4.71	4.96	2.99	3.59
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	15.11	70.69	101.43	132.80	19.90	32.49	264.41	335.98	215.31	274.29
Accounts Payable Turnover	0.00	2.20	1.46	1.62	1.62	0.71	0.30	2.87	3.51	1.03	1.36
Days Sales Outstanding (DSO)	0.00	108.58	167.73	165.84	162.08	250.39	466.96	77.50	73.54	121.93	101.65
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	165.77	250.69	225.87	225.63	512.93	1,221.75	127.31	104.11	352.91	267.60
Cash Conversion Cycle (CCC)	0.00	-57.19	-82.97	-60.03	-63.55	-262.53	-754.78	-49.81	-30.56	-230.98	-165.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	28	43	41	42	19	22	-4.26	71	35	25
Invested Capital Turnover	0.00	1.47	2.60	3.07	2.85	1.18	0.53	5.33	1.75	1.67	2.21
Increase / (Decrease) in Invested Capital	0.00	0.00	43	41	42	-9.32	-21	-45	29	17	2.68
Enterprise Value (EV)	0.00	38	27	35	25	34	31	35	65	41	38
Market Capitalization	8.61	29	22	36	23	27	19	34	67	38	27
Book Value per Share	$0.00	$1.16	$2.44	$1.39	$1.30	$0.37	$0.32	($0.14)	$0.74	$0.32	$0.14
Tangible Book Value per Share	$0.00	($1.05)	($0.77)	($0.09)	($0.13)	($0.49)	($0.53)	($0.42)	$0.56	$0.19	($0.03)
Total Capital	0.00	31	51	55	54	32	28	2.23	79	42	29
Total Debt	0.00	13	13	13	13	20	17	7.77	0.00	6.00	9.57
Total Long-Term Debt	0.00	8.18	8.39	7.84	0.00	9.91	10	0.00	0.00	0.00	0.00
Net Debt	0.00	9.70	4.81	-1.42	1.97	6.74	12	1.28	-7.49	-0.38	5.37
Capital Expenditures (CapEx)	0.00	-2.75	-0.33	-0.03	0.00	0.00	0.08	0.00	-0.96	0.96	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-12	-18	-16	-15	-21	-18	-26	-22	-19	-0.29
Debt-free Net Working Capital (DFNWC)	0.00	-9.42	-11	-1.81	-3.47	-8.31	-12	-20	-14	-13	3.90
Net Working Capital (NWC)	0.00	-14	-15	-7.10	-17	-18	-19	-28	-14	-19	-5.66
Net Nonoperating Expense (NNE)	1.21	9.79	0.86	7.68	5.26	16	4.30	-0.29	-1.58	23	15
Net Nonoperating Obligations (NNO)	0.00	9.70	4.81	-1.42	1.97	6.74	12	1.28	-7.49	-0.38	5.37
Total Depreciation and Amortization (D&A)	1.02	0.98	1.07	1.04	0.97	0.90	0.76	0.40	0.37	0.50	0.54
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-30.04%	-32.75%	-26.09%	-24.24%	-77.90%	-103.76%	-27.00%	-21.65%	-42.32%	-0.56%
Debt-free Net Working Capital to Revenue	0.00%	-22.80%	-18.84%	-2.89%	-5.73%	-30.16%	-70.08%	-20.35%	-14.14%	-28.15%	7.49%
Net Working Capital to Revenue	0.00%	-33.74%	-26.37%	-11.32%	-27.50%	-66.40%	-112.26%	-28.31%	-14.14%	-41.48%	-10.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($1.60)	($0.30)	($0.38)	($0.18)	($0.95)	($0.14)	($0.08)	($0.01)	($0.38)	($0.18)
Adjusted Weighted Average Basic Shares Outstanding	0.00	11.12M	17.37M	30.44M	31.27M	27.90M	36.72M	38.97M	87.95M	65.72M	97.33M
Adjusted Diluted Earnings per Share	$0.00	($1.60)	($0.30)	($0.38)	($0.18)	($0.95)	($0.14)	($0.08)	($0.01)	($0.38)	($0.18)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	11.12M	17.37M	30.44M	31.27M	27.90M	36.72M	38.97M	87.95M	65.72M	97.33M
Adjusted Basic & Diluted Earnings per Share	$0.00	($1.60)	$0.00	$0.00	$0.00	($0.95)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	30.36M	31.19M	32.64M	0.00	38.91M	99.00M	98.38M	0.00	93.70M
Normalized Net Operating Profit after Tax (NOPAT)	-3.77	-7.90	-4.40	-4.32	-1.97	-13	-2.87	-3.19	-2.75	-7.70	-2.36
Normalized NOPAT Margin	-32.80%	-50.46%	-24.80%	-24.25%	-21.16%	0.00%	-38.64%	-20.11%	-24.30%	0.00%	-16.28%
Pre Tax Income Margin	-47.70%	-97.00%	-38.40%	-54.18%	-42.29%	0.00%	-50.53%	-38.09%	52.56%	0.00%	-121.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-25.22	-4.81	-14.65	0.00	-2.99	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-18.34	-3.17	-10.10	0.00	-2.13	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-25.22	-3.72	-13.89	0.00	-2.99	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-18.34	-2.08	-9.35	0.00	-2.14	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-0.42%	-0.34%	0.00%	0.00%	0.24%	0.00%	0.00%	-4.23%	-4.84%

Financials Breakdown Chart

GameSquare Financials - Frequently Asked Questions

According to the most recent income statement we have on file, GameSquare's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

GameSquare's net income appears to be on an upward trend, with a most recent value of -$42.12 million in 2025, falling from -$42.74 million in 2020. The previous period was -$54.31 million in 2024. Find out what analysts predict for GameSquare in the coming months.

GameSquare's total operating income in 2025 was -$25.24 million, based on the following breakdown:

Total Gross Profit: $19.52 million
Total Operating Expenses: $44.75 million

Over the last 5 years, GameSquare's total revenue changed from $2.54 million in 2020 to $45.00 million in 2025, a change of 1,674.1%.

GameSquare's total liabilities were at $43.65 million at the end of 2025, a 34.6% decrease from 2024, and a 17.9% decrease since 2020.

In the past 5 years, GameSquare's cash and equivalents has ranged from $977.41 thousand in 2022 to $15.31 million in 2021, and is currently $4.60 million as of their latest financial filing in 2025.

Over the last 5 years, GameSquare's book value per share changed from -3.48 in 2020 to 0.32 in 2025, a change of -109.3%.

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Financial statements for NASDAQ:GAME last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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GameSquare (GAME) Financials

Financials Breakdown Chart

GameSquare Financials - Frequently Asked Questions

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GameSquare (GAME) Financials

Annual Income Statements for GameSquare

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Quarterly Cash Flow Statements for GameSquare

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GameSquare Financials - Frequently Asked Questions

When does GameSquare's financial year end?

How has GameSquare's net income changed over the last 5 years?

What is GameSquare's operating income?

How has GameSquare's revenue changed over the last 5 years?

How much debt does GameSquare have?

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How has GameSquare's book value per share changed over the last 5 years?

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