|GAME Overview
GAME

GameSquare Holdings, Inc.

Consumer Discretionary • CIK: 0001714562

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Market Cap
$33.34M
P/E (TTM)
-0.6x
Rev Growth (TTM)
+105.8%
Net Margin (TTM)
-28.4%
FCF Yield (TTM)
-67.6%
FCF Margin (TTM)
-18.1%

LATEST EARNINGS

Q3 2025
4 months ago
View source
Revenue
$11.32M
+21.6%
Net Income
$5.95M
EPS
$0.07
Gross
49.4% +4.1%
Operating
-21.1% +12.6%
Net
52.6% +94.8%
  • Net income from continuing operations of $5.9 million, a significant turnaround from a net loss of $3.9 million in the prior year.
  • Gross margin increased 20.0% sequentially to 49.4%, indicating improved operational efficiency.
  • Balance sheet strengthened with $81.5 million in digital assets and cash, no debt, and $78.7 million in shareholders' equity.
  • Revenue increased to $11.3 million in Q3 2025 from $9.3 million in Q3 2024, a 21.5% YoY growth.

Cash Flow Health

Free Cash Flow1/8 positive
TTM$-23M
Q '25
$-10M-711%
Q '25
$2M+120%
FCF Margin
TTM-18.1%
Q '25-91.7%-956%
Sector: 3.2%Below Avg
OCF Margin-18.0%
OCF/NI0.64x
CapEx Coverage-291.7x
FCF Yield-67.6%
FCF Growth (2Y)
Cash Conversion Cycle
-34 days
DSO: 53+DIO: 0DPO: 87

Capital Allocation & Returns

Total Shareholder Yield
TTM0.0%
Div Yield0.0%

Insufficient data

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-22.5M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
-186.4%
Volatile
-5.0% YoY+243.9%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-27.5%
8Q: -27.2%
Asset Turnover
1.65x
8Q: 0.88x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: -45.4%-186.4% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
504.76x
8Q:198.45x
+30106.6%
Invested Cap Turn
6.78x
8Q:2.82x
-78.0%
CapEx Intensity
0.4%
8Q:
CapEx/Depreciation
0.04x
Asset-based ROIC formula

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ 2025Q 2025Q 2025Q4 2024Q3 2024Q 2024Q 2024Q4 2023
Revenue
$124.5M
$11.3M28.6%
$15.9M24.9%
$21.1M72.3%
$76.3M719.5%
$9.3M47.8%
$17.8M0.6%
$17.7M13.3%
$15.6M
Operating Income
$-45.7M
$-2.4M49.3%
$-4.7M33.7%
$-7.1M77.4%
$-31.5M901.9%
$-3.1M49.1%
$-6.2M1.7%
$-6.3M45.1%
$-11.4M
Net Income
$-35.4M
$-808.4K73.2%
$-3.0M41.5%
$-5.2M80.5%
$-26.4M381.2%
$-5.5M52.8%
$-11.6M120.8%
$-5.3M70.4%
$-17.8M
Operating Cash Flow
$-22.5M
$-10.4M710.4%
$1.7M119.8%
$-8.6M64.7%
$-5.2M32.9%
$-7.8M19.0%
$-9.6M19.6%
$-8.0M36.5%
$-5.9M
Free Cash Flow
$-22.5M
$-10.4M711.0%
$1.7M119.6%
$-8.7M66.2%
$-5.2M32.9%
$-7.8M19.0%
$-9.6M19.6%
$-8.0M36.5%
$-5.9M
Total Equity
N/A

Valuation Analysis

Fair Value
Price-to-EarningsTTM
-0.6x
Valuation Lenses
Earnings
-0.6x
vs sector
Cash Flow
-3.9x
EV/FCF vs
Growth-Adj
PEG
N/A
Quality-Adj
P/E per %ROIC
ROIC: -186.4%
Shareholder Returns
Dividend
Buyback
Total Yield
Market Cap$33.34M
EV
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
-352/100
Below Average

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Bottom 25%
-1.8%
8Q:
Return on Invested Capital (ROIC)Below Avg
-1.9%
8Q:
+243.9%
vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: -27.5%
Asset Turnover: 1.65x

Earnings Quality

Cash Conversion

0.64x

OCF / Net Income

FCF Consistency

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin15.4%

Capital Efficiency

Invested Capital Turnover6.78x

Working Capital

Cash Conversion Cycle-34 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
70/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
105.8%
OpInc Growth YoY
23.9%
EPS Growth YoY
52.7%
FCF 3Y CAGR
N/A

Margin Quality & Sustainability

Moderate
Profitability Cascade
Gross
15.4%
Operating
-36.7%
Below Avg in sector
Net
-28.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
FCF vs Net Gap
+10.3 pts
FCF: -18.1% | Net: -28.4%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $7.49M
Interest Coverage
+Net cash position: $7.49M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis