Streamlined Operations and Solid Balance Sheet Position the Company for Sustainable Growth in 2025
TORONTO, April 24, 2025 – OverActive Media Corp. (“OverActive” or the “Company”) (TSXV: OAM) (OTC: OAMCF), a global esports and entertainment company for today’s generation of fans, released its results for the three and twelve-month periods ended December 31, 2024.
Financial Results Summary for Q4 and FY 2024
|
$CAD (000’s) |
Three |
Three |
Variance |
Twelve |
Twelve |
Variance |
||
|
Revenue |
$9,852 |
$4,212 |
134 % |
$27,008 |
$15,704 |
72 % |
||
|
Gross Profit |
$5,323 |
$3,361 |
58 % |
$16,811 |
$10,384 |
62 % |
||
|
Gross Margin |
54 % |
80 % |
-32 % |
62 % |
66 % |
-6 % |
||
|
Operating Expenses |
$6,646 |
$4,306 |
54 % |
$23,394 |
$17,096 |
37 % |
||
|
Adjusted EBITDAi |
($554) |
($699) |
21 % |
($3,593) |
($6,207) |
42 % |
||
|
Comprehensive |
($1,301) |
($768) |
-69 % |
$311 |
($12,239) |
103 % |
||
|
Net Working Capital |
$6,562 |
$8,602 |
-24 % |
$6,562 |
$8,602 |
-24 % |
||
|
Cash & Equivalents |
$6,849 |
$13,933 |
-51 % |
$6,849 |
$13,933 |
-51 % |
(i) Adjusted EBITDA is a non-IFRS measures. Refer to “Non-IFRS Measures” at the end of this press release.
“2024 was a year of real progress for OverActive Media,” said Adam Adamou, CEO and Co-Founder of OverActive Media. “We completed two major acquisitions, expanded into new games and regions, and grew our revenue by 72 percent. Managing that kind of growth while integrating teams and operating across multiple markets required focus, coordination, and an incredible effort from our entire organization.”
Adamou continued, “We’re proud of what we’ve built, but we know we’re not finished. Our priority in 2025 is to continue growing responsibly, improving margins, staying disciplined, and making sure that every step we take adds lasting value. We’re entering this next chapter with momentum, a strong foundation, and a clear plan to keep building a great business in a growing global industry.”
Q4 2024 Financial Highlights
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Revenue totaled $9.9 million, up 134% year-over-year, compared to $4.2 million in the same period in 2023. The increase was primarily driven by higher league share, expanded partnerships, and influencer agency revenue from the KOI and Riders acquisitions.
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Gross profit increased by $1.9 million to $5.3 million with a gross margin of 54%, compared to $3.4 million and 80% in 2023. Margins were impacted by the newly integrated influencer business.
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Operating costs increased by 54%, totaling $6.6 million, compared to $4.3 million in the same period in 2023. The increase was due to additional headcount, content production, and agency infrastructure tied to strategic expansion.
-
Adjusted EBITDA improved to a loss of $554,000, compared to a loss of $699,000 in Q4 2023, reflecting positive impact of high-margin digital sales and improved operational leverage.
-
Comprehensive loss for the quarter was $1.3 million, compared to a loss of $768,000 in Q4 2023, primarily driven by foreign currency translation losses.
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Net working capital (current assets less current liabilities) was $6.6 million. Cash and cash equivalents were $6.8 million, reflecting capital deployment into integration and growth. These amounts are net of an additional $782,000 invested in the venue project in Toronto. Total investments in the venue project to date are $2.1 million.
Full Year 2024 Financial Highlights
-
Revenue reached $27.0 million, up 72%, compared to $15.7 million in FY 2023, driven by acquisitions and growth across team operations, digital merchandise sales (MTX), brand partnerships, influencer business and live events – broadening OverActive’s revenue mix and geographic reach.
-
Gross profit totaled $16.8 million, a 62% increase. Margin declined to 62% from 66%, due to changes in product mix, including lower-margin revenue from the influencer agency and live events.
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Operating costs were $23.4 million, up 37%, driven by investments in talent, systems, and platform efficiency, along with a $2.3 million one-time restructuring and business development expense tied to acquisitions.
-
Adjusted EBITDA loss improved by 42% to $3.6 million, compared to a loss of $6.2 million in 2023.
-
Comprehensive income of $311,000, compared to a loss of $12.2 million in FY 2023, reflecting a 103% year-over-year improvement, driven by strong revenue growth, disciplined cost management, an $11.5 million gain from the elimination of franchise liabilities, and favorable foreign currency translation.
OverActive Media – Major Accomplishments 2024 To-Date
Financial & Strategic Growth
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72% year-over-year revenue growth, reaching a record $27.0 million.
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Positive comprehensive income of $311,000, a 10% improvement from loss of $12.2 million in 2023.
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42% improvement in adjusted EBITDA loss, driven by stronger revenue and improved operating efficiency.
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$11.5 million gain from the elimination of long-term franchise obligations, significantly strengthening the Company’s balance sheet.
Mergers & Acquisitions
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Acquired KOI and Movistar Riders, expanding the Company’s footprint across Europe and Latin America and introducing new business lines including influencer agency operations.
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OverActive was awarded a VALORANT Champions Tour EMEA (VCT EMEA) partnership by Riot Games.
Global Expansion
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Entered Latin America via Movistar KOI’s participation in the Free Fire League in Mexico, strengthening the Company’s multiyear partnership with Telefónica and presence in Latin America.
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Invited into the inaugural Esports World Cup Foundation Partner Program 2024 and for the 2025 season.
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Announced expansion into China, world’s largest and fastest-growing esports market, with Movistar KOI launching localized content on Weibo and Bilibili.
Competitive Success
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MAD Lions KOI qualified for League of Legends World Championships for the sixth consecutive year, reaching 2.5M peak concurrent viewers.
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Toronto Ultra won CDL Major I, continuing its run as one of the top Call of Duty teams in the world.
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Toronto Defiant won back-to-back-to-back-to-back North American Championships in the inaugural Overwatch World Championship Series.
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OverActive Media finished in 11th place globally in the inaugural Esports World Cup.
Live Events & Viewership
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Hosted Call of Duty Major III in Toronto from May 16 to May 19, 2024, drawing an average of 116,400 viewers across 30 hours of airtime and totaling 3.5 million hours watch.
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Hosted the inaugural KOIKON in Madrid on December 6, 2024, drawing over 3,000 in-person attendees and more than 1 million livestream viewers.
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Hosted CDL Major I in Madrid with 12,000+ fans. This was the first CDL event hosted in Europe in five years and was produced in tandem as a joint Toronto Ultra and Movistar KOI event.
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Announced that the first ever LEC Roadtrip will be hosted by OverActive Media’s Movistar KOI at the Madrid Arena, with an expected 16,000 fans attending over two days, April 26 and 27.
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Announced as the host of the 2025 Call of Duty League® Championship Weekend powered by Bell in Ontario from June 26-29, expected to draw over 20,000 fans.
Commercial & Brand Partnerships
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Renewed and expanded partnerships with Telefónica, AMD, Bell, SCUF Gaming.
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Signed new partnerships with Monster Energy, CUPRA, and Blacklyte.
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Announced LEC naming rights deal with Telefónica, the first of its kind in the LEC.
Sustainability & ESG
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Partnered with Ecoembes to support sustainability initiatives and join the United Nations Sports for Climate Action Framework.
Subsequent to the Quarter
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On April 19, 2025, Stewart Johnston stepped down from OverActive Media’s Board of Directors following his departure from Bell to pursue another opportunity. The Company extends its gratitude to Mr. Johnston for his valuable service and significant contributions.
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OverActive Media has retained Red Cloud Securities Inc. to provide market-making services in accordance with TSX Venture Exchange policies. The agreement commenced on April 15, 2025. Red Cloud will receive a monthly fee of $4,500 CAD for its services, which are intended to enhance the liquidity and trading activity of OverActive Media’s common shares. The engagement is open-ended and may be terminated by either party with 30 days’ written notice. No performance-based compensation or securities have been granted in connection with this arrangement.
OverActive Media Corp. (TSXV: OAM) (OTC:OAMCF) is headquartered in Toronto, Ontario, with operations in Madrid, Spain and Berlin, Germany, is a premier global esports and entertainment company for today’s generation of fan. OverActive owns team franchises in professional esports leagues, including the Call of Duty League, operating as the Toronto Ultra, the League of Legends EMEA Championship (LEC), operating as Movistar KOI, the VALORANT Champions League (VCT) EMEA, operating as Movistar KOI and other professional esports leagues and competitions.