Gamesquare Holdings, Inc. (GAME)
NASDAQ:GAME
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GameSquare Holdings
(NASDAQ:GAME)
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Rating:53Neutral
Price Target:
$0.48
▲(70.36% Upside)
Action:ReiteratedDate:04/23/26
The score is held down primarily by weak financial performance (ongoing losses and negative cash flow) and a negative P/E that reflects lack of durable earnings. Technicals are supportive on trend but are extremely overbought, increasing pullback risk. Earnings-call commentary and recent corporate actions are constructive (margin improvement, better profitability trajectory, buybacks/M&A), but are balanced by Nasdaq compliance and dilution-related risks.
Positive Factors
Gross margin expansion
A near-term jump to a ~49% gross margin suggests structural improvement in pricing, mix, or cost base that management can sustain. Higher gross margins materially increase operating leverage, making incremental revenue convert to profit more quickly and improving the path to durable adjusted EBITDA margins over the next 2–6 months.
Negative Factors
Persistent negative cash flow
Consistent negative operating and free cash flow indicates the core business consumes cash rather than funds itself, forcing reliance on external capital or asset disposals. That structural cash burn limits reinvestment capacity, elevates dilution risk, and constrains the company's ability to scale profitably without continued financing over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross margin expansion
A near-term jump to a ~49% gross margin suggests structural improvement in pricing, mix, or cost base that management can sustain. Higher gross margins materially increase operating leverage, making incremental revenue convert to profit more quickly and improving the path to durable adjusted EBITDA margins over the next 2–6 months.
Read all positive factors
GameSquare Holdings (GAME) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$45.01M
Dividend YieldN/A
Average Volume (3M)918.73K
Price to Earnings (P/E)―
Beta (1Y)1.67
Revenue Growth-30.63%
EPS Growth70.53%
CountryUS
Employees132
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.61
Shares Outstanding95,761,215
10 Day Avg. Volume538,814
30 Day Avg. Volume918,725
Financial Highlights & Ratios
PEG Ratio9.07
Price to Book (P/B)709.62
Price to Sales (P/S)562.25
P/FCF Ratio>-0.01
Enterprise Value/Market Cap0.91
Enterprise Value/Revenue0.61
Enterprise Value/Gross Profit2.10
Enterprise Value/Ebitda-3.32
Forecast
1Y Price Target
$1.50Price Target Upside435.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.06
Revenue Forecast (FY)$80.05M
GameSquare Holdings Business Overview & Revenue Model
Company Description
GameSquare Holdings, Inc. is an international digital media, entertainment and technology company. It engages in enabling global brands to connect with gaming and youth culture audiences. Its platform includes Code Red Esports Ltd., Cut+Sew (Zoned...
How the Company Makes Money
GameSquare primarily makes money by providing marketing and media services to brands that want to reach gaming audiences. Key revenue streams include: (1) Agency and marketing services: Fees from planning and executing gaming/esports-focused campa...
GameSquare Holdings Earnings Call Summary
Earnings Call Date:Apr 21, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Positive
The call highlighted a clear inflection to profitability with substantial revenue growth (+142% YoY), expanded gross margins (+20.1 percentage points), a return to positive adjusted EBITDA ($1.7M), strong liquidity ($52.0M) and accretive M&A (TubeBuddy). Management also acknowledged risks including a depressed share price, digital-asset volatility and the legacy need to exit lower-margin operations. Overall, the positive operational and financial progress materially outweighs the noted risks.Positive Updates
Strong Revenue Growth
Reported Q4 revenue of $18.5M vs. $7.6M prior year, a 142% year-over-year increase driven by agency and owned & operated IP contributions and full-quarter contribution from Click.
Negative Updates
Share Price and Market Valuation Pressure
Management acknowledged shareholder frustration and a depressed share price; reliance on equity for M&A is challenging at current trading levels, potentially limiting M&A flexibility and increasing dilution risk.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Reported Q4 revenue of $18.5M vs. $7.6M prior year, a 142% year-over-year increase driven by agency and owned & operated IP contributions and full-quarter contribution from Click.
Read all positive updates
Company Guidance
GameSquare reiterated its pro forma FY2026 guidance (including TubeBuddy) of $85–$90 million in revenue, 35%–40% gross margins and adjusted EBITDA of over $5 million; management noted Q4 pro forma metrics of $20.6 million revenue and $2.3 million pro forma adjusted EBITDA (11.2% of pro forma revenue) versus reported Q4 results of $18.5 million revenue (up 142% YoY), $8.5 million gross profit (45.9% gross margin) and $1.7 million adjusted EBITDA, and reiterated seasonality of roughly 40% of revenue in H1 and 60% in H2 (Q1 typically weakest, Q4 strongest); they also highlighted supporting financial and operational metrics — TubeBuddy (2025) revenue $10.2M with >88% gross margin and >30% EBITDA margin, cash and digital-treasury assets of $52.0M (ex-NFTs) and $35.7M shareholders’ equity as of 12/31/2025 — plus recent capital actions (≈$85M raised at an average $1.41/share, 5.06M shares repurchased for $2.5M at $0.49 avg, and ~$1.5M cash + $0.4M Ape from NFT monetization) that management said underpin the guidance.GameSquare Holdings Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
42
Neutral
Cash Flow
15
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 45.00M | 96.20M | 41.30M | 28.08M | 33.35M |
| Gross Profit | 18.39M | 15.27M | 10.10M | 9.66M | 10.49M |
| EBITDA | -9.71M | -51.00M | -22.03M | -15.60M | -24.06M |
| Net Income | -42.82M | -48.75M | -31.28M | -18.12M | -40.66M |
Balance Sheet | |||||
| Total Assets | 79.84M | 81.95M | 64.71M | 42.69M | 67.46M |
| Cash, Cash Equivalents and Short-Term Investments | 6.37M | 13.15M | 2.99M | 8.65M | 15.64M |
| Total Debt | 3.60M | 22.70M | 15.06M | 8.27M | 11.32M |
| Total Liabilities | 44.19M | 69.95M | 46.35M | 26.81M | 41.90M |
| Stockholders Equity | 35.65M | 12.00M | 18.36M | 15.89M | 25.42M |
Cash Flow | |||||
| Free Cash Flow | -76.28M | -30.58M | -16.08M | -20.69M | -30.58M |
| Operating Cash Flow | -18.40M | -30.57M | -16.08M | -20.61M | -30.40M |
| Investing Cash Flow | -60.33M | 2.71M | 14.07M | 13.45M | 92.03K |
| Financing Cash Flow | 72.66M | 37.97M | 3.95M | -326.60K | 39.58M |
GameSquare Holdings Technical Analysis
Positive
0.28
Price Trends
0.30
Positive
0.38
Positive
0.62
Negative
Market Momentum
0.03
Negative
75.59
Negative
79.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GAME, the sentiment is Positive. The current price of 0.28 is below the 20-day moving average (MA) of 0.30, below the 50-day MA of 0.30, and below the 200-day MA of 0.62, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 75.59 is Negative, neither overbought nor oversold. The STOCH value of 79.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GAME.
GameSquare Holdings Risk Analysis
GameSquare Holdings disclosed 28 risk factors in its most recent earnings report. GameSquare Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
GameSquare Holdings Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $25.54M | 4.57 | 44.93% | ― | 30.05% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $56.17M | 12.87 | 13.22% | ― | ― | ― | |
53 Neutral | $45.01M | -2.03 | -134.37% | ― | -30.63% | 70.53% | |
53 Neutral | $106.08M | -0.58 | -52.52% | ― | 9.46% | -64.52% | |
48 Neutral | $53.51M | -1.50 | -11.98% | ― | -18.77% | 0.35% |
* Communication Services Sector Average
GAME
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GameSquare Holdings Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
GameSquare Expands Stock Repurchase Program, Signals Profit Confidence
Positive
Apr 14, 2026
On April 10, 2026, GameSquare’s board amended the company’s bylaws to lower the stockholder quorum requirement for meetings from a majority of eligible votes to one-third, a move aimed at mitigating the growing impact of brokerage firm...
Delistings and Listing ChangesRegulatory Filings and Compliance
GameSquare Gets Nasdaq Extension to Regain Listing Compliance
Negative
Mar 11, 2026
On March 10, 2026, GameSquare Holdings, Inc. received a second notice from Nasdaq granting the company an additional 180 days, until September 7, 2026, to regain compliance with the exchange’s $1.00 minimum bid price requirement. The extensi...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
GameSquare Acquires TubeBuddy, Expands Creator Tools Platform
Positive
Feb 23, 2026
On February 20, 2026, GameSquare’s TubeBuddy subsidiary agreed to acquire substantially all assets of TubeBuddy from BENlabs, issuing 5 million shares of newly created Series A-2 Convertible Preferred Stock as consideration. The preferred st...
Business Operations and StrategyExecutive/Board Changes
GameSquare Holdings appoints new COO and updates outlook
Positive
Feb 6, 2026
On February 2, 2026, GameSquare Holdings appointed Amaree Tanawong as chief operating officer, bringing nearly 20 years of experience in strategy, finance and operations at high-growth media and technology companies, including senior roles at Meow...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.