Enthusiast Gaming Holdings (TSE:EGLX)
TSX:EGLX
Want to see TSE:EGLX full AI Analyst Report?
Top Page
Enthusiast Gaming Holdings
(TSX:EGLX)
Select Model
Select Model
Rating:47Neutral
Price Target:
C$0.05
▲(22.50% Upside)
Action:Reiterated
Date:05/16/26
The score is primarily held back by weak financial performance—declining revenue, ongoing losses, and a highly leveraged balance sheet—despite modestly positive recent cash flow. Technicals provide some support with mild positive momentum, while valuation is difficult to justify given negative earnings and no dividend data.
Positive Factors
Improved cash generation
TTM operating cash flow and free cash flow have shifted to modestly positive after prior negative FCF. Sustained positive cash generation would provide internal funding for operations and content, reduce near-term external financing needs, and improve strategic flexibility over the medium term.
Negative Factors
Declining revenue trend
TTM revenue contraction extends a multi-year downtrend, which erodes operating leverage and makes fixed-cost absorption harder. Persistent top-line weakness constrains margin recovery, limits scale benefits from content investments, and raises the bar for returning to sustained profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation
TTM operating cash flow and free cash flow have shifted to modestly positive after prior negative FCF. Sustained positive cash generation would provide internal funding for operations and content, reduce near-term external financing needs, and improve strategic flexibility over the medium term.
Read all positive factors
Enthusiast Gaming Holdings (EGLX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$7.96M
Dividend YieldN/A
Average Volume (3M)141.89K
Price to Earnings (P/E)―
Beta (1Y)1.55
Revenue Growth-43.30%
EPS Growth60.36%
CountryCA
Employees130
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)-0.26
Shares Outstanding159,169,000
10 Day Avg. Volume87,144
30 Day Avg. Volume141,889
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)3.57
Price to Sales (P/S)0.20
P/FCF Ratio-8.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.01
Revenue Forecast (FY)C$81.77M
Enthusiast Gaming Holdings Business Overview & Revenue Model
Company Description
Enthusiast Gaming Holdings Inc. engages in the media, content, entertainment, and esports businesses the United States, Canada, and internationally. The company operates an online network of approximately 100 gaming related websites; owns and oper...
How the Company Makes Money
Enthusiast Gaming primarily makes money by monetizing its gaming audience through advertising, marketing services, and related media/ecommerce activities across its owned-and-operated properties and third-party platforms.
1) Digital advertising o...
Enthusiast Gaming Holdings Earnings Call Summary
Earnings Call Date:Mar 31, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a company in transition, with significant improvements in profitability and cost management despite a notable decline in revenue. Key assets and partnerships show promising performance, but challenges such as revenue decline, program sunsetting, and debt covenant compliance issues remain. Overall, the company's strategic focus on high-margin growth and audience expansion presents a balanced outlook.Positive Updates
Significant Improvement in Adjusted EBITDA
Adjusted EBITDA improved meaningfully in Q4 2024, coming in at $1.9 million compared to a loss of $3 million in Q4 2023, marking a $4.9 million swing toward profitability.
Negative Updates
Revenue Decline
Revenue for Q4 2024 was $17.8 million, down from $47.1 million in Q4 2023, primarily due to the deprioritization of low-margin network revenues.
Read all updates
Q4-2024 Updates
Positive
Negative
Significant Improvement in Adjusted EBITDA
Adjusted EBITDA improved meaningfully in Q4 2024, coming in at $1.9 million compared to a loss of $3 million in Q4 2023, marking a $4.9 million swing toward profitability.
Read all positive updates
Company Guidance
During the Enthusiast Gaming Holdings Fourth Quarter 2024 Financial Results Conference Call, the company reported several key metrics. Enthusiast Gaming achieved an adjusted EBITDA of $1.9 million in Q4 2024, marking a $4.9 million improvement from a $3 million loss in Q4 2023. Revenue for Q4 2024 was reported at $17.8 million, down from $47.1 million in the same quarter of 2023, largely due to the strategic deprioritization of low-margin video network segments. However, gross margins significantly increased to 76% from 40% in Q4 2023, indicating a more profitable revenue mix. Operating expenses were sharply reduced, with cash-based quarterly OpEx down by over $10 million year-over-year in Q4. On a full-year basis, revenue for 2024 was $73 million, down from $178 million in 2023, but adjusted EBITDA improved significantly, reducing the loss from $13 million in 2023 to just $153,000 in 2024. Looking forward to 2025, the company expects gross margins to remain strong and is focusing on audience expansion and efficient monetization strategies, leveraging partnerships and increased yields from programmatic revenue streams.Enthusiast Gaming Holdings Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
10
Very Negative
Cash Flow
28
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 32.03M | 72.57M | 178.18M | 202.84M | 167.36M |
| Gross Profit | 28.00M | 49.13M | 67.42M | 63.47M | 37.77M |
| EBITDA | -4.59M | -3.20M | -32.15M | -58.55M | -40.62M |
| Net Income | -44.12M | -95.98M | -117.67M | -76.83M | -52.05M |
Balance Sheet | |||||
| Total Assets | 64.94M | 128.45M | 242.41M | 341.44M | 387.78M |
| Cash, Cash Equivalents and Short-Term Investments | 3.26M | 4.77M | 6.85M | 7.54M | 22.79M |
| Total Debt | 45.70M | 40.01M | 23.72M | 19.94M | 12.84M |
| Total Liabilities | 63.16M | 76.70M | 99.69M | 86.79M | 125.01M |
| Stockholders Equity | 1.78M | 51.75M | 142.72M | 254.65M | 262.77M |
Cash Flow | |||||
| Free Cash Flow | -744.20K | -19.93M | -2.86M | -26.65M | -23.68M |
| Operating Cash Flow | -743.36K | -19.75M | -2.84M | -26.64M | -23.68M |
| Investing Cash Flow | -435.69K | 3.85M | -767.27K | 4.31M | -33.94M |
| Financing Cash Flow | -242.52K | 13.34M | 3.09M | 6.50M | 76.01M |
Enthusiast Gaming Holdings Technical Analysis
Positive
0.04
Price Trends
0.04
Positive
0.04
Positive
0.06
Positive
Market Momentum
<0.01
Negative
64.26
Neutral
73.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EGLX, the sentiment is Positive. The current price of 0.04 is below the 20-day moving average (MA) of 0.04, above the 50-day MA of 0.04, and below the 200-day MA of 0.06, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 64.26 is Neutral, neither overbought nor oversold. The STOCH value of 73.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:EGLX.
Enthusiast Gaming Holdings Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
55 Neutral | C$58.75M | -3.68 | -11.51% | ― | -17.70% | -458.96% | |
48 Neutral | C$22.10M | -8.97 | -22.90% | ― | 5.45% | -353.77% | |
47 Neutral | C$7.96M | -0.90 | -183.15% | ― | -43.30% | 60.36% | |
43 Neutral | C$8.59M | -2.83 | ― | ― | 23.83% | -149.02% | |
40 Underperform | C$4.72M | -7.52 | ― | ― | -100.00% | 90.84% |
* Communication Services Sector Average
TSE:EGLX
Enthusiast Gaming Holdings
0.06
>-0.01
-7.69%
TSE:TGS.H
TGS Esports Inc
0.06
0.00
0.00%
TSE:AIC
Alpha Esports Tech
0.40
0.23
135.29%
TSE:FORA
VerticalScope Holdings
2.70
-1.30
-32.50%
TSE:VRTS
Wondr Gaming Corp
0.01
>-0.01
-33.33%
TSE:OAM
OverActive Media Corp
0.18
-0.10
-35.71%
Enthusiast Gaming Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Enthusiast Gaming Delivers Record Q4 Profitability Amid Strategic Shift to Owned Platforms
Positive
Apr 14, 2026
Enthusiast Gaming reported record Q4 2025 adjusted EBITDA of $2.4 million with a 27% margin, turning around from a small loss a year earlier, and delivered full-year 2025 adjusted EBITDA of $3.7 million from continuing operations. Revenue declined...
Financial DisclosuresLegal ProceedingsRegulatory Filings and Compliance
Enthusiast Gaming Hit with Management Cease Trade Order Over Delayed Annual Filings
Negative
Apr 7, 2026
Enthusiast Gaming Holdings Inc., a digital publisher specializing in gaming-focused tools, platforms, and experiences, operates well-known properties including U.GG, Icy-Veins, TheSimsResource, PocketGamer, Addicting Games, and Fantasy Football Sc...
Financial DisclosuresRegulatory Filings and Compliance
Enthusiast Gaming Delays 2025 Annual Filings Amid Auditor Hold-Up
Negative
Apr 1, 2026
Enthusiast Gaming Holdings Inc., a Toronto-based digital publisher in the gaming sector, operates a network of well-known gaming websites and events that monetize through programmatic advertising, subscriptions, and industry conferences. The compa...
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.