Something in the Water's request to reinstate festival denied
Despite the plea, Mayor Bobby Dyer said the city is holding firm to its decision to cancel the festival, opting to explore other options for entertainment, including through Beach Events.
Previous Coverage: Virginia Beach City cancels Something in the Water
Previously unregulated, the annual festival — put on by Virginia Beach-native Pharrell Williams — led to mass confusion, frustration and financial loss after ticket buyers waited in line in September 2024 for the event, originally scheduled in October. Despite no lineup being released, people waited in line — only to be abruptly told that the festival was postponed.
Virginia Beach mayor says city 'moving on' from Something in the Water, for now
The public and the city were caught off guard at both the cancelation and the decision to hold the event in April. A decision made without any input from city officials.
The fiasco prompted the city to require more oversight and provide deadlines for information to be released.
A back and forth struggle ensued between organizers and the city as their attempt to regulate the event and ensure a smooth process for attendees was met with unanswered questions, deadlines coming and going, and ultimately resulting in the cancelation of an annual event.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Yahoo
7 hours ago
- Yahoo
CORRECTED RELEASE: Amaze Reports Second Quarter 2025 Financial Results with 1,134% Year-Over-Year Revenue Growth
Amaze Holdings, Inc. (the 'Company') is replacing in its entirety its earnings press release for the second quarter ended June 30, 2025, originally issued on August 14, 2025, to correct certain disclosures contained in the tables entitled 'Condensed Consolidated Balance Sheets' for the period ended June 30, 2025, the 'Condensed Consolidated Statement of Operations' for the three and six months ended June 30, 2025, and the 'Condensed Consolidated Statements of Cash Flows' for the six months ended June 30, 2025 as well as the corresponding figures included in the narrative sections in the earnings release for net loss and net loss per share for the three months ended June 30, 2025. Other than the corrections discussed herein, all other information disclosed in the earnings release remains unchanged. The updated earnings release reads: Amaze Reports Second Quarter 2025 Financial Results with 1,134% Year-Over-Year Revenue Growth Accompanying Shareholder Letter Available at With Q2 Revenue Baseline, Company Expects Sequential Topline Growth for Remainder of 2025 NEWPORT BEACH, Calif., Aug. 14, 2025 (GLOBE NEWSWIRE) -- Amaze Holdings, Inc. (NYSE American: AMZE) ('Amaze' or the 'Company'), a global leader in creator-powered commerce, today reported financial results for the second quarter ended June 30, 2025. Recent Operational Highlights Surpassed 200 million lifetime storefront visits and 12 million active creators, underscoring the Amaze platform's scale and influence in the rapidly expanding creator economy. Announced several marquee partnerships in recent weeks, including Alex Caruso, Jamvana, Loaded Dice, Nutrius, and Ghost Gaming, among others. Partnered with Picsart, allowing users to turn their digital art, edits, and designs into physical products such as hoodies, stickers, and tote bags to sell. Began beta testing program for Amaze Digital Fits, a web-based tool will enable Roblox creators to design avatar fashion with no 3D experience required. Partnered with VisitIQ allowing Amaze to analyze, visualize, and activate first-party fan and creator data across its fast-growing platform, enabling Amaze to turn deep audience insights into smarter marketing, more comprehensive creator support, and product innovation. Launched digital payment strategy designed to modernize global payments, unlock new monetization tools, and enhance financial flexibility, emphasizing Amaze's assertive push to lead in payment innovation. Formed strategic partnership with Parler, enabling creators to sell products directly through Parler's growing network of social media properties including PlayTV and Management Commentary'In our first full quarter as a public company, we took important steps to position Amaze for long-term success,' said Aaron Day, CEO of Amaze. 'To solidify our position as the go-to platform for creators, we launched new integrations like Express Checkout and AI-driven selling tools, and we also expanded monetization opportunities to Roblox players and Picsart users. These innovations helped us surpass 200 million storefront visits and over 12 million active creators on the platform. 'Financially, we generated $0.87 million in net revenue this quarter, which we view as a strong baseline for future growth. Over the past several quarters, we've devoted significant time and effort to recapitalize the business and retool our technology infrastructure. With both initiatives far along, we now have improved liquidity to strategically invest in our business, which we expect to lead to accelerating topline growth and improved KPI performance through the second half of the year.' Key Performance Indicators (KPIs) Gross Merchandise Value (GMV): $3.77 million Average Order Value (AOV): $50.00 (1H 2025) U.S. Conversion Rate: .41% of all traffic Creator Lifetime Value (LTV): $200.00 Total Active Creators with Stores: Over 12 million Total Number of Active Visitors: Over 200 million Second Quarter 2025 Financial ResultsResults compare the second quarter ended June 30, 2025 ('Q2 2025') to the second quarter ended June 30, 2024 ('Q2 2024') unless otherwise indicated. Results from Q2 2024 represent only Fresh Vine Wine, Inc. results. Total revenue increased 1,134% to $0.87 million in Q2 2025 from $0.07 million in the same year-ago period. The increase in net contribution revenue was mostly attributable to the addition of sales from Amaze as the Company closed the acquisition during the first quarter of 2025. Gross profit increased 1,903% to $0.79 million in Q2 2025 from $(0.04) million in the same year-ago period. The increase in gross profit is primarily due to the operating leverage of the Amaze platform, which enables high-margin digital and physical sales with lower incremental cost compared to traditional wholesale models. Net loss was $5.0 million, or $(3.14) per share, in Q2 2025 compared to net loss of $0.88 million, or $(1.30) per share, in the same year-ago period. The increase in net loss is largely driven by a $4.0 million increase in SG&A expenses that are primarily related to operating costs associated with Amaze's creator-focused business model, including personnel, legal and professional services related to the reverse merger, and marketing costs to support platform growth. The Company had $0.31 million in cash at June 30, 2025, compared to $0.16 million at December 31, 2024. OutlookAmaze management expects to build on the base provided by its Q2 performance, both at the top and bottom line. The Company foresees net revenue continuing to ramp sequentially in Q3 as well as into Q4. As a result of these material topline increases, combined with additional organizational efficiencies, Amaze also expects to generate a temporary profit in Q4 2025/Q1 2026 due to an increase in sales related to the seasonality of the business. Amaze's Q3 2025, Q4 2025 and Q1 2026 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results. Shareholder LetterAmaze management also posted a letter to shareholders on its Investor Relations website ( which further details the company's results, discusses various business initiatives, and provides a future financial and industry outlook. For investor information, please contact IR@ press inquiries, please contact PR@ Available InformationWe periodically provide other information for investors on our corporate website, and our investor relations website, This includes press releases and other information about financial performance, information on corporate governance, and details related to our annual meeting of stockholders. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings, and public conference calls and webcasts. About AmazeAmaze Holdings, Inc. is an end-to-end, creator-powered commerce platform offering tools for seamless product creation, advanced e-commerce solutions, and scalable managed services. By empowering anyone to 'sell anything, anywhere,' Amaze enables creators to tell their stories, cultivate deeper audience connections, and generate sustainable income through shoppable, authentic experiences. Discover more at Cautionary Note Regarding Forward-Looking StatementsThis press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). These statements relate to future events and developments or to our future operating or financial performance, are subject to risks and uncertainties and are based estimates and assumptions. Forward-looking statements may include, but are not limited to, statements about our Q3 2025 and Q4 2025/Q1 2026 financial outlook, strategies, initiatives, growth, revenues, expenditures, the size of our market, our plans and objectives for future operations, and future financial and business performance. These statements can be identified by words such as such as 'may,' 'might,' 'should,' 'would,' 'could,' 'expect,' 'plan,' 'anticipate,' 'intend,' 'believe,' 'outlook,' 'estimate,' 'predict,' 'potential' or 'continue,' and are based our current expectations and views concerning future events and developments and their potential effects on us. These statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially from those projected or otherwise implied by the forward-looking statement. These risks include: our ability to execute our plans and strategies; our limited operating history and history of losses; our financial position and need for additional capital; our ability to attract and retain our creator base and expand the range of products available for sale; we may experience difficulties in managing our growth and expenses; we may not keep pace with technological advances; there may be undetected errors or defects in our software or issues related to data computing, processing or storage; our reliance on third parties to provide key services for our business, including cloud hosting, marketing platforms, payment providers and network providers; failure to maintain or enhance our brand; our ability to protect our intellectual property; significant interruptions, delays or outages in services from our platform; significant data breach or disruption of the information technology systems or networks and cyberattacks; risks associated with international operations; general economic and competitive factors affecting our business generally; changes in laws and regulations, including those related to privacy, online liability, consumer protection, and financial services; our dependence on senior management and other key personnel; and our ability to attract, retain and motivate qualified personnel and senior management. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other future filings and reports that we file with the Securities and Exchange Commission (SEC) from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date of the press release. Unless required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information or future events or developments. -Financial Tables to Follow- AMAZE HOLDINGS, CONSOLIDATED BALANCE SHEETS(Unaudited) June 30,2025 December 31,2024 (unaudited) Assets Current assets Cash $ 239,604 $ 155,647 Restricted cash 71,079 — Accounts receivable, net of allowance for credit losses of $9,476 and $13,400 as of June 30, 2025 and December 31, 2024, respectively 2,381 6,966 Note receivable — 3,500,000 Equity investment — 466,500 Inventories 184,540 212,494 Prepaid expenses and other 815,252 33,830 Interest receivable — 36,888 Total current assets 1,312,856 4,412,325 Fixed assets, net Computer equipment, net 7,022 — Goodwill 97,609,814 — Total assets $ 98,929,692 $ 4,412,325 Liabilities and stockholders' equity Current liabilities Accounts payable $ 9,586,411 $ 1,108,777 Accrued compensation 337,690 — Accrued creator commissions 2,441,450 — Settlement payable 622,839 484,735 Accrued expenses 2,502,979 596,610 Accrued expenses - related parties 309,333 309,333 Accrued sales tax 1,959,219 — Deferred revenue 4,140,533 1,919 Financing arrangement, net of discount 517,021 — Convertible notes payable, net of discount 392,142 432,105 Notes payable, current portion, net of discount 5,493,325 — Total current liabilities 28,302,942 2,933,479 Total liabilities 28,302,942 2,933,479 Commitment and contingencies - Note 16 Stockholders' equity Series A preferred stock, $0.001 par value – 10,000 shares authorized at June 30, 2025 and December 31, 2024; 7,013 shares issued and outstanding at June 30, 2025 and December 31, 2024, preference in liquidation of $1,344,723 and $1,597,706 at June 30, 2025 and December 31, 2024, respectively 7 9 Series B preferred stock, $0.001 par value – 50,000 shares authorized at June 30, 2025 and December 31, 2024; 39,250 shares issued and outstanding at June 30, 2025 and December 31, 2024, preference in liquidation of $5,887,500 at June 30, 2025 and December 31, 2024 39 50 Series C preferred stock, $0.001 par value – 100,000 and 0 shares authorized at June 30, 2025 and December 31, 2024, respectively; 8,550 and 0 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively; preference in liquidation of $855,000 and $0 at June 30, 2025 and December 31, 2024, respectively 9 — Series D preferred stock, $0.001 par value – 750,000 and 0 shares authorized at June 30, 2025 and December 31, 2024, respectively; 0 and 0 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively; preference in liquidation of $0 and $0 at June 30, 2025 and December 31, 2024, respectively — — Common stock, $0.001 par value - 100,000,000 shares authorized at June 30, 2025 and December 31, 2024; 5,108,649 shares issued and outstanding at June 30, 2025 and December 31, 2024 5,110 776 Additional Paid-In Capital 107,027,294 30,636,812 Accumulated deficit (36,405,709 ) (29,158,801 ) Total stockholder's equity 70,626,750 1,478,846 Total liabilities and stockholders' equity $ 98,929,692 $ 4,412,325 AMAZE HOLDINGS, CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) For the Three Months Ended For the Six Months Ended June 30,2025 June 30,2024 June 30,2025 June 30,2024 Revenues $ 869,884 $ 70,484 $ 930,098 $ 175,052 Cost of revenues 82,372 114,160 145,162 329,976 Gross income (Loss) 787,512 (43,676 ) 784,936 (154,924 ) Selling, general and administrative expenses 4,881,391 834,267 6,768,134 1,933,748 Equity-based compensation 190,359 1,626 190,359 3,251 Depreciation 1,674 — 2,232 — Operating loss (4,285,912 ) (879,569 ) (6,175,789 ) (2,091,923 ) Other income (expense) Other income (expense) (27,379 ) — (139 ) 39 Interest expense (684,116 ) — (924,988 ) — Realized loss on equity investment (50,760 ) — (54,760 ) — Gain on extinguishment of liabilities — — 18,301 — Total other income (expense) (762,255 ) — (961,586 ) 39 Net loss (5,048,167 ) (879,569 ) (7,137,375 ) (2,091,884 ) Series A preferred dividends 53,433 26,133 109,533 56,133 Net loss attributable to common stockholders $ (5,101,600 ) $ (905,702 ) $ (7,246,908 ) $ (2,148,017 ) Weighted average shares outstanding Basic 1,622,169 694,619 1,174,419 694,619 Diluted 1,622,169 694,619 1,174,419 694,619 Net loss per share - basic $ (3.14 ) $ (1.30 ) $ (6.17 ) $ (3.09 ) Net loss per share - diluted $ (3.14 ) $ (1.30 ) $ (6.17 ) $ (3.09 ) AMAZE HOLDINGS, CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Six Months EndedJune 30, 2025 2024 Cash flows from operating activities Net loss $ (7,137,375 ) $ (2,091,884 ) Adjustments to reconcile net loss to net cash used in operating activities: Amortization of original issue discount 699,354 — Depreciation expense 2,232 — Realized loss on equity investment (54,760 ) — Gain on extinguishment of liabilities (18,301 ) — Equity-based compensation 190,359 3,251 Inventory write-downs — 154,483 Changes in operating assets and liabilities: Accounts receivable 28,801 134,588 Inventories 27,954 81,939 Prepaid expenses and other (270,985 ) 20,026 Interest receivable (41,293 ) — Accounts payable 2,115,073 603,489 Accrued compensation 337,690 — Settlement payable 156,405 — Accrued creator commissions 25,195 — Accrued expenses (300,312 ) 147,685 Accrued sales tax (32,382 ) — Deferred revenue 370,064 (139 ) Net cash used in operating activities (3,902,281 ) (946,562 ) Cash flows from investing activities Cash acquired through acquisition (Note 2) 591,686 — Issuance of note receivable (900,000 ) — Net cash used in investing activities (308,314 ) — CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from notes payable net of issuance costs 2,488,241 15,000 Proceeds from financing arrangement net of issuance cost 714,754 — Proceeds from convertible notes payable 264,881 — Proceeds from issuance of Series B preferred stock - net of issuance costs — 805,017 Proceeds from issuance of Series C preferred stock - net of issuance costs 785,067 — Repayment of financing arrangement (363,365 ) — Warrants issued in conjunction with debt 213,553 — Payments on note payable — (15,000 ) Issuance of common stock in conjunction with securities purchase agreement 262,500 — Net cash provided by financing activities 4,365,631 805,017 Net change in cash and restricted cash 155,036 (141,545 ) Cash and restricted cash at beginning of period 155,647 336,340 Cash and restricted cash at end of period $ 310,683 $ 194,795 Supplemental disclosure of cash flow information: Acquisition through issuance of Series D and Merger Warrants $ 75,000,000 $ — Repayment of debt with investment 521,260 — Forgiveness of note receivable and interest with note payable and interest from Acquisition 4,478,181 — Warrants issued in conjunction with debt 213,553 — Issuance cost in conjunction with name change 56,667 — Accrued Series A dividends $ 109,533 $ 56,133 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
11 hours ago
- Business Wire
Allied Gaming & Entertainment Announces Second Quarter 2025 Financial Results
NEW YORK--(BUSINESS WIRE)--Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the 'Company' or 'AGAE'), a global experiential entertainment company, today announced financial results for the second quarter ended June 30, 2025. 'I am honored to be appointed CEO and I look forward to sharing more detail about our strategic vision in the second half of the year,' said Mr. Yangyang Li, Allied Gaming & Entertainment's Chairman of the Board, CEO and President. 'While our second quarter performance was impacted by disruptions related to a dissident stockholder, I am confident that we are gaining meaningful traction on our key initiatives. Our recent progress, including participating in strategic investments in iconic intellectual properties like Angry Birds 3, is laying a strong foundation, and we expect these efforts to be increasingly reflected in our financial performance in the quarters ahead.' Second Quarter 2025 Financial Results Revenues: Total revenues of $1.9 million decreased 27% compared to $2.6 million in the second quarter of 2024. The year-over-year decrease was primarily attributable to a $1.0 million decrease in mobile gaming revenues, partially offset by a $0.2 million increase in in-person revenues generated from arena events. Total costs and expenses for the second quarter were $8.0 million, a slight increase from $7.9 million in the prior-year period, with lower expenses within casual mobile gaming, largely offset by increases in general and administrative expenses, primarily stemming from a $0.5 million increase in legal and professional fees incurred in connection with complaints filed by a dissident stockholder along with a proxy contest between the Company and such stockholder. Net loss for the second quarter of 2025 was $4.8 million compared to net loss of $3.9 million in the prior year period. Adjusted EBITDA loss was $2.1 million for the second quarter of 2025 compared to a loss of $1.7 million in the second quarter of 2024. A reconciliation of the GAAP-basis net income (loss) to adjusted EBITDA is provided in the table at the end of this press release. Balance Sheet As of June 30, 2025, the Company had a cash and short-term investments position of $60.0 million, compared to $71.5 million at December 31, 2024. At June 30, 2025, the Company had a working capital position of $44.9 million compared to $64.3 million at December 31, 2024. As of June 30, 2025, the Company had approximately 38.0 million shares of outstanding common stock. Operational Update The Company hosted 75 events in the second quarter of 2025, with 36 proprietary events and 39 third-party event days. Third-party events were led by SNEAKS Showdown, a blend of gaming and street style culture to promote the movie SNEAKS; Power Esports Conference, a major collegiate esports competition; EVE Offsite, a developer conference and esports competition; Licensing International 2025 Awards, celebrating notable figures in Brand Licensing for 2025 with brands including Disney, Fortnite, Fendi, Coca-Cola, and more; and multiple World Poker Tour events. About Allied Gaming & Entertainment Allied Gaming & Entertainment Inc. (Nasdaq: AGAE) is a global experiential entertainment company focused on providing a growing world of gamers and concertgoers with unique experiences through renowned assets, products and services. For more information, visit Non-GAAP Financial Measures As a supplement to our financial measures presented in accordance with U.S. Generally Accepted Accounting Principles ('GAAP'), the Company presents certain non-GAAP measures of financial performance. These non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or as more important than, the financial information prepared and presented in accordance with GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the items associated with the company's results of operations as determined in accordance with GAAP. Non-GAAP financial measures are not an alternative to the Company's GAAP financial results and may not be calculated in the same manner as similar measures presented by other companies. The Company provides net income (loss) and earnings (loss) per share in accordance with GAAP. In addition, the Company provides EBITDA (defined as GAAP net income (loss) from continuing operations before interest (income) expense, income taxes, depreciation, and amortization). The Company defines 'Adjusted EBITDA' as EBITDA excluding certain non-cash, non-recurring, and unusual items, such as stock-based compensation, non-recurring legal fees, repayments of restricted cash, and unrealized foreign currency transactions. In the future, the Company may also consider whether other items should also be excluded in calculating the non-GAAP financial measures used by the Company. Management believes that the presentation of these non-GAAP financial measures provides investors with additional useful information to measure the Company's financial and operating performance. In particular, these measures facilitate comparison of our operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company's core business, operating results, or future outlook. Additionally, we consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. Internally, management uses these non-GAAP financial measures, along with others, in assessing the Company's operating results, measuring compliance with any applicable requirements of the Company's debt financing agreements in place at such time, as well as in planning and forecasting. The Company's non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles, and our non-GAAP definitions of the 'EBITDA' and 'Adjusted EBITDA' do not have a standardized meaning. Therefore, other companies may use the same or similarly named measures, but include or exclude different items, which may not provide investors a comparable view of the Company's performance in relation to other companies. Management compensates for the limitations resulting from the exclusion of these items by considering the impact of the items separately and by considering the Company's GAAP, as well as non-GAAP, financial results and outlook, and by presenting the most comparable GAAP measures directly ahead of non-GAAP measures, and by providing a reconciliation that indicates and describes the adjustments made. Forward Looking Statements This communication contains certain forward-looking statements under federal securities laws. Forward-looking statements include, but are not limited to, potential growth opportunities and other statements regarding our goals, beliefs, strategies, objectives, plans, product and service developments, future financial conditions, results or projections or current expectations. In some cases, you can identify forward-looking statements by terminology such as 'may,' 'will,' 'should,' 'expect,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'intend' or 'continue,' the negative of such terms, or other comparable terminology. These statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to be materially different from those contemplated by the forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from those discussed in these forward-looking statements. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Important factors, among others, that may affect actual results or outcomes include: risks associated with the future direction or governance of the Company; our ability to execute on our strategic and business plans; the substantial uncertainties inherent in the acceptance of existing and future products and services; the ability to retain key personnel; current and potential litigation and related legal expenses; general economic and market conditions impacting demand for our services; our inability to enter into one or more future acquisition or strategic transactions; and our ability, or a decision not to pursue strategic options for the esports business. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. The business and operations of AGAE are subject to substantial risks, which increase the uncertainty inherent in the forward-looking statements contained in this communication. Except as required by law, we undertake no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Further information on potential factors that could affect our business and results is described under 'Item 1A. Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (the 'SEC') on June 9, 2025, as well as subsequent reports we file with the SEC. Readers are also urged to carefully review and consider the various disclosures we made in such Annual Report on Form 10-K and in subsequent reports with the SEC. Allied Gaming & Entertainment, Inc. and Subsidiaries Condensed Consolidated Balance Sheets June 30, December 31, 2025 2024 Assets Current Assets Cash and cash equivalents $ 23,075,975 $ 59,242,802 Short-term investments (at fair value, except for $15.8 million and $8.8 million at June 30, 2025 and December 31, 2024, respectively) 33,894,921 8,800,000 Marketable securities 3,006,165 3,483,211 Interest receivable 548,400 709,539 Accounts receivable 279,838 708,804 Insurance recovery receivable 1,313,766 - Loans receivable 24,813,589 17,629,915 Deposits, current portion - 3,700,000 Prepaid expenses and other current assets 596,283 471,361 Total Current Assets 87,528,937 94,745,632 Property and equipment, net 2,613,616 3,000,082 Digital assets 103,507 49,300 Intangible assets, net 4,904,990 5,115,686 Land use rights, net 3,935,575 - Deposits, non-current portion 422,072 2,614,462 Operating lease right-of-use asset 3,769,046 4,365,718 Investment in unconsolidated affiliate 2,451,300 - Goodwill 2,847,858 2,796,379 Total Assets $ 108,576,901 $ 112,687,259 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 3,376,759 $ 1,322,140 Accrued expenses and other current liabilities 1,524,288 1,151,407 Deferred revenue 134,847 656,382 Operating lease liability, current portion 1,640,841 1,591,475 Loans payable 35,977,169 25,756,757 Total Current Liabilities 42,653,904 30,478,161 Operating lease liability, non-current portion 3,178,130 4,008,473 Deferred tax liability 670,743 670,743 Total Liabilities 46,502,777 35,157,377 Commitments and Contingencies (Note 12) Stockholders' Equity Preferred stock, $0.0001 par value, 1,000,000 shares authorized, Series A Preferred stock, $0.0001 par value, 50,000 shares designated, none issued and outstanding - - Common stock, $0.0001 par value; 100,000,000 shares authorized, 40,299,180 and 46,385,798 shares issued at June 30, 2025 and December 31, 2024, and 38,018,882 and 44,105,500 shares outstanding at June 30, 2025 and December 31, 2024, respectively 4,030 4,639 Additional paid in capital 199,886,928 205,948,565 Accumulated deficit (139,986,504 ) (130,428,314 ) Accumulated other comprehensive income 339,048 180,002 Treasury stock, at cost, 2,280,298 shares at June 30, 2025 and December 31, 2024, respectively (2,694,075 ) (2,694,075 ) Total Allied Gaming & Entertainment Inc. Stockholders' Equity 57,549,427 73,010,817 Non-controlling interest 4,524,697 4,519,065 Total Stockholders' Equity 62,074,124 77,529,882 Total Liabilities and Stockholders' Equity $ 108,576,901 $ 112,687,259 The accompanying notes are an integral part of these condensed consolidated financial statements. Expand ALLIED GAMING & ENTERTAINMENT INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations For the Three Months Ended For the Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenues: In-person $ 1,160,995 $ 917,362 $ 2,817,750 $ 2,172,560 Multiplatform content 80 52 137 111 Casual mobile gaming 758,408 1,722,454 1,376,731 2,846,258 Total Revenues 1,919,483 2,639,868 4,194,618 5,018,929 Costs and Expenses: In-person (exclusive of depreciation and amortization) 617,717 502,203 1,478,271 1,138,166 Casual mobile gaming (exclusive of depreciation and amortization) 736,382 1,561,165 1,318,572 2,498,070 Research and development expenses 166,907 173,533 347,853 368,744 Selling and marketing expenses 81,671 54,361 121,658 108,049 General and administrative expenses 6,019,072 5,236,160 11,499,715 8,091,482 Depreciation and amortization 389,712 402,698 772,150 780,168 Total Costs and Expenses 8,011,461 7,930,120 15,538,219 12,984,679 Loss From Operations (6,091,978 ) (5,290,252 ) (11,343,601 ) (7,965,750 ) Other (Expense) Income: Other (expense) income, net (56,394 ) 14,399 (32,092 ) 1,241 Realized gain on investment in money market fund 19,588 - 386,109 - Gain on investment in marketable securities 787,869 - 512,593 - (Loss) gain on foreign currency transactions, net (535,745 ) 351,434 (1,101,041 ) 351,434 Change in fair value of digital assets 27,599 - (35,221 ) - Interest income, net 1,015,094 1,041,468 1,879,399 1,900,673 Total Other (Expense) Income 1,258,011 1,407,301 1,609,747 2,253,348 Pre-Tax Loss (4,833,967 ) (3,882,951 ) (9,733,854 ) (5,712,402 ) Income tax benefit - - - - Net Loss (4,833,967 ) (3,882,951 ) (9,733,854 ) (5,712,402 ) Less: net loss attributable to non-controlling interest (22,833 ) (79,693 ) (86,236 ) (210,034 ) Net Loss Attributable to Common Stockholders $ (4,811,134 ) $ (3,803,258 ) $ (9,647,618 ) $ (5,502,368 ) Net Loss per Common Share Basic and Diluted $ (0.11 ) $ (0.09 ) $ (0.22 ) $ (0.13 ) Weighted Average Number of Common Shares Outstanding: Basic and Diluted 43,508,722 43,212,071 43,586,731 41,034,900 The accompanying notes are an integral part of these condensed consolidated financial statements. Expand Allied Gaming & Entertainment, Inc. and Subsidiaries Non-GAAP Financial Measures EBITDA and Adjusted EBITDA are non-GAAP financial measures and should not be considered as a substitute for net income (loss), operating income (loss) or any other performance measure derived in accordance with United States generally accepted accounting principles ('GAAP') or as an alternative to net cash provided by operating activities as a measure of AGAE's profitability or liquidity. AGAE's management believes EBITDA and Adjusted EBITDA are useful because they allow external users of its financial statements, such as industry analysts, investors, lenders and rating agencies, to more effectively evaluate its operating performance, compare the results of its operations from period to period and against AGAE's peers without regard to AGAE's financing methods, hedging positions or capital structure and because it highlights trends in AGAE's business that may not otherwise be apparent when relying solely on GAAP measures. AGAE presents EBITDA and Adjusted EBITDA because it believes EBITDA and Adjusted EBITDA are important supplemental measures of its performance that are frequently used by others in evaluating companies in its industry. Because EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income (loss) and may vary among companies, the EBITDA and Adjusted EBITDA AGAE presents may not be comparable to similarly titled measures of other companies. AGAE defines EBITDA as earnings before interest, income taxes, depreciation and amortization of intangibles. AGAE defines Adjusted EBITDA as EBITDA excluding stock-based compensation and non-recurring, infrequent or unusual items. The following table presents a reconciliation of EBITDA and Adjusted EBITDA from net loss, AGAE's most directly comparable financial measure calculated and presented in accordance with GAAP. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (4,833,967 ) $ (3,882,951 ) $ (9,733,854 ) $ (5,712,402 ) Interest income, net (1,015,094 ) (1,041,468 ) (1,879,399 ) (1,900,673 ) Depreciation and amortization 389,712 402,968 772,150 780,168 EBITDA (5,459,349 ) (4,521,451 ) (10,841,103 ) (6,832,907 ) Non-recurring legal fees (1) 2,403,541 2,938,034 4,027,488 3,138,034 Non-recurring proxy contest costs (2) 1,074,533 - 1,077,851 - (Gain) on investment in marketable securities (787,869 ) - (512,593 ) - (Gain) on investment in money market fund (19,588 ) - (386,109 ) - Loss (gain) on foreign currency transactions, net 535,745 (351,434 ) 1,101,041 (351,434 ) Stock based compensation 190,762 202,308 379,198 673,908 Adjusted EBITDA $ (2,062,225 ) $ (1,732,543 ) $ (5,154,227 ) $ (3,372,399 ) Expand Notes: (1) Represents defense and other costs related to complaints filed by a shareholder in the Court of Chancery of the State of Delaware on March 7, 2024 and November 12, 2204. (2) Represents legal and other professional fees related to a proxy contest between the Company and a dissident shareholder along with a 13D suit we filed against such shareholder. Expand
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