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Allied Esports launches stock repurchase program
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Nov 21, 2022

Allied Esports launches stock repurchase program

Industry news

  • Esports infrastructure company Allied Esports launched a stock repurchase program of up to USD 10 million of its outstanding shares of common stock. 

  • The program is expected to be completed in 24 months and will be funded using the company’s working capital. All the shares purchased under this program will be authorized but unissued shares of common stock.

  • Analyst QuickTake : The company strongly believes that its current market price does not reflect its intrinsic value and that it is on the right track to achieve profitability. Allied Esports reported a net loss per share of USD 0.04 in its most recent earnings release (Q3 2022), compared with a loss of USD 0.08 in Q3 2021. Total revenue declined by 7% YoY to USD 1.6 million, while QoQ revenue rose 35% from USD 1.2 million. Adjusted EBITDA losses also improved to USD 1.8 million in Q3 2022, compared with a loss of USD 3.0 million in Q3 2021.

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