Enthusiast Gaming reported a fourth consecutive quarter of positive adjusted EBITDA on Aug. 12, the same day it filed interim financial statements disclosing that all C$45 million CAD ($32.4 million USD) of its debt sits in default and that its cash cannot fund operations for the next 12 months.
According to the company’s Aug. 12 earnings release, second-quarter revenue was C$6.9 million ($5 million), a 3% decrease year-over-year, while gross margin increased to 89% from 88% and adjusted EBITDA more than doubled to C$0.7 million ($504,000) from C$0.3 million ($216,000) a year earlier. Trailing twelve-month adjusted EBITDA reached C$5.1 million ($3.7 million).
“Q2 marked our fourth consecutive quarter of positive Adjusted…