Super League Gaming, Inc. (SLGG), an esports entertainment platform, has declined 4.35% in the premarket trading session. Consequently, the stock was trading at $1.76 when last checked. During Monday’s regular trading session, the stock slumped by 6.12 percentage points to close the day at $1.84. The stock slid in aftermarket following the release of financial results. Contrary to the earlier estimates of lesser loss per share, the loss per share remained on the high side, forcing investors to sell the stock in huge volumes.
Q4 & FY 2021 Results
On Monday, after the closure of the market, SLGG announced the results for the fourth quarter as well as the full year 2021. The company generated $6.2 million in terms of revenue after seeing tremendous growth of 695% during the quarter. The net loss during the period was $7.1 million (or $0.19 per share) versus $4.7 million in terms of net loss (or $0.31) it suffered during the same quarter of FY 2020. The revenues during the full year grew 466% on a year-over-year basis to $2.1 million. The net loss for the year was $20.7 million (or $0.69 per share) when compared with $18.7 million of net loss (or $1.64 per share) the company suffered during the full year 2020.
Operational Developments of FY 2021
SLGG also reported the operational developments that took place during the year. The number of views on the Super League Gaming platform increased to more than 11 billion during the year 2021. Furthermore, the company announced numerous strategic partnerships with some of the world-class sales partners for the provision of the company’s expertise to brands around the globe. Alongside that, the intellectual property portfolio saw an extension when it secured a patent allowance from US Patent and Trademark Office with regards to the individual streaming customization.
Comments from CEO of SLGG
Ann Hand, Chief Executive Officer of SLGG, commented that the company is exuberant over its financial results. The results are the epitome of the progress company has made during the last few years. They prove that the company’s strategy to increase the metaverse gaming portfolio by numerous folds is working.
What’s in Store for SLGG?
Analysts are holding a negative evaluation of SLGG stock currently. The stock is lying in a very wide falling trend. Also, it is showing bleak technical indicators. Hence, the stock is expected to decline in the next couple of weeks.