Here are 1-3 brief analogies for Allied Gaming & Entertainment (AGAE):

• Live Nation Entertainment for esports
• ESPN for esports

• Esports Entertainment Production: Allied Gaming & Entertainment produces and broadcasts competitive video game (esports) events, tournaments, and leagues.
• Gaming Venues & Experiences: The company operates dedicated gaming arenas and facilities, offering immersive entertainment experiences and hosting events for gamers and fans.
• Digital Content & Media: AGAE creates and distributes a variety of digital content related to gaming and esports, including streaming productions, shows, and other media offerings.

Allied Gaming & Entertainment (symbol: AGAE) primarily sells to other companies (B2B) through corporate sponsorships, media rights deals, and partnerships for event production.

Its major customers fall into the following categories:

• Sponsorship Brands: Companies that pay to advertise their products or services through association with Allied Gaming & Entertainment's venues, events, and content. These sponsorships are a significant revenue driver.
  • Example: HyperX (a brand of HP Inc., NASDAQ: HPQ)
  • Example: Razer (OTC: RAZFF; HKEX: 1337.HK)
  • Other brands often partner for specific events (e.g., McDonald's, T-Mobile in past events).
• Media and Streaming Platforms: Companies that acquire media rights to broadcast or distribute Allied Gaming & Entertainment's esports content and events to their audiences.
  • Example: Twitch (a subsidiary of Amazon, NASDAQ: AMZN)
  • Example: YouTube Gaming (a subsidiary of Alphabet, NASDAQ: GOOGL)
• Game Publishers and Developers: Companies that partner with Allied Gaming & Entertainment to produce, host, and operate tournaments and events for their video game titles.
  • Example: Riot Games (a subsidiary of Tencent Holdings, OTC: TCEHY)
  • Example: Activision Blizzard (now a subsidiary of Microsoft, NASDAQ: MSFT)

MGM Resorts International (MGM)

Microsoft (MSFT)

Riot Games

Twitch

YouTube

Yangyang Li

Chief Executive Officer, President, and Chairman of the Board

Yangyang Li assumed the role of Chief Executive Officer of Allied Gaming & Entertainment in June 2025, while also serving as President and Chairman of the Board. He has been a director of the company since 2021 and Chairman since December 2021. Mr. Li served as Chairman and Executive Director of Ourgame International Holdings Limited from June 2020 to March 2022. In 2001, he was Assistant President to China Great Wall Industry Corporation. He founded the Business Media China Group (Frankfurt Stock Exchange: BMC) in 2003 and served as its CEO in 2005, a company that achieved a market value exceeding 5 billion RMB. Additionally, he served as Chairman of the Board of Directors of Elephant Media Group in 2008 and has been Chairman of the Board of Directors of World Business Services Union and Choi Shun Investment since 2014.

Roy Anderson

Chief Financial Officer and Secretary

Roy Anderson has served as the Chief Financial Officer and Secretary of Allied Gaming & Entertainment since October 2021. With over 25 years of experience, Mr. Anderson is a senior finance executive with extensive expertise in financial management, reporting, accounting, internal controls, and risk management. Prior to joining Allied Gaming & Entertainment, he was a partner with Mazars USA, an international accounting firm, from May 2005 to October 2021. In this capacity, he provided strategic advice to executives and investors of companies within the Technology, Media, and Telecommunications (TMT) sectors, working with entities ranging from startups to those with over $500 million in revenue. His client portfolio at Mazars included companies involved in online media, entertainment, gaming, events, digital marketing, SaaS platforms, e-commerce, AI, and cybersecurity. Mr. Anderson is a Certified Public Accountant (CPA).

Yinghua Chen

Chief Executive Officer, Allied Esports International

Yinghua Chen serves as the Chief Executive Officer of Allied Esports International, a wholly-owned subsidiary of Allied Gaming & Entertainment. She previously held the position of CEO for Allied Gaming & Entertainment until June 2025, at which point she transitioned to a senior strategic role within the parent company. Ms. Chen is a co-founder of Aupera Technologies, a video AI technology company, where she led business strategy, corporate financing, and strategic partnerships, successfully securing multiple funding rounds, including investment from Advanced Micro Devices (Nasdaq: AMD). Her prior experience includes serving as Executive Vice President of Anthill Resources, a natural resources investment company in Canada. She also acted as Managing Director for The Cavendish Group, a UK media company, where she established and managed subscription networks across various industries. Ms. Chen was a key member of the founding team at The Balloch Group, a consulting and investment banking firm that was later acquired by Canaccord Genuity, focusing on transactions in the financial, media, resources, and pharmaceutical industries.

Jingsheng Lu

Independent Director

Jingsheng Lu has served as an Independent Director of Allied Gaming & Entertainment since 2021. He is currently the Chairman, Chief Executive Officer, and Executive Director of Ourgame. Prior to his current roles, he served as a director of Zhejiang Xiangyuan Culture Co., Ltd., a listed company in China. From 2015 to 2017, Mr. Lu was co-CEO of Xiamen Xtone Animation Co., Ltd., and spearheaded its merger by Xiangyuan Culture in 2014. He also held the position of CFO for Beijing International Advertising & Communication Group from 2018 to 2019. Earlier in his career, he served as a senior audit manager at Deloitte China for six years and at Deloitte US for two years between 2001 and 2010. Mr. Lu is a non-practicing certified public accountant in China and a member of the American Institute of Certified Public Accountants.

Guanzhou (Jerry) Qin

Independent Director

Guanzhou (Jerry) Qin has been an Independent Director of Allied Gaming & Entertainment since 2021. Since November 2021, he has served as the CFO of Novlead Inc. From February 2020 to November 2021, Mr. Qin was the Finance Director of Content Business at Tencent Holdings. He also served as the Head of Finance at Aibee Inc., an artificial intelligence startup, from September 2018 to February 2020. Between June 2012 and August 2018, Mr. Qin was the Senior Finance Director for APAC at TripAdvisor and Glu Mobile. His earlier experience includes serving as Finance Controller at J&J China and Motorola China from 2003 to 2009. Mr. Qin brings strong management skills from Fortune 500 companies and hands-on experience in high-tech startups.

The key risks to Allied Gaming & Entertainment (AGAE) include:

1. Shareholder Activism and Related Litigation: Allied Gaming & Entertainment has been engaged in an ongoing dispute with a dissident shareholder, Knighted Pastures, since early 2024. This shareholder activism has led to increased legal expenses, contributing to the company's losses, and has the potential to disrupt business operations and strategic direction. Litigation risks, including those stemming from shareholder activism, could result in significant expenses and impact the execution of business strategy.
2. Financial Performance and Profitability Challenges: The company has historically operated at a net loss and has reported increased losses in recent periods. For example, in the first quarter of 2025, the net loss was substantially higher than the previous year, partly due to multi-million dollar legal fees from the shareholder dispute. While some revenue growth has been noted in specific segments like casual mobile gaming, overall revenues have experienced declines in some quarters, and general and administrative expenses have surged. The company's management also believes its current market valuation is misaligned with its financial fundamentals, with the market capitalization being significantly lower than its net asset value and cash.
3. Risks in Executing Strategic Plans and Intense Industry Competition: Allied Gaming & Entertainment faces significant challenges in executing its new strategic and business plans. These include potential lack of experience in new markets, intense competition within the rapidly evolving esports and gaming industry, and difficulties in securing necessary partnerships and resources. The company's ability to adapt to technological changes and shifts in gamer trends is crucial to remaining competitive, and failure to do so could adversely affect its growth and profitability.

The increasing trend of major game publishers internalizing esports operations and forming exclusive, large-scale partnerships for their titles. Publishers own the intellectual property of the games, and as the esports ecosystem matures, many are choosing to exert greater control over their competitive scenes. This includes organizing tournaments directly, building their own dedicated esports leagues and venues, or forging exclusive agreements with a limited number of major media or production partners. This reduces the opportunities for third-party organizers and venue operators like Allied Gaming & Entertainment (AGAE) to host events for popular titles, secure content rights, and attract top-tier competitive play to their venues. Should a publisher of a highly popular esports title decide to bring all related events, broadcasts, and league operations in-house or assign them exclusively to a competitor, it would directly undermine AGAE's ability to secure key content for its HyperX Arena Las Vegas and its content production business, mirroring how content owners like movie studios eventually launched their own streaming services, threatening traditional distributors.

Allied Gaming & Entertainment (AGAE) operates in several sectors within the entertainment and gaming industry. The addressable markets for their main products and services are as follows:

• Esports Arenas, Events, and Digital Content (Global): The global esports market size was valued at USD 1.44 billion in 2023 and is projected to grow to USD 6.63 billion by 2032, with a compound annual growth rate (CAGR) of 21.2% in the forecast period (2025-2032). Other estimates place the global esports market size at approximately USD 2.13 billion in 2024, projected to reach USD 7.46 billion by 2030. North America held a significant market share in 2023, capturing over 36.3% of the global esports market, equating to USD 0.83 billion in revenue.
• Casual Mobile Gaming (Global): The global mobile gaming market is a significant component of the overall gaming market. In 2024, mobile gaming is estimated to account for 49% of the global games market revenue, reaching USD 92.6 billion, and growing at 3.0% year-on-year. The global gaming market itself was estimated at USD 298.09 billion in 2024 and is projected to reach USD 505.17 billion by 2030.
• Live Events (Global): The global live events industry market was valued at USD 652.6 billion in 2022 and is projected to reach USD 1.2 trillion by 2032, exhibiting a CAGR of 5.9% from 2023 to 2032. Europe held a significant share of over 36% in the live events industry market in 2022.
• Gaming Video Content (Global): The Global Gaming Video Content Market was valued at USD 7.31 billion in 2021 and is expected to surge to USD 31.63 billion by 2028, exhibiting a CAGR of 24.23% during the forecast period from 2021 to 2028.

Allied Gaming & Entertainment (AGAE) anticipates several key drivers for its revenue growth over the next 2-3 years, stemming from strategic investments, new initiatives, and the expansion of its core offerings:

1. Growth in Casual Mobile Gaming through Z-Tech Integration: The company expects significant revenue growth from its casual mobile gaming segment, largely driven by the strategic investment in Z-Tech in the fourth quarter of 2023. This integration is projected to improve overall financial performance and enhance distribution capabilities for AGAE's mobile game catalog.
2. Increased In-Person Events and Demand at HyperX Arena: Allied Gaming & Entertainment has seen increased demand for in-person events at its HyperX Arena. The arena hosted a substantial number of event days in the third quarter of 2024, contributing to a rise in in-person event revenues, a trend expected to continue.
3. Expansion with the Launch of World Mahjong Tour: The introduction of new experiential entertainment offerings, such as the World Mahjong Tour events, is expected to accelerate revenue growth. The company's CEO has expressed confidence in this new venture's potential to boost both top and bottom lines.
4. Strategic Partnerships: A key part of AGAE's growth strategy involves forging strategic partnerships that are not capital-intensive. These collaborations are designed to unlock stockholder value and drive long-term growth by leveraging external opportunities.
5. Accretive Acquisitions and Investments: Allied Gaming & Entertainment plans to pursue accretive acquisitions and make investments in gaming, proprietary content IP, and live and experiential entertainment. This strategy aims to expand the company's portfolio and market reach, contributing to future revenue streams.

Share Repurchases

• On November 11, 2022, Allied Gaming & Entertainment's Board of Directors authorized a stock repurchase program of up to $10 million of its outstanding common stock, valid through November 17, 2024.
• The company made share repurchases including $1.42 million in March 2023, $402.23K in June 2023, $172.73K in September 2023, and $30.69K in December 2023.
• In December 2024, an additional $40.61K in share repurchases were made under the program.

Share Issuance

• In March 2024, the company agreed to issue and sell 7,330,000 shares of its common stock for a total purchase price of $6,597,000 to Elite Fun.
• In October 2024, Allied Gaming & Entertainment received a $6,600,000 investment from Yellow River Capital Group through the subscription of 6,000,000 shares of common stock. Yellow River also received a warrant to purchase up to 6,000,000 additional shares.

Inbound Investments

• In October 2024, Yellow River Capital Group made a strategic investment of $6,600,000 in Allied Gaming & Entertainment, subscribing to 6,000,000 shares of common stock and receiving a warrant for up to 6,000,000 more shares.
• A strategic purchase agreement with Blue Planet was terminated on April 25, 2025, where the Company agreed to refund $6,600,000, and Blue Planet transferred back shares and warrants.

Outbound Investments

• On October 31, 2023, the Company acquired a 40% equity interest in Beijing Lianzhong Zhihe Technology Co., Ltd (Z-Tech), a developer and operator of casual mobile games, becoming its largest shareholder.
• In September 2025, AGAE made an initial investment in Bitcoin (BTC) and Ethereum (ETH) as part of its corporate treasury management strategy to integrate cryptocurrency into its balance sheet.
• The CEO of Allied Gaming & Entertainment has highlighted optimism regarding future strategies, including a new strategic investment in Angry Birds 3.

Capital Expenditures

• As of December 31, 2023, the Company reported no material commitments for capital expenditures.