Here are 1-2 brief analogies for GameSquare (GAME):

• Barstool Sports for esports and gaming: GameSquare is a digital media and entertainment company that builds a network of gaming personalities, produces content, and engages a dedicated audience, similar to how Barstool Sports operates in the traditional sports/pop culture realm.
• Endeavor Group Holdings (EDR) for the esports and gaming industry: GameSquare operates as a diversified entertainment and sports company for the gaming world, owning esports teams (like Complexity Gaming), providing talent management and marketing services, and producing content and events, akin to Endeavor's broader portfolio including talent agencies and sports properties like the UFC.

GameSquare (GAME) provides the following major services:

• Esports Team Management: Managing and operating professional esports organizations and teams that compete in various video game titles.
• Gaming and Lifestyle Content Production: Creating and distributing digital content, including videos, streams, and social media, focused on gaming, esports, and creator culture.
• Brand Marketing and Engagement Solutions: Offering marketing, advertising, and strategic consulting services to brands seeking to engage with the gaming and esports audience through influencer campaigns, sponsorships, and media placement.
• Gaming and Live Streaming Data Analytics: Providing data intelligence and insights on live streaming viewership, audience engagement, and gaming trends for industry stakeholders.

GameSquare (GAME) primarily sells its services to other companies, specifically large consumer brands and corporations looking to engage with the global gaming and esports audience through marketing campaigns, talent partnerships, and content creation. Therefore, its customers are other businesses.

Examples of its major customer companies that have partnered with GameSquare or its prominent subsidiary, FaZe Clan, include:

• McDonald's (MCD)
• Nike (NKE)
• DraftKings (DKNG)
• Porsche AG (P911.DE)
• GHOST Energy (Ghost Lifestyle LLC) - Private Company

Justin Kenna, Chief Executive Officer

Justin Kenna was appointed CEO of GameSquare in January 2021. Before joining GameSquare, he served as CFO for FaZe Clan, a prominent esports brand, where he played a key role in its growth into one of the most valuable gaming companies. At FaZe Clan, he secured $60 million in debt and equity and was actively involved in strategy and talent acquisition. His prior experience includes being Director of Finance at Madison + Vine, a creative studio, and holding positions at Goldman Sachs, Deloitte, and Ernst & Young. He is a Chartered Professional Accountant.

Michael Munoz, Chief Financial Officer

Michael Munoz is an experienced finance executive with 15 years in public accounting and corporate finance. He has served as CFO for various public companies listed on Nasdaq and TSXV for 8 years.

Lou Schwartz, President

Lou Schwartz brings over two decades of experience in building and leading global digital technology and media companies. He founded and served as CEO of Multicast Media, was CEO of Total Movie (UUX), and Chief Digital Officer at WWE. He was also CEO of Engine Gaming & Media and Frankly, a company later acquired by Torque Esports, which led to the formation of Engine Gaming & Media. Schwartz is recognized internationally as a speaker and expert in new media and monetization.

Tyler Blevins, Chief Innovation Officer

Tyler "Ninja" Blevins is a globally recognized gaming and entertainment personality with over 74 million fans. He gained significant pop culture prominence in 2018 after streaming Fortnite alongside celebrities like Drake, Travis Scott, and JuJu Smith-Schuster.

Matt Ehrens, Chief Technology Officer

Matt Ehrens is a technology and product leader known for his ability to efficiently deliver technical solutions to business challenges. His previous leadership roles include positions at Scripps Networks Interactive (now Warner Bros. Discovery), AARP, and AOL.

The key risks to GameSquare's (symbol: GAME) business include:

1. Unprofitability and Significant Cash Burn: GameSquare has consistently faced unprofitability, characterized by high operating losses and a substantial cash burn. The company's balance sheet has shown limited cash reserves and weak gross profit margins, necessitating strategic actions like asset sales and restructuring to improve liquidity and address potential delisting threats from Nasdaq.
2. Highly Competitive Esports Market and Execution Risks: The esports industry, where GameSquare operates, is highly competitive. The company's strategy includes a reliance on the brand equity of FaZe Clan, which could pose a risk if the team's performance in major tournaments declines. Additionally, there are inherent execution risks associated with GameSquare's various strategic initiatives, including its ventures into crypto and the successful staging of events such as GAMERGY.
3. Regulatory Scrutiny of Crypto Initiatives and Market Volatility: GameSquare's involvement in crypto initiatives introduces risks related to potential regulatory scrutiny. Furthermore, the inherent volatility and unpredictable nature of cryptocurrency markets can significantly impact the success and stability of these ventures.

The rapid advancement and adoption of artificial intelligence and automation tools present a clear emerging threat to GameSquare's diversified business model. AI's increasing capability to generate highly engaging gaming content, including videos, streams, and narratives, could significantly devalue human-led content production studios like Fourth Frame Studios, by offering potentially lower-cost and more scalable alternatives. Furthermore, the rise of AI-driven virtual influencers and content creators could diminish the unique value of human gaming talent and the creator networks, such as GameSquare Creator Network (GCN), that manage them, as brands may increasingly turn to AI-generated campaigns. Concurrently, advanced AI and machine learning algorithms integrated into streaming platforms or offered by competing tech firms could provide sophisticated real-time analytics, potentially challenging the proprietary insights offered by Stream Hatchet.

GameSquare (symbol: GAME) operates in several key areas within the gaming and esports industry, addressing significant global markets:

• Influencer Marketing: The global influencer marketing market is estimated at approximately $31.07 billion in 2025 and is projected to reach $121.81 billion by 2030, growing at a CAGR of 31.42%. North America is identified as the largest market in this sector. Specifically within the gaming and entertainment segment, influencer marketing is forecast to grow at a 34% CAGR through 2030. The global gaming influencer marketing market was valued at $4.4 billion in 2022.
• Esports: The global esports market size was valued at approximately $2.13 billion in 2024 and is projected to reach $7.46 billion by 2030, with a CAGR of 23.1%. North America accounted for the largest share of over 35% in 2024. Another estimate places the global esports market at $1.81 billion in 2024, expected to reach $5.88 billion by 2030, with North America holding approximately 54% of the market share.
• Digital Media and Content Creation (Gaming): The broader global gaming market, which encompasses digital media and content creation, was valued at $241.1 billion in 2024 and is estimated to reach $535.29 billion by 2033. Other sources estimate the global gaming market revenues to reach approximately $503.14 billion by 2025. The Asia-Pacific region currently dominates this market, holding over 49.5% in 2024. The global digital content creation market, a broader category but relevant to GameSquare's content services, was valued at $30.05 billion in 2023 and is predicted to surpass $94.24 billion by 2032, with North America expected to hold the largest share.

Here are 3-5 expected drivers of future revenue growth for GameSquare (GAME) over the next 2-3 years:

1. Organic Growth through Cross-Selling and New Client Acquisition: GameSquare anticipates 20-25% organic revenue growth in 2025 (excluding FaZe Media), driven by expanding relationships with existing clients and securing new contracts. This growth is expected particularly in esports, data analytics, and Gen Z-targeted marketing, leveraging the company's platform reach of one billion digitally native consumers and strong demand from gaming publishers. The company has noted a strong 2025 order book and expects sequential growth in the latter half of 2025, supported by new client wins and expansion with current partners.
2. Expansion into Higher-Value Services and Brand Partnerships: GameSquare aims to increase its gross margins to 20-25% in 2025, which is contingent on offering higher-value services such as data analytics and forging strategic brand partnerships. This shift towards more profitable offerings is a key part of their growth strategy.
3. Strategic Onchain Treasury Program: GameSquare launched a significant Ethereum-based treasury strategy in July 2025, with an authorized program expanded to $250 million. This multi-year growth strategy leverages Ethereum-native yield strategies, targeting annualized onchain yields of 8-14%, and an NFT yield program aiming for 6-10% annualized returns. The capital and recurring cash flow generated from these crypto assets are intended to strengthen the balance sheet and fund future growth initiatives.
4. Integration of Acquisitions and Streamlined Operations: Following the acquisition of FaZe Clan in March 2024 and the divestiture of FaZe Media in April 2025, GameSquare is focused on integrating recent acquisitions and streamlining operations. This strategic realignment is expected to remove margin drag, reduce operating expenses, and position the company for enhanced profitability and sustained revenue growth by focusing on core, high-growth business units.

Share Repurchases

• GameSquare authorized a stock repurchase program of up to $5 million, funded by proceeds from its onchain yield platform.
• As of October 3, 2025, the company repurchased 833,124 shares for $599,148, with $4.4 million remaining under the current authorization.

Share Issuance

• In July 2025, GameSquare completed a public offering of 46,666,667 shares at $1.50 per share, generating approximately $70 million in gross proceeds.
• An earlier offering in July 2025 raised approximately $8 million through the sale of 8,421,054 common shares at $0.95 each.
• Combined, these offerings in July 2025 raised over $90 million in gross proceeds, primarily intended to significantly increase the company's Ethereum position.

Inbound Investments

• GameSquare has raised funding over 5 rounds since February 19, 2021.
• Recent post-IPO funding rounds include $150K on August 11, 2025, $5.15M on July 24, 2025, and $10M on March 7, 2024 from Gigamon.
• To support the December 2022 merger of GameSquare Esports and Engine Gaming & Media, Goff & Jones committed to acquire $10 million worth of stock in the combined entity.

Outbound Investments

• GameSquare acquired FaZe Clan in March 2024 in an all-stock transaction valued at approximately $14 million.
• In September 2025, GameSquare acquired Click Management, a talent management firm, for $8.5 million plus potential earnouts, including an initial $4.5 million cash payment at close.

Capital Expenditures

• GameSquare's board has authorized an Ethereum (ETH) investment strategy with a cap of up to $100 million for its crypto-native treasury.
• Over $60 million has been deployed in ETH and NFT purchases as of August 2025, with the strategy targeting annualized yields of 8% to 14%.
• The company is expanding its gaming and esports experiences business, supported by a $2 million secured Letter of Credit for early financial commitments such as space reservations and operating expenses.