Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) 2023 Q4 Earnings Report Call Record March 27, 2024
Allied Gaming & Entertainment Inc. wasn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
operator: Welcome to Allied Gaming & Entertainment Incorporated's fourth quarter and full year 2023 financial results conference call. [Operator Instructions] Please note that this meeting is being recorded. We are proud to introduce Tyler Drew, Investor Relations. Thank you, Tyler. You can start.
Tyler Drew: Thank you, operator. Hello. Welcome to the Allied Gaming & Entertainment 2023 Fourth Quarter and Full Year Earnings Conference Call. Joining today's conference call will be Yinghua Chen, Chief Executive Officer of Allied Gaming & Entertainment. and Chief Financial Officer Roy Anderson. Before turning the call over to management, please note that the comments we prepare may contain forward-looking statements. “may”, “will”, “expect”, “intend”, “plan”, “believe”, “seek”, “could”, “estimate”, “judge”, “target”, “should” Words such as , “anticipate,'' “target,'' and variations of these words and similar expressions are intended to be identified as forward-looking statements. Actual results may differ from those suggested by such forward-looking statements due to various factors discussed in the Company's public documents, including risk factors discussed in documents filed with the Securities and Exchange Commission. It can vary greatly.
Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that such expectations will be achieved. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, some of the financial information presented on this conference call represents non-GAAP financial measures. The company's financial results release, issued this afternoon, is available on the company's website and provides definitions of such non-GAAP financial measures, reconciliations to appropriate GAAP measures, and information on how such non-GAAP financial measures are relevant to the company. An explanation of why the company believes it is useful is provided. investors.
So I'm pleased to hand over the call to Allied Gaming & Entertainment CEO Yinghua Chen. Eika?
Chen Yinhua: Thank you, Tyler, and thank you to everyone who joined us this afternoon. We made significant progress in his 2023 and are able to enter his 2024 in a favorable position. Allied Esports International, Allied Mobile Entertainment, and Allied Experiential Entertainment are all poised to grow as we execute on our strategic goals for this year. First, let's take a look back at our financial results for the current fiscal year. Total revenue for 2023 was $7.7 million, an increase of 21% from 2022. Meanwhile, net loss attributable to common shareholders decreased by 68%. The improvement in net loss was the result of continued efforts to reduce expenses. General and administrative expenses improved by 30% and the company is well positioned for his 2024. Turning to Allied Esports International (AEI), our HyperX Arena was in high demand in the fourth quarter, hosting a variety of events with 64 events. 30 proprietary events and 34 third-party events.
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