Allied Gaming & Entertainment, Inc. (AGAE) announced its financial results for the third quarter ended September 30, 2024, reporting total revenues of $2.2 million, a 93% increase compared to $1.1 million in the third quarter of 2023. This growth was primarily driven by a $0.2 million increase in in-person event revenues and an $0.8 million increase in casual mobile gaming revenues following the Z-Tech investment.
Despite revenue growth, the company reported a net loss of $4.0 million for Q3 2024, a significant change from net income of $0.1 million in the prior year period. This loss was largely attributed to a $3.0 million settlement agreement with BPR Cumulus LLC, which involved the return of restricted cash, and $1.2 million in net unrealized foreign currency transaction losses.
Total costs and expenses increased to $3.3 million from $1.8 million year-over-year, mainly due to the Z-Tech investment, partially offset by a D&O insurance reimbursement. The company's cash and short-term investments stood at $80.2 million as of September 30, 2024, with a working capital position of $62.8 million.
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