Playmaker Capital has released its financial report for the second quarter of the year, boasting $12.6m in revenue, an increase of 53% from the previous year's Q2 on a pro forma basis; the revenue also reflects an 89% increase year-on-year (non-pro forma).
The company made an adjusted EBITDA (including its corporate segment) of $2.2m, an increase of 34% on a pro forma basis over Q2 2022. Gross profit also increased by 65% to $10.4m.
The graph displays Playmaker Capital's gross profit from Q2 2022 - Q2 2023; a short dip from the previous quarter, but an increase year-on-year.
Accounts payable also halved from $3.4m to $1.7m and total liabilities decreased from $76.4m to $67.5m. Alongside this, accrued expenses and other current liabilities decreased 26% from $4.3m to $3.2m.
Despite a large revenue and gross profit increase, it was a mixed back of costs increasing and decreasing across the board. Operating loss increased from $0.5m to $0.9m year-on-year and accounts receivable dropped 49% to $6.5m.
"We are in a strong financial position to continue executing on our strategy as we head into the second half of 2023 and beyond" - Mike Cooke, CFO of Playmaker
Furthermore, cash equivalents also decreased from $11.4m to $9.7m; the value of total current assets also dropped from $23.4m to $17.3m, total assets also dropped from $130.8m to $120.3m and total current liabilities increased 13% from $23.3m to $26.3m.
Playmaker Capital’s current portion of long-term debt increased from $416,667 to $1.7m and consideration payable also increased from 49% to $17.6m. The company also saw salary and wages rise to $5.2m, a 63% increase from the second quarter of 2022.
Total operating expenses rose by 65% from $6.8m to $11.2m, with listing and filing fees going up a whopping 576% year-on-year to $627,155.
Mike Cooke, CFO of Playmaker added: “Though Q2 falls during a quiet period in the sporting calendar, we are very excited to have delivered another quarter of strong top-line growth.
“Meanwhile, our consistent focus on profitability is reflected in continued growth in adjusted EBITDA.
"With $9.7m of cash at quarter-end and $20m of available credit – including $10m in a new credit facility closed subsequent to quarter-end – we are in a strong financial position to continue executing on our strategy as we head into the second half of 2023 and beyond.”
