OverActive Media presented financial statements for the last year

The holding company OverActive Media, which owns the organizations and teams of the MAD Lions, Toronto Ultra and Toronto Defiant, presented financial statements as for the previous financial year. It is noted that the company recorded an overall increase in revenue, but also increased its net loss compared to 2020.

OverActive Media's net loss in 2021 rose to £11.8m from £3.8m in 2020. According to the company, the main reason for the accumulated losses is related to the "modification" of some payments related to "franchising obligations".

Chris Overholt, President and CEO of OverActive Media: "We are focused on creating high-quality, long-term, recurring revenue streams, and we excel at that. In addition, our business model offers a huge amount of operational leverage while scaling."

On the positive side, OverActive Media reported revenue growth. The company recorded revenue of £8.6 million in 2021, compared to £5.1 million in 2020. The company notes that a consequence of the increase in revenue is an increase in income from partnership agreements. OverActive Media also recorded a 49 percent increase in revenue in the fourth quarter of 2021 compared to the same period last year.

OverActive Media has entered into a number of partnerships and plans to build a dedicated esports venue in Toronto, which the company received approval for at the end of last year. The company also collaborates with the eSports organization Team Singularity and the Nobis brand.

Note that against the backdrop of a net loss, OverActive Media decided to close the MAD Lions esports CS:GO division, citing a lack of results.