OverActive Media holding presented the financial report for the first quarter of this year

Canadian esports holding OverActive Media, which owns the organizations and teams MAD Lions, Toronto Ultra and Toronto Defiant, has revealed its financial results for the first quarter of 2022.

The company generated revenue of £1.3 million and a net loss of £2.88 million. It is noted that both figures are higher than for the same period last year.

OverActive Media Holding attributes the growth in revenue to the increase in income from sponsorship agreements. This is because the MAD Lions team signed a lucrative partnership with blockchain company Zilliqa last year. The company saw £16.5m in cash in Q1 2022, up from £2.44m at the end of March 2021.

Chris Overholt, President and CEO of OverActive Media: "We are on our way to building a global company that will redefine the future of sports, media and entertainment. We have built one of the most predictable and sustainable business models and continue to focus our efforts on building high-quality, long-term assets with recurring streams of income.

The holding's total cumulative loss in the first quarter of 2022 was £3.44m compared to a slightly smaller loss of £3.26m in the same period last year. OverActive Media attributed these numbers to higher operating expenses for the period offsetting its earnings.

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.

Recall that last month OverActive Media shared its financial results for the past year. These results showed the company posted a net loss of £11.8m in 2021, compared to £3.8m in 2020. At the same time, OverActive's revenue was £8.6 million last year, compared to £5.1 million in 2020.