Engine Gaming and Media, Inc. (NASDAQ:GAME) Q1 2023 Earnings Call Transcript

Michael Kupinski: Just one last question. You point to the progress you’re making towards your expense reduction efforts. And I was just wondering if you can give us an update on your cost reduction improvements.

Lou Schwartz: I can take that one. As you know, this has been sort of a work in progress for us that began almost a year ago. And we’re really proud of the progress that we’ve made. As you recall, our initial focus for expense reduction was the elimination of our B2C businesses in favor of our more predictable B2B SaaS businesses. And that cost cutting sort of mindset expanded to include corporate overhead and then greater focus on operational efficiencies across our business segments, which will continue to contribute to our goal of achieving profitability later this year, along with top line revenue growth. But as we announced our expenses in the fiscal quarter were $15.8 million, and that was an improvement of $6 million when compared to $21.8 million for last quarter. But the actual cash reduction was about $1.3 million quarter-over-quarter. So we’re continuing to make good progress and remain confident in our ability to get to profitability later this year.

Michael Kupinski: Congratulations on your merger.

Operator: Thank you. We’ve reached the end of our question-and-answer session. I’d like to turn the floor back over to Tom for any further or closing comments.

Tom Rogers: Thank you very much. Thanks, everybody, for joining us this morning. And as I said, we appreciate the investor support while we move towards closing the merger agreement. Thanks again for joining us.

Operator: Thank you. That does conclude today’s teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.