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BEnthusiastGaming Enthusiast Gaming Reports First Quarter 2021 Financial Results Revenue growth of 321 % vs the same period last year Gross Profit up 80 % vs same period last year Direct sales of $ 2.2 million vs $ 60 thousand in the same period last year Subscription revenue growth of 50 % vs same period last year TORONTO , May 12 , 2021 ( GLOBE NEWSWIRE ) -- Enthusiast Gaming Holdings Inc. ( NASDAQ : EGLX ) ( TSX : EGLX ) , ( " Enthusiast Gaming " or the " Company " ) , today announced financial results for the first quarter ended March 31 , 2021. All amounts are stated in Canadian dollars unless otherwise indicated . " Our first quarter results were fueled by our focused acquisition strategy as well as organic growth gains coming from direct sales and premium subscriptions , ” commented Adrian Montgomery , CEO of Enthusiast Gaming . " We have leveraged this momentum in our growth strategy , announcing earlier today our accelerated plans to launch a gaming social network and premium subscription offering with the acquisition of Tabwire , enabling us to evolve further into a technology - driven media , esports and entertainment company . " First Quarter 2021 Highlights : • Revenue was $ 30.0 million , a 321 % increase vs Q1 2020 revenue of $ 7.1 million . • Gross profit was $ 5.9 million , an increase of 80 % vs Q1 2020 gross profit of $ 3.3 million . • Net loss and comprehensive loss was $ 13.6 million , resulting in a net loss and comprehensive loss per share , basic and diluted , of $ 0.12 . • Direct advertising sales of $ 2.2 million , compared to $ 60 thousand in the same period last year . • Paid subscribers grew 49 % over the past 12 months to 137,000 paid subscribers as of March 31 , 2021 . • 9.9 billion total views across written and video content . Strengthened balance sheet by approximately $ 50 million with the combination of a bought deal financing for gross proceeds of $ 42.5 million and the reduction of indebtedness through the conversion of outstanding debentures of approximately $ 9 million . • Announced key partnership deals with Samsung and TikTok . • Was ranked as a Top 100 Internet Properties in the United States by Comscore , one of only two gaming properties to make the list alongside Amazon's TWITCH.TV , and ranked # 1 Gaming Information property for unique visitor traffic from mobile devices . • Announced and closed subsequent to Q1 , the acquisition of Vedatis SAS , owners of Icy Veins , one of the largest Activision Blizzard fan communities . " We continue to see the benefits of our investments in key areas that drive long - term revenue and margin growth . For any media company , Q1 is seasonally the lowest quarter , but our results are off to a strong start and point to a promising year ahead . As a result , we will continue to execute our strategy of combining accretive acquisitions with organic growth through our proprietary flywheel . " Significant events subsequent to First Quarter 2021 : • Signed an integrated and strategic partnership deal with ESPAT TV , a strong producer of gaming and entertainment content across multiple distribution channels , and including ESPAT TV's Creative Collective , which consists of Ridley Scott Creative Group , Petrol , PRG , and Movers & Shakers , has produced work across the globe partnering with publishers , brands , live events , and advertising agencies alike . • Luminosity Gaming , the Company's esports organization , was ranked by Streams Charts as the most popular esports community on Twitch in March 2021 , with 40 million hours watched , outpacing the runner up by more than 15 million hours . • Filed a Registration Statement on Form 40 - F with the United States Securities and Exchange Commission ( " SEC " ) becoming a reporting issuer in the United States . • Announced that the Company's common shares were approved for listing on the Nasdaq Global Select Market ( " Nasdaq ” ) under the trading ticker symbol " EGLX " and commenced trading on April 21 , 2021 . • Appointed NFL superstar , Silicon Valley advisor and community leader , Richard Sherman to its Board of Directors . • Announced a partnership deal with ExitLag , a Latin American software developer with proprietary technology to improve routing connections for gamers . • Filed a short form base shelf prospectus in Canada and the US up to an aggregate total of $ 250 million . • Announced plans to create a subscription - based gaming social network , Project GG , facilitated by entering into a definitive agreement to acquire Tabwire LLC , a technology and data platform that gives gamers the ability to login directly to view their game data in real time with 13 billion gamer profiles , for US $ 11 million in cash and stock . Certain information provided in this news release is extracted from the unaudited condensed consolidated interim financial statements ( the " Financial Statements " ) and Management's Discussion & Analysis ( " MD & A ” ) of the Company for the three months ended March 31 , 2021 and should be read in conjunction with them . It is only in the context of the fulsome information and disclosures contained in the Financial Statements and MD & A that an investor can properly analyze this information . The