GameSquare Holdings, Inc., the media and technology group behind FaZe Clan, Stream Hatchet, and other gaming ventures, has reported its financial results for the three- and six-month periods ending 30 June 2025. Losses narrowed primarily due to expense cuts rather than increased revenue.

Revenue for the second quarter fell to $15.9 million from $17.8 million a year earlier, while gross profit was $2.4 million, compared with $2.5 million in Q2 2024. Net losses narrowed to $3.0 million from $11.6 million, with an adjusted EBITDA loss of $3.5 million, or 22.1% of revenue, down from 23.4% last year.

For the first half of 2025, revenue reached $30.6 million versus $33.4 million in 2024. Gross profit rose to $5.8 million from $4.6 million, and net losses fell to $8.2 million from $16.9 million. Adjusted EBITDA loss was $6.5 million, equivalent to 21.1% of revenue, down from 26.0% a year earlier.

The company completed the divestiture of FaZe Media on 1 April and launched an Ethereum-based treasury management strategy on 1 July. CEO Justin Kenna said the strategy is “one of the most sophisticated Ethereum-based treasury strategies in the market,” supported by a $250 million authorised onchain programme. Initial execution raised $90 million in gross proceeds.

According to the report, as of 13 August GameSquare held 15,630.07 ETH with a market value of $74.3 million, generating $19.3 million in unrealised gains, and owns CryptoPunk #5577 purchased for $5.15 million. The Ethereum yield programme, launched 1 August, targets annualised returns of 8% to 14%.

“We believe the combination of our innovative onchain strategy and the improving performance of our operating businesses positions GameSquare as a powerful platform for long-term value creation,” stated Kenna.

GameSquare expects the second half of 2025 to deliver sequential revenue growth, improved margins and lower operating expenses, with around 60% of core revenue anticipated in H2. Ongoing restructuring is expected to generate an additional $5 million in annualised savings. “GameSquare now has the strongest financial position in its history,” said Kenna, “we are focused on achieving profitability, benefiting from core revenue growth, improved gross margin, lower operating expenses, and the impact of our restructuring initiatives.”