GameSquare Holdings

GAME

Electronic Gaming & Multimedia · Technology

Price

$0.35

-0.01 (-3.13%)

Market Cap

$35.8M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+2212569.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.0M (2021) → 65.72B (2025)

GameSquare Holdings is a media and technology company focused on the gaming and esports industry. It connects brands with gaming audiences through marketing services, content creation, and esports team management. Its customers are mainly advertisers and consumer brands that want to reach young, hard-to-reach gamers.

The company makes money by charging brands for sponsorships, advertising campaigns, and managed marketing services tied to gaming culture. GameSquare operates primarily in North America and has grown partly through acquisitions of esports and gaming media properties. Its gross margin of around 35% suggests some pricing power in its services, but a negative operating margin means it is still spending more than it earns. The main risk is that the esports and gaming media industry remains fragmented and competitive, making it difficult to scale profitably — and the company will need to demonstrate it can grow revenue faster than its costs to reach sustainable profitability.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-31.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-28.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$2M/ year

↓ Declining (-37% vs prior year)

4.6% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

20.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~6 months

$16M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

GameSquare Holdings has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

35.5%

Modest — 35.5% gross margin

Operating Margin

-14.1%

Losing money on operations — -14.1%

ROCE

-7.0%

Weak — -7.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-32.3%

Shrinking sales (-32.3% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-29.0%

Burning cash (-29.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.66

Moderate — manageable debt (0.66)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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