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Published: January 31, 2024

Written by: Stefan Velikov

  • The organization recently announced its annual financial results for the 2023 fiscal year
  • It reports a loss of $5.7 million, but also a 24% increase in revenue
  • GE is also apparently in talks with new partners and has big plans for this year

Guild Esports went through many sponsorship deals and personnel changes throughout 2023, which resulted in its current interesting financial situation.

GE Reveals Financial Results

Esports organizations often go through highs and lows, which is just a part of the professional scene in general. However, this does not only apply to the victories and losses of a team but also to the revenue of the organization. Currently, it seems like UK-based esports organization Guild Esports is going through such turbulence, as it recently annual financial results for the 2023 fiscal year, ending September 30th, 2023.

According to the information provided by GE, the organization lost £4.5 million (around $5.7 million) during the year. Interestingly, however, the esports brand also reported a 24% increase in revenue, from £4.45 million in 2022 to £5.53 million (about $7 million) in 2023.

With that being said, GE’s assets have also taken a hit. According to the release, the organization had £459,000 ($585,000) remaining cash and cash equivalents as of September 30, 2023, which is a substantial decrease of £2.7 million ($3.43 million) in 2022. That being said, the organization also noted that its assets have increased to £800,000 (just a bit over $1 million) by the end of January 2024.

Why Is GE’s Financial Status Like This?

Aside from the financial status, GE’s release also contained information about its development throughout the period. This included the renewing of six partnerships throughout the year, which include some notable names, like fast food brand Subway with whom Guild extended its sponsorship in late December.

The esports brand also noted that despite releasing its VALORANT roster in November, the FPS still “remains an important part of Guild’s long-term esports strategy”. However, for the time being, GE will focus on its other teams, with it fielding players in EA FC 24, Street Fighter, Sim Racing, Fortnite, Counter-Strike 2, and Rocket League.

One reason for the vastly differing numbers could be the rather large changes in financial strategy and personnel that GE has seen over 2023. They were headlined by the appointment of Jasmine Skee as CEO on January 1st, 2023, but changes have continued into this year. Just a few days ago, GE signed Nathan Pillai as Special Advisor to the Board, signifying the change in strategy that GE plans for this year.

“Looking ahead, our effective cost-cutting program and our growing revenues give great cause to be optimistic, with MENA a key target for international expansion,” said Guild Esports Non-Executute Chairman Derek Lew about the organization’s financial plans for 2024. “We are exploring not only having our teams compete in the region but how we can utilize Guild’s esports pedigree to generate value for shareholders and our wider stakeholders.”

He concluded by saying that GE’s business pipeline is robust and growing and that the organization is currently in discussion with several “new partners and sponsors across a variety of sectors and geographies”. Details about these new ventures remain to be revealed.

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