GameSquare, NASDAQ: GAME
Links brands with gaming, creator and youth audiences through agency and talent services (Zoned, Code Red, Click), its own esports teams (FaZe Esports) and software/data products (Stream Hatchet, Sideqik, TubeBuddy). Has held an ETH (crypto) treasury since July 2025.
About GameSquare.
- Listed
- Nasdaq Capital Market, ticker GAME
- Headquarters
- Frisco, TX
- Incorporated
- Delaware (since 2024-03-07)
- People
- 144 as of 2026-03-31. US 84, Spain 35, Australia 15, UK 4, Canada 3, India 3 (FY25 10-K)
- Auditor
- Kreston GTA LLP (since 2020)
- Fiscal year end
- 12-31
Brands by segment
- Zoned / GSXMarketing agency and experiential
- Code RedUK talent agency
- ClickAustralian talent agency (acq. 2025-09-11)
- Fourth Frame StudiosCreative production
- Stream HatchetStreaming analytics
- SideqikInfluencer platform
- TubeBuddyYouTube creator tool (acq. 2026-02-20)
- FaZe EsportsEsports teams
- Mission SupplyMerchandise
Who runs it
3 officers, 6 directors, as of 2026-10-06Nobody at the top has sold a GameSquare share in two years, but nobody has bought one with their own money either; the stock they hold came as grants, and the board sits close to its biggest shareholders.
- 01Three people run it: Justin Kenna (CEO, and also Chair and President), Michael Munoz (finance) and Amaree Tanawong (operations, since Feb 2026).
- 02Sold their shares? No. Not one officer or director has sold a GameSquare share in the last two years.
- 03Bought with cash? Barely. Kenna's last purchase was about $10,200 of stock in June 2024; Munoz and Tanawong have never bought. The Jones family vehicle put in about $1.65M this spring, and one director bought about $50,000 worth.
- 04What they hold came as grants, and the grants are generous: all executive stock was vested early ten days after the FanEngine deal was signed, and more 'Promised Awards' follow if shareholders approve it on 2026-10-22.
- 05Shareholders have done badly: about 8 times more shares in three years, the stock down about 95% since 2023, and the 2024, late-2025 and Ether-return promises all missed.
- 06Oversight is the weak spot: the CEO's pay nearly tripled in a bad year, and the board is dominated by the biggest shareholders and former lenders.
Answers to Runs the company and chairs the board that is meant to oversee him
Six directors, elected in staggered classes until 2027. The company calls five of them independent. Two of those five sit for the two largest shareholders, both of which have lent the company money, and a third was a lender himself. Nobody is named as lead independent director, and the board says it has no formal rule on separating the Chair and CEO jobs. If FanEngine closes, the sellers appoint two more directors. The grouping above is our reading of these ties; hover or click a seat to read the filing's own words.
- Stock units:
- shares handed over later for free (RSUs in the filings)
- Options:
- the right to buy shares at a set price
- Vested:
- the award is now the person's to keep or use
- Reverse split:
- in Aug 2026 every 8 shares became 1, so older share counts and prices look 8 times bigger or smaller
- Proxy:
- the document sent to shareholders before a vote; it carries the pay and ownership tables
- Our sum:
- a number we worked out from the filings, not one the company stated
From public filings only, as of 2026-10-06. Sources are in the full report. Research for information only, not financial advice; derived numbers are our sums. No buy, sell or hold view.
The numbers.
Reported quarters, US$ millions. Revenue by quarter, with the latest quarter split by segment as the company reports it; gross margin; and profit before one-off and non-cash items, the company's adjusted EBITDA.
- Agency
- SaaS & managed services
- Owned & Operated IP
- not allocated
›Every quarter as a table
| Quarter | Revenue | Gross margin | Adj. EBITDA | Net result |
|---|---|---|---|---|
| Q1'25 | $7.4M | 42.5% | -$2.6M | -$7.2M |
| Q2'25 | $7.8M | 29.4% | -$3.1M | -$3.0M |
| Q3'25 | $11.3M | 49.4% | -$0.6M | -$0.8M |
| Q4'25 | $18.5M | 45.9% | $1.7M | -$31.1M |
| Q1'26 | $14.5M | 38.4% | -$1.1M | -$17.7M |
| Q2'26 | $18.5M | 49.0% | $1.0M | -$10.6M |
| FY2024 (recast) | $27.5M | 34.3% | -$11.9M | -$54.3M |
| FY2025 | $45.0M | 43.4% | -$4.6M | -$42.1M |
Segments, Q2'26
- Agency$12.9M40.9% gross margin. FY25 $26.5M.
- SaaS & managed services$3.1M88.9% gross margin. FY25 $4.6M.
- Owned & Operated IP$2.4M41.0% gross margin. FY25 $12.8M.
On the record.
What is coming up, what management promised and delivered, the red flags from the due diligence, and the latest filings. Public sources only, as of 2026-10-22.
Dates on the calendar that can move the numbers, from filings and releases.
- 2026-10-22todaySpecial meeting: FanEngine vote~30% new shares + a 20% self-refilling (evergreen) share plan. Meeting is at 12:00 p.m. CT; the 8-K 5.07 with the result is due by 2026-10-28
- 2026-11-12in 21 daysQ3'26 results (est.)Shows whether H2 sales are ramping enough for the FY26 forecast
- 2026-12-31in 70 daysFanEngine deadline to close; management's original date to fix controls (moved to 2027-12-31 in the Q1/Q2 10-Qs)Deal close; governance
- 2027-02-28in 129 daysComplexity $9.5M loan dueComplexity shut down 2026-09-23, so repayment is unlikely; watch Q3 accounting and the IP that came back
Every checkable promise management has made, scored against the latest filings.
- at risk2026 revenue of $85M-$90M (including TubeBuddy from Jan 1)
- on track2026 gross margin of 35%-40%
- at risk2026 profit before one-off costs (adj. EBITDA) above $5M
- missedLate-2025 (2H) revenue of $36.8M and adj. EBITDA of $2.9M (including acquisitions)
- metFormally launch new AI-enabled tools later in 2026
- metGet the share price back above Nasdaq's $1.00 minimum within the second 180-day period, by reverse split if needed
What the due diligence found that could hurt holders, each with a sourced entry. Critical items first.
- criticalRisk of running out of money (going-concern doubt)
- criticalCash lasts ~1.4 months
- critical60-day loans backed by ETH
- criticalDilution (many new shares)
- criticalWeak financial controls (material weaknesses)
- criticalFanEngine deal terms
- seriousAdjusted profit vs official loss
- seriousLate filings & filing errors
- seriousDirector independence
- seriousDeal promises clash with its filings
and 7 more in the due diligence
The newest documents the company filed, straight from the SEC.
- 2026-10-06Forms 3/4 index, CIK 1714562 (Oct 2024 to Sep 2026)
- 2026-10-02DEF 14AFanEngine special meeting; pay, ownership, Promised Awards
- 2026-09-248-Kexecutive equity acceleration and new grants (Item 5.02)
- 2026-09-22PRE 14AFanEngine special meeting
- 2026-09-098-KNasdaq compliance and FanEngine 8-Ks
- 2026-09-09DEFA14Asoliciting material
Where the value sits.
Today's driver tree with the actual number in every box, from what the company is worth down to the units, the people and the costs behind it. Numbers are the latest reported quarter (April-June 2026) times four unless noted. Share price at the close of 28 September 2026. No forecasts: every box is what the company does today. Hover a box to light its line back to the company's value and click it for its note.
- What it is worth
- Cash and holdings
- Sales
- Profit
- Loans and losses
- Running costs and people
Hover a box to light its line and read its note. Click to keep it open, click again to close.
What agents can do with each of these boxes, and what it is worth, is on the AI Senator Plans page.