TLDR
- GameSquare reported Q4 2025 revenue of $18.5M, up 142% year-over-year from $7.6M
- The company hit positive adjusted EBITDA of $1.7M in Q4, its first profitable quarter on that metric
- Full-year 2025 revenue came in at $45M, with an adjusted EBITDA loss of $4.6M
- The company acquired TubeBuddy in February 2026 to boost creator-focused software revenue
- GameSquare reiterated 2026 guidance of $85M–$90M revenue and adjusted EBITDA above $5M
GameSquare Holdings posted strong Q4 2025 results, with revenue jumping 142% year-over-year to $18.5 million. That compares to $7.6 million in Q4 2024 and marks the company’s fastest growth quarter in recent history.
GameSquare Holdings, Inc., GAME
Gross margin expanded sharply, rising from 25.8% in Q4 2024 to 45.9% in Q4 2025. That improvement reflects a shift in the revenue mix toward higher-margin platform and software-driven revenue streams.
The net loss from continuing operations came in at $28.2 million for the quarter. However, the bulk of that was tied to non-cash items — a $20.3 million loss on digital assets and a $12.1 million impairment charge. These masked what was otherwise a strong operational quarter.
Kudos again, nice 4th Q earnings !!! Profitability in progress just as they have been saying. Looking forward to listening in on the webcast today !
🚀 GameSquare delivers first positive Adjusted EBITDA quarter
• Revenue: $18.5M (+142% YoY)
• Adj. EBITDA: +$1.7M (9.4%… https://t.co/l69lpdDAfP— AJ (@TrueJohnson412) April 8, 2026
Adjusted EBITDA came in at a profit of $1.7 million — or 9.4% of revenue — compared to a loss of $3.1 million a year ago. That’s the first positive adjusted EBITDA quarter in the company’s recent history and signals a turning point in profitability.
For the full year 2025, revenue reached $45 million. The adjusted EBITDA loss narrowed to $4.6 million from $11.9 million the prior year — a substantial improvement.
TubeBuddy and Creator Strategy
GameSquare completed the acquisition of TubeBuddy in February 2026, adding a creator-focused software platform with subscription-based revenue and first-party channel data capabilities. On a proforma basis including TubeBuddy, Q4 adjusted EBITDA would have been $2.3 million, or 11.2% of revenue.
Including both TubeBuddy and Click — which was acquired earlier in 2025 — full-year 2025 proforma revenue would have been $66.6 million. Proforma adjusted EBITDA for 2025 would have been nearly breakeven at a $0.4 million loss.
TubeBuddy is expected to bring high-margin, recurring software revenue to the business, along with creator and audience data that can be leveraged across GameSquare’s broader platform.
The company also divested FaZe Media on April 1, 2025. That transaction — valued at over $39 million — eliminated approximately $10 million of debt and removed $2.3 million in quarterly operating costs from the business.
Buybacks and Digital Asset Treasury
GameSquare repurchased 2.99 million shares in Q4 for $1.7 million. Since October 2025, total repurchases amount to 5.06 million shares for $2.5 million, with roughly $2.5 million remaining under the current authorization.
The company also holds a meaningful digital asset treasury. At year-end 2025, GameSquare held 15,287.88 ETH and was running an onchain yield strategy that generated $1.1 million between August and December 2025. Total digital assets, yield interests, and cash stood at $52 million as of December 31, 2025.
Management reiterated 2026 full-year guidance of $85 million to $90 million in revenue, a gross margin of 35% to 40%, and adjusted EBITDA above $5 million.
Per the Q1 2025 earnings call, CEO Justin Kenna highlighted a growing bookings pipeline across SaaS, managed services, and agency. The company also signed a two-year deal with Paramount Game Studios for a minimum of three SpongeBob SquarePants games per year in Fortnite, under a revenue-sharing structure.
Stream Hatchet, part of the GameSquare platform, secured its largest contract to date with Capcom during the period.
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