AGAE: FY2022 revenue up 28% to $6.4M; loss from continuing ops narrows to $10.8M

Total revenues of $1.2 million decreased 37% for the fourth quarter of 2022 compared to the fourth quarter of 2021. The decline from the fourth quarter of 2021 was driven by the non-recurring nature of our 2021 live-streaming partnership with Trovo. Costs and expenses: Total costs and expenses for the fourth quarter of 2022 were $3.8 million, a decrease of 33% compared to the fourth quarter of 2021. The net decrease in costs and expenses is primarily due to a $1.4 million, or a 41%, reduction in general and administrative expenses, consisting primarily of a decline in corporate professional fees and compensation expense at our Las Vegas arena and within our European operations. The effort in reducing AGAE’s expenses has significantly improved the Company’s loss from continuing operations in the fourth quarter, which was $1.7 million compared to a loss of $3.8 million in the prior year period.

Total revenues of $6.4 million increased 28% in 2022 compared to 2021. The increase in revenue year-over-year was primarily driven by an increase in sponsorship revenue and revenue from live-events that took place at our HyperX Arena and within our Allied Esports Truck operations. Costs and expenses: Total costs and expenses were $18.1 million in 2022, a decrease of 13% compared to 2021. The net decrease in costs and expenses is primarily due to a $2.6 million, or 20%, reduction in general and administrative expenses, consisting principally of stock based compensation to a former CEO, corporate payroll, and bonuses & professional fees related to the sale of WPT®, a $1.2 million or 38% reduction in depreciation and amortization expense, and a $0.3 million reduction in our multi-platform content costs, partially offset by a $1.3 million or 35% increase in our In-person pillar expenses related to the strong post-pandemic recovery of our live events. Our 2022 loss from continuing operation