Allied Gaming Q1 net loss narrows to $1.9M; revenue down 50% YoY to $1.2M

First Quarter 2023 Financial Results Revenues: Total revenues of $1.2 million were relatively flat from the fourth quarter of 2022 and down from $2.4 million in the first quarter of 2022. The year-over-year decline was primarily attributable to the timing of the Company’s original content series, ELEVATED , which recognized revenues for Season 1 in the first quarter of 2022 and is expected to recognize revenues for Season 2 in the second quarter of 2023. Costs and expenses: Total costs and expenses were $3.8 million, a decrease of 38% compared to the first quarter of 2022. The decrease was in large part due to a 26% reduction in general & administrative expenses, principally cash, severance and stock-based compensation, as well as the aforementioned timing and related expense recognition of ELEVATED. Net loss for the first quarter of 2023 was $1.9 million compared to a net loss of $3.8 million in the prior year period.