GameSquare Holdings

GAME

Electronic Gaming & Multimedia · Technology

Price

$0.42

-0.01 (-3.34%)

Market Cap

$43.5M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+2212569.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.0M (2021) → 65.72B (2025)

Winston Score History

The full picture

GameSquare Holdings is a media and technology company focused on the gaming and esports industry. It connects brands with gaming audiences through marketing services, content creation, and esports team management. Its customers are mainly advertisers and consumer brands that want to reach young, hard-to-reach gamers.

The company makes money by charging brands for sponsorships, advertising campaigns, and managed marketing services tied to gaming culture. GameSquare operates primarily in North America and has grown partly through acquisitions of esports and gaming media properties. Its gross margin of around 35% suggests some pricing power in its services, but a negative operating margin means it is still spending more than it earns. The main risk is that the esports and gaming media industry remains fragmented and competitive, making it difficult to scale profitably — and the company will need to demonstrate it can grow revenue faster than its costs to reach sustainable profitability.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-41.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$2M/ year

↓ Declining (-37% vs prior year)

4.6% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

22.5%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~4 months

$5M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

GameSquare Holdings has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

49.0%

Healthy — 49.0% gross margin

Profit after running costs

Operating Margin

-9.3%

Losing money on operations — -9.3%

Return on the money invested

ROCE

-34.0%

Weak — -34.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-27.7%

Shrinking sales (-27.7% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-36.3%

Burning cash (-36.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.27

Elevated debt (1.27)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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