[zef art - stock.adobe.com]
Gfinity (GFIN ), an esports and gaming solutions provider, announced today it has extended its long-running partnership with Red Bull and entered into an agreement as the production partner for the third edition of Red Bull Home Ground.
Gfinity will be providing end-to-end production services to broadcast the live event, including outside broadcasting TV facilities and infrastructure.
In addition, Gfinity and Red Bull have partnered for the delivery of a "comprehensive pre-event content plan" to promote and drive interest in the live event. This includes content shot in the UK and Turkey, to be distributed on Red Bull's social media, including Instagram, Twitter, Tik Tok, and YouTube.
Red Bull's tournament format will feature 8 teams from around the world competing in a "unique, map-focused competition". In best-of-five matches, teams will pick a "home ground" to play on for the opening two matches. If a team wins both opening "home" and "away" matches, they advance straight through. In the event of a tie, the best of five continues.
Red Bull Home Ground will be streamed live on Twitch and YouTube.
Gfinity also said the Valorant Invitational event will be held at Victoria Warehouse in Manchester, on December 9-11, 2022.
View from Vox
Today's announcement builds on Gfinity's long-running relationship with Red Bull, this time raising the bar further with pre-event content and a new unique tournament format.
On the financial side, Gfinity raised £2.70m in March at a price of 1.25p alongside one warrant for every share subscribed for, which they said at the time provides them with a "pathway to profitability in 2023 and beyond".
Current broker forecasts see Gfinity generating £10.5m of revenue this year and achieving £2.3m of adjusted EBITDA & £2m of adjusted profit before tax. Currently Gfinity's market capitalisation is around £15m, with c. £3m of cash and no debt, leaving them with an enterprise value of approximately £12m.
Gfinity's most recent half-year results to Dec 31 2021 showed the company on the right path to profitability with increased revenues, lower operating losses, and reduced operating expenditures.
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