Super League — Second Quarter 2026 Earnings Summary

Financial Performance

• Gross revenue for Q2 2026 was approximately $3.0 million, essentially flat year-over-year and sequentially.
• Net revenue increased 16% sequentially to approximately $1.24 million from $1.08 million in Q1 2026.
• Gross margin expanded to 41% in Q2 2026 from 36% in the prior period.
• Adjusted EBITDA improved approximately 20% year-over-year, narrowing the loss to approximately $1.7 million from a loss of $2.1 million in Q2 2025.
• Net loss for the three months ended June 30, 2026, was $4.39 million, compared to a net loss of $2.78 million in the same period of 2025.
• Net loss for the six months ended June 30, 2026, was $8.44 million, compared to $7.01 million in the prior-year period.
• Cash and investments totaled approximately $6.7 million at the end of Q2 2026, up from approximately $475,000 as of June 30, 2025.
• The Company eliminated all preferred stock outstanding during the quarter.
• Total liabilities decreased to $5.85 million as of June 30, 2026, from $4.34 million as of December 31, 2025.
• Stockholders' equity (deficit) was $12.91 million as of June 30, 2026, down from $17.53 million as of December 31, 2025.
• Net cash used in operating activities for the six months ended June 30, 2026, was $4.72 million.
• Net cash used in investing activities for the six months ended June 30, 2026, was $7.62 million.
• Net cash used in financing activities for the six months ended June 30, 2026, was $0.92 million, primarily due to the redemption of Series C preferred stock.

Guidance and Future Outlook

• Management aims to achieve Adjusted EBITDA profitability in the fourth quarter of 2026.
• The Company believes existing liquidity is sufficient to fund ongoing operations for the foreseeable future and does not anticipate needing to raise additional capital.
• As of July 31, the weighted pipeline per seller for opportunities through year-end increased approximately 57% from the level reported following Q1.

Business Segments and Product Lines

• Super League completed the acquisition of Misfits Ads assets on May 1, 2026, integrating them without increasing the overall cost base.
• The Misfits Ads acquisition expanded programmatic advertising and turnkey media capabilities, adding higher-margin solutions with potential for more predictable revenue.
• The Company launched its Youth and Family Marketplace, providing access to kid-safe media across gaming channels via programmatic buying and managed services.
• The commercial organization was upgraded with new revenue leadership and experienced sales talent across key U.S. advertising markets while maintaining headcount at approximately pre-transaction levels.

Market and Competitive Landscape

• The Company operates in a challenging advertising environment but reports continued operating progress.
• Super League serves the 3.5 billion-person global gaming population through advertising and branded content programs.
• The Company positions itself to capture an increasing share of brand advertising spend as the market evolves.

Risks and Challenges

• The press release notes a challenging advertising environment as a factor impacting gross revenue.
• Forward-looking statements highlight risks including the ability to utilize funds received, execute cost reduction initiatives, customer demand trends, regulatory conditions, and compliance with Nasdaq Capital Market listing standards.

Management Commentary and Tone

• CEO Matt Edelman described Q2 as a quarter of "resilience and continued operating progress," noting meaningful progress beneath the top line despite flat gross revenue.
• Management stated the business is stronger, commercial capabilities are broader, and the financial foundation is healthier halfway through 2026.
• The focus has shifted from stabilization to execution, with gains in margin, operating efficiency, and commercial activity supporting the objective of Q4 Adjusted EBITDA profitability.

Other Key Points

• The Company redeemed its remaining preferred stock, leaving no preferred shares outstanding for the first time in several years.
• The Company eliminated its debt in 2025.
• The Company acquired Misfits Ads assets on May 1, 2026, and Bounce assets during the six-month period.
• The Company invested in Roblox digital property ($165,000) and Solsten Inc. ($200,000) during the six months ended June 30, 2026.
• The Company held an earnings webinar on August 14, 2026, to discuss results and provide a corporate update.