GameSquare Holdings, Inc. Segments Disclosure
22. Revenue and Segmented Information
The CODM uses gross profit, as reviewed at periodic business review meetings, as the key measure of the operating segment results as it reflects the Company’s underlying performance for the period under evaluation to determine resource allocation. As of December 31, 2025, the Company is organized into the four operating segments, which also represent its four reportable segments: Owned and Operated IP, Agency, SaaS and managed services and Yield.
Revenue, cost of sales and gross profit for the Company’s operating and reportable segments, disaggregated into geographic locations, are as follows:
| Year ended December 31, 2025 | ||||||||||||||||||||
| Segment | United Kingdom | USA | Spain | Australia | Total | |||||||||||||||
| Revenue | ||||||||||||||||||||
| Owned and Operated IP | $ | $ | 12,779,530 | $ | $ | $ | 12,779,530 | |||||||||||||
| Agency | 1,356,524 | 16,037,141 | 5,439,669 | 3,665,582 | 26,498,916 | |||||||||||||||
| SaaS and managed services | 1,510,249 | 3,069,862 | 4,580,111 | |||||||||||||||||
| Yield | 1,140,745 | 1,140,745 | ||||||||||||||||||
| Total Revenue | 1,356,524 | 31,467,665 | 8,509,531 | 3,665,582 | 44,999,302 | |||||||||||||||
| Cost of sales | ||||||||||||||||||||
| Owned and Operated IP | 8,160,020 | 8,160,020 | ||||||||||||||||||
| Agency | 987,233 | 9,146,455 | 3,625,804 | 2,713,931 | 16,473,423 | |||||||||||||||
| SaaS and managed services | 455,187 | 395,095 | 850,282 | |||||||||||||||||
| Yield | ||||||||||||||||||||
| Total Cost of sales | 987,233 | 17,761,662 | 4,020,899 | 2,713,931 | 25,483,725 | |||||||||||||||
| Gross profit | ||||||||||||||||||||
| Owned and Operated IP | 4,619,510 | 4,619,510 | ||||||||||||||||||
| Agency | 369,291 | 6,890,686 | 1,813,865 | 951,651 | 10,025,493 | |||||||||||||||
| SaaS and managed services | 1,055,062 | 2,674,767 | 3,729,829 | |||||||||||||||||
| Yield | 1,140,745 | 1,140,745 | ||||||||||||||||||
| Total Gross profit | $ | 369,291 | $ | 13,706,003 | $ | 4,488,632 | $ | 951,651 | $ | 19,515,577 | ||||||||||
| Year ended December 31, 2024 | ||||||||||||||||||||
| Segment | United Kingdom | USA | Spain | Australia | Total | |||||||||||||||
| Revenue | ||||||||||||||||||||
| Owned and Operated IP | $ | $ | 10,260,462 | $ | $ | $ | 10,260,462 | |||||||||||||
| Agency | 1,342,578 | 10,747,244 | 12,089,822 | |||||||||||||||||
| SaaS and managed services | 2,101,130 | 3,092,442 | 5,193,572 | |||||||||||||||||
| Yield | ||||||||||||||||||||
| Total Revenue | 1,342,578 | 23,108,836 | 3,092,442 | 27,543,856 | ||||||||||||||||
| Cost of sales | ||||||||||||||||||||
| Owned and Operated IP | 8,246,931 | 8,246,931 | ||||||||||||||||||
| Agency | 1,052,436 | 7,848,758 | 8,901,194 | |||||||||||||||||
| SaaS and managed services | 566,282 | 375,543 | 941,825 | |||||||||||||||||
| Yield | ||||||||||||||||||||
| Total Cost of sales | 1,052,436 | 16,661,971 | 375,543 | 18,089,950 | ||||||||||||||||
| Gross profit | ||||||||||||||||||||
| Owned and Operated IP | 2,013,531 | 2,013,531 | ||||||||||||||||||
| Agency | 290,142 | 2,898,486 | 3,188,628 | |||||||||||||||||
| SaaS and managed services | 1,534,848 | 2,716,899 | 4,251,747 | |||||||||||||||||
| Yield | ||||||||||||||||||||
| Total Gross profit | $ | 290,142 | $ | 6,446,865 | $ | 2,716,899 | $ | $ | 9,453,906 | |||||||||||
Management does not evaluate operating segments using discrete asset information. The Company’s consolidated assets are generally shared across, and are not specifically ascribed to, operating and reportable segments.
Property and equipment, net, by geographic region, are summarized as follows:
| December 31, 2025 | December 31, 2024 | |||||||
| USA | $ | 70,362 | $ | 297,727 | ||||
| Australia | 40,245 | |||||||
| United Kingdom | 1,337 | |||||||
| Spain | 3,447 | 4,886 | ||||||
| Total | $ | 114,054 | $ | 303,950 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 8, 2026 | Showing above |
| 2024 | Apr 15, 2025 | |
| 2023 | Apr 16, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.