The following is a summary of the Allied Gaming & Entertainment Inc. (AGAE) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Total revenues for Q2 2024 were $2.6 million, down 19% from Q2 2023.

• Net loss for the quarter widened to $3.9 million, compared to a loss of $0.7 million in Q2 2023.

• Adjusted EBITDA loss was $1.4 million, marginally improved from $1.7 million in the prior quarter.

• Total cost and expenses increased significantly to $7.9 million from $4.7 million in the prior year.

• Cash and investments rose to $95.2 million, bolstered by proceeds from loans.

Business Progress:

• Launched the World Mahjong Tour (WMT) to capitalize on the game's rising popularity and untapped market potential.

• The Z-Tech acquisition has integrated well, evidenced by a 53% rise in Q2 in-game ad revenue.

• Advanced collaboration with the World Poker Tour and expanded activities in the HyperX Arena including partnering on prestigious events.

Opportunities:

• WMT aims to leverage the rising global popularity of Mahjong through regional tournaments leading to a final event, combining AGAE's existing strategic capabilities in events and mobile gaming.

• Continued expansion into Asia, particularly through potential partnerships with major events like the annual music festival in Macau.

Risks:

• The financial burden from ongoing litigation with Knighted Pastures which is impacting the company's costs and operations.

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