GameSquare Holdings (NASDAQ: GAME) reported its first positive adjusted EBITDA quarter in the fourth quarter of 2025, achieving $1.7 million or 9.4% of revenue, the company announced.

The gaming and media company posted fourth quarter revenue of $18.5 million, up 142% from $7.6 million in the same period last year. Gross margin increased to 45.9% from 25.8% year-over-year.

Despite the profitability milestone, the company reported a net loss from continuing operations of $28.2 million for the quarter, compared to a $19.5 million loss in the prior year. The loss included a $20.3 million fair value loss on digital assets and a $12.1 million impairment expense.

For the full year 2025, GameSquare reported revenue of $45.0 million, up from $27.5 million in 2024. Annual adjusted EBITDA loss improved to $4.6 million from an $11.9 million loss in the previous year.

The company repurchased 2.99 million shares during the fourth quarter for $1.7 million at an average price of approximately $0.58 per share. As of March 6, 2026, GameSquare has repurchased 5.06 million shares for $2.5 million since launching its repurchase program in October 2025.

In February 2026, GameSquare entered an agreement to acquire TubeBuddy, an AI-enabled software platform for YouTube creators, from BENlabs. Pro forma results including TubeBuddy showed fourth quarter adjusted EBITDA of $2.3 million.

For fiscal 2026, the company provided guidance of $85-90 million in revenue, gross margin of 35-40%, and adjusted EBITDA exceeding $5 million on a pro forma basis.

The company held digital assets worth approximately $52.0 million including Ethereum, altcoins, and cash as of December 31, 2025.