Cuộc họp công bố kết quả kinh doanh Q2 2026 của Super League (SLE): Biên lợi nhuận cải thiện khi danh mục dự án mở rộng

Thông tin trọng tâm

• Doanh thu gộp đạt khoảng 3 triệu USD, về cơ bản đi ngang so với cùng kỳ năm ngoái và so với quý trước, do ngân sách quảng cáo chịu áp lực từ chi tiêu cho World Cup, sự không chắc chắn về thuế quan, các sự kiện địa chính trị và sự thay đổi chính sách của Roblox.
• Doanh thu thuần tăng 16% so với quý trước lên khoảng 1,24 triệu USD, trong khi biên lợi nhuận gộp tăng lên 41% từ mức 36% trong quý 1/2026.
• Lỗ EBITDA điều chỉnh đã thu hẹp khoảng 20% so với cùng kỳ năm ngoái xuống còn khoảng 1,7 triệu USD, so với mức khoảng 2,1 triệu USD ở cùng kỳ năm trước.
• Giá trị cơ hội kinh doanh có trọng số trên mỗi nhân viên bán hàng đã tăng lên khoảng 2,8 triệu USD vào cuối quý 2, từ mức khoảng 1,78 triệu USD khi công ty báo cáo kết quả quý 1.
• Super League đã tích hợp các tài sản của Misfits Ads mà không làm tăng cơ sở chi phí tổng thể. Quy mô nhân sự hiện tại vẫn thấp hơn mức trước khi thực hiện vụ thâu tóm.
• Ban lãnh đạo tiếp tục tập trung vào việc đạt mức lợi nhuận EBITDA điều chỉnh trong quý 4/2026, phụ thuộc chủ yếu vào việc chuyển đổi các cơ hội thương mại đã mở rộng trong khi vẫn duy trì kỷ luật chi phí.

Dữ liệu tài chính trọng yếu

Kết quả kinh doanh và hoạt động

Super League đã tăng tỷ trọng năng lực của đội ngũ triển khai dành cho các dự án tính phí khách hàng thêm khoảng 30% so với quý 1. Ban lãnh đạo cho biết sự cải thiện này phản ánh những nỗ lực phân bổ nguồn lực hiện có cho các hoạt động tạo ra doanh thu.

Công ty đã hoàn tất việc thâu tóm các tài sản của Misfits Ads vào tháng 5. Misfits đã bổ sung quảng cáo tự động, các năng lực truyền thông trọn gói và một danh mục cơ hội kinh doanh hiện có. Theo ban lãnh đạo, các sản phẩm này nhìn chung đòi hỏi ít nỗ lực vận hành hơn và mang lại biên lợi nhuận cao hơn.

Super League cũng đã ra mắt một thị trường dành cho giới trẻ và gia đình, cung cấp khả năng tiếp cận các phương tiện truyền thông trò chơi an toàn cho trẻ em thông qua mua tự động hoặc dịch vụ được quản lý. Ban lãnh đạo kỳ vọng kho nguồn cung quảng cáo tự động sẽ tạo ra dòng doanh thu có thể dự đoán được hơn, mặc dù làm rõ rằng không nên xem đây là doanh thu định kỳ kiểu đăng ký dài hạn.

Hoạt động thương mại đã mạnh lên trong kỳ. Super League đã có được sáu khách hàng mới lần đầu hợp tác tính từ quý 2 đến nay trong quý 3, bao gồm Dodge cho chương trình Fortnite đầu tiên. Các khách hàng gia hạn hợp đồng bao gồm USGA, Logitech, GoGo squeeZ và Regal Cinemas.

Công ty đã tái cấu trúc bộ phận doanh thu dưới sự dẫn dắt của Phó Chủ tịch điều hành kinh doanh mới Anthony Alexander và bổ sung các nhân viên bán hàng tại Los Angeles, New York và Chicago. Ban lãnh đạo cho biết các khoản đầu tư này được thực hiện trong khi vẫn duy trì cấu trúc chi phí về cơ bản đi ngang.

Super League đang định vị giải pháp của mình là giải pháp đa kênh trải dài trên TV kết nối, di động, PC, console, web, Roblox, YouTube, TikTok, Discord và các nền tảng nhà sáng tạo nội dung. Kho ứng dụng trò chơi trên TV kết nối của công ty hiện hiện diện tại 100 triệu hộ gia đình Mỹ, theo ban lãnh đạo.

Bảng cân đối kế toán tiếp tục được đơn giản hóa trong quý 2. Super League không còn cổ phiếu ưu đãi đang lưu hành, sau khi xóa nợ vào năm trước. Ban lãnh đạo cho biết tính thanh khoản hiện tại đủ để tài trợ cho các hoạt động trong tương lai gần và công ty không có kế hoạch huy động thêm vốn để hỗ trợ hoạt động kinh doanh.

Định hướng từ Ban lãnh đạo

Ban lãnh đạo đã tái khẳng định mục tiêu đạt mức lợi nhuận EBITDA điều chỉnh trong quý 4/2026. Lộ trình này phụ thuộc chủ yếu vào việc chuyển đổi danh mục cơ hội bán hàng lớn hơn thành doanh thu, cải thiện chất lượng doanh thu cùng biên lợi nhuận, và duy trì cấu trúc chi phí hiện tại.

Công ty tin rằng đội ngũ và cơ sở hạ tầng hiện tại có thể hỗ trợ mức tăng trưởng doanh thu yêu cầu mà không làm tăng đáng kể chi phí. Ban lãnh đạo mô tả chi phí hoạt động đã ở mức gần như tối thiểu cần thiết, mặc dù hiệu quả có thể tiếp tục tăng lên nhờ việc chuyển đổi thêm năng lực làm việc của nhân viên sang các hoạt động tính phí.

Trong phần còn lại của năm 2026, Super League sẽ ưu tiên chuyển đổi các cơ hội kinh doanh, cải thiện biên lợi nhuận, duy trì kỷ luật chi phí và tận dụng tối đa các năng lực của Misfits Ads. Công ty cũng tiếp tục đánh giá các cơ hội tài sản số nhưng cho biết phương pháp tiếp cận vẫn duy trì sự thận trọng và kỷ luật.

Rủi ro và các yếu tố cần theo dõi

• Doanh thu tiếp tục đi ngang, và ban lãnh đạo thừa nhận rằng đà tăng trưởng thương mại vẫn chưa chuyển hóa thành sự tăng trưởng doanh thu bền vững.
• Nhu cầu quảng cáo chịu ảnh hưởng bởi chi tiêu xung quanh World Cup, sự không chắc chắn về thuế quan, các sự kiện địa chính trị bao gồm cuộc chiến ở Iran, và những thay đổi trong chính sách của Roblox làm ảnh hưởng đến một số hoạt động kích hoạt thương hiệu.
• Mục tiêu sinh lời trong quý 4 phụ thuộc rất lớn vào việc chuyển đổi danh mục cơ hội kinh doanh đang tăng trưởng thông qua các đội ngũ bán hàng và chiến lược đã được nâng cấp.
• Quảng cáo tự động có thể cải thiện khả năng dự báo doanh thu, nhưng ban lãnh đạo nhấn mạnh rằng nó không tương đương với doanh thu đăng ký theo hợp đồng.

Điểm nhấn phần Hỏi & Đáp với Chuyên gia phân tích

Ban lãnh đạo cho biết sự gia tăng giá trị cơ hội kinh doanh có trọng số trên mỗi nhân viên bán hàng đến từ ba yếu tố: ban lãnh đạo bán hàng mới, danh mục sản phẩm rộng hơn và các cơ hội có được từ giao dịch thâu tóm Misfits.

Về mục tiêu EBITDA điều chỉnh trong quý 4, ban lãnh đạo cho biết việc cắt giảm thêm chi phí không phải là động lực chính. Yêu cầu trọng tâm là chuyển đổi tập hợp các cơ hội đã mở rộng thành doanh thu trong khi vẫn duy trì cơ sở chi phí hiện tại về cơ bản ổn định.

Liên quan đến quảng cáo tự động, ban lãnh đạo cho biết có thể mua nguồn cung quảng cáo và điều chỉnh ngân sách hàng ngày, giúp giảm sự phụ thuộc vào các quy trình yêu cầu báo giá (RFP) kéo dài. Các chiến dịch hiệu quả có thể trở thành một phần thường xuyên trong chi tiêu truyền thông của khách hàng, giúp doanh thu dễ dự báo hơn.

Ban lãnh đạo cũng cho biết Super League đang dần từ bỏ việc bán các sản phẩm đơn lẻ. Công ty ngày càng chú trọng thiết kế các chiến dịch dựa trên đối tượng độc giả, kết hợp nhiều kênh như di động, Roblox, TV kết nối, trò chơi trên web và các người ảnh hưởng trên YouTube theo đúng mục tiêu của từng bên quảng cáo.

Toàn văn biên bản cuộc họp kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Greetings, and welcome to Super League's Second Quarter 2026 Conference Call. Please note, this conference is being recorded.

Before we begin, I'd like to caution listeners that comments made by management during this call may include forward-looking statements within the meaning of applicable securities laws. These statements involve material risks and uncertainties, and actual results could differ from those projected in any forward-looking statements due to numerous factors. For a description of these factors -- for a description of these risks and uncertainties, please see Super League's financial statements and MD&A for the second quarter 2026 ended June 30, 2026, available on EDGAR. Important qualifications regarding forward-looking statements are also contained in Super League's earnings release distributed earlier this morning, also available on EDGAR.

Furthermore, the content of this conference call contains time-sensitive information accurate only as of today, August 14, 2026. Super League undertakes no obligation to revise or otherwise update any statements to reflect events or circumstances after the date of this call.

I would now like to turn the conference call over to Matt Edelman, President and Chief Executive Officer. Matt, please go ahead.

Matthew Edelman

Good morning, and thank you for joining us. I'm pleased to share our financial results and business updates for the second quarter of 2026, along with our perspective on the progress we continue to make across Super League's media and advertising business.

As we entered this year, we said 2026 would be about execution. Our second quarter results reflect continued progress against that priority even as the broader advertising environment presented several challenges during the period.

Gross revenue was approximately $3 million, essentially flat both year-over-year and sequentially and generally in line with analyst expectations. While we are not satisfied with flat revenue, we believe the stability of our top line demonstrates resilience in a quarter when advertising budgets and brand priorities were affected by several macro factors, including significant spending around the World Cup, uncertainty surrounding tariffs and geopolitical events such as the Iran war, as well as evolving Roblox policies affecting certain brand activations. More importantly, we continue to make progress beneath the top line, in areas critical to the health and scalability of the business.

Net revenue increased 16% sequentially to approximately $1.24 million from $1.08 million in the first quarter, despite gross revenue remaining essentially flat. Gross margin improved to 41%, up from 36% in Q1. Adjusted EBITDA improved approximately 20% year-over-year to a loss of approximately $1.7 million, compared with a loss of approximately $2.1 million in the prior year quarter. On a sequential basis, our pro forma cash basis operating performance also continued to improve.

These results reflect our ongoing focus on the quality of our revenue, operational efficiency and disciplined management of our cost structure. One example is the progress we are making in implementation team utilization. During the second quarter, the percentage of our cost of goods related team capacity dedicated to billable client activity increased approximately 30% relative to Q1. Our focus is ensuring the resources we have in place are deployed efficiently against revenue-generating work.

That discipline has extended to the integration of the Misfits Ads assets acquired in May of this year. We completed the acquisition early in the second quarter and successfully integrated the Misfits team without increasing Super League's overall cost base. In fact, total company headcount today remains below where it was prior to the acquisition.

Just as importantly, Misfits has brought more than technology and incremental capabilities to Super League. The team has added strong commercial energy, an attractive pipeline of opportunities, and further reinforced our culture of creativity, execution and accountability. The acquisition has also expanded the breadth of what we can offer to our brand partners. We now have programmatic advertising and turnkey media solutions that are lower lift operationally, generally higher margin and have the potential to become more predictable sources of revenue.

In that regard, we recently launched a youth and family marketplace, giving advertisers a single point of access to kids-safe media within gaming channels that can be accessed programmatically by buyers or through our managed services team. These capabilities represent the intentional revenue diversification that inspired the Misfits transaction and already allow us to address a broader range of advertiser objectives across gaming and digital media.

We are seeing encouraging signals from our broader commercial organization as well. Weighted pipeline per seller as of the end of Q2 increased to approximately $2.8 million, up from approximately $1.78 million when we reported our first quarter results.

Win rates with clients are also improving and our renewal business remains strong. Recent examples include the USGA, Logitech, GoGo squeeZ and Regal Cinemas. Our success with these and a growing number of partners is rooted in how we establish their entry into the gaming landscape. We create a presence they can build upon. A starting point becomes a proof point, and a proof point becomes an opportunity we can expand.

We also closed 6 first-time clients during the second quarter and third quarter to date. One recent example is Dodge, which selected Super League as its inaugural partner for a program within Fortnite. We believe wins like this demonstrate the continued relevance of gaming environments for major consumer brands and Super League's ability to help advertisers activate within them.

Consistent with our recent growth initiatives, we have continued to add new business and inventory partners, further expanding our reach to targeted audiences across connected TV, mobile, PC, console, web, and creator and community platforms, including YouTube, TikTok and Discord. Our client solutions have become both broader and more precise. We are more equipped than ever in our history to demystify the fragmented gaming landscape by designing cross-channel programs that optimize advertiser outcomes and deploying our play intelligence engine powered by psychographic insights, AI insights through our partnership with Solsten.

Supporting all of this is a meaningful upgrade to our commercial organization. Beginning late in the second quarter, we substantially rebuilt our revenue team under the leadership of a new Executive Vice President of Revenue, Anthony Alexander. Anthony brings approximately 15 years of senior revenue leadership experience in gaming media, including deep expertise in programmatic advertising, data-driven sales strategies and building teams capable of scaling revenue.

We also have added experienced sellers in Los Angeles, New York and Chicago, strengthening our presence across 3 important markets. And as mentioned a few moments ago, we have made these moves while maintaining a largely flat cost structure.

The early indicators are encouraging. We are receiving more RFPs week after week, and we believe we now have a much stronger team in place to convert those opportunities into revenue.

Our financial position also remains an important source of strength. We ended the second quarter with approximately $6.7 million in cash and investments, compared with approximately $475,000 at June 30 of last year. Additionally, we continued simplifying our capitalization structure during the quarter. For the first time in several years, Super League no longer has any preferred stock outstanding.

Combined with the elimination of our debt last year and the other steps we have taken to simplify our balance sheet, we believe Super League is operating from a significantly stronger financial foundation than it was a year ago. Importantly, we continue to believe our existing liquidity is sufficient to fund ongoing operations for the foreseeable future and do not anticipate needing to raise additional capital to support the operating business.

As we look toward the remainder of 2026, our priorities are straightforward. First, convert the growing commercial pipeline into revenue. Second, continue improving the quality and margin profile of that revenue. Third, maintain the cost discipline and operating leverage necessary to translate revenue growth into improved financial performance. And fourth, continue integrating and taking advantage of the capabilities we have added through the Misfits Ads assets and the investments we have made across the business.

We remain focused on achieving adjusted EBITDA profitability in the fourth quarter and believe the gains we are seeing in margin, operating efficiency and commercial activity continue to support that objective. We also continue to follow developments within the digital asset sector. Our approach remains measured and disciplined, and we will explore opportunities when we believe they can create meaningful value for shareholders.

We entered 2026 saying the focus had shifted from stabilization to execution. Halfway through the year, that is exactly where our attention remains. We have more work to do, particularly in translating the commercial momentum we are building into sustained revenue growth, but we believe the underlying business is getting stronger, our capabilities are broader, our financial foundation is healthier and our organization is increasingly positioned to deliver the operating leverage we have been working toward. Thank you.

With that, I'll turn it back to the operator for Q&A.

Operator

[Operator Instructions] Our first questions come from the line of James Kisner with Water Tower Research.

Phần hỏi đáp

James Kisner

So this weighted pipeline per seller jumping 57% seems quite a bit. What's behind that step up? How much is that from the new sales leadership versus the broader product set?

Matthew Edelman

James, nice to talk to you. I think it's really 3 things, you talked about 2 of them. One, the leadership has really come in and opened up a lot of new opportunities. Two, we do have a broader product set, and that has given us a chance to speak with more potential brand partners about more opportunities. And then three, we did inherit, through the transaction with Misfits, an attractive pipeline that brought in a higher volume of opportunity.

James Kisner

That's helpful. So nice to see you kind of reaffirm this target of adjusted EBITDA profitability in Q4. What kind of gets you there? Is it just revenue conversion from the pipeline, or is it further margin gains, cost discipline, all of the above? Like what's the road map?

Matthew Edelman

Well, we certainly will maintain cost discipline. We have to stay pretty locked in where we are, and believe we have the team members and the infrastructure now to support the kind of revenue growth that can make our current cost structure successful in supporting a path to adjusted EBITDA profitability. And so really, it is converting the volume of opportunities and a broader product set and relying upon the upgraded sales and strategy teams to deliver revenue based on the opportunities we brought in.

James Kisner

Great. That's helpful. And I was hoping maybe you could provide an update on the kind of CTV advergaming inventory partnership, where that stands and when it might kind of show up in pipeline or revenue?

Matthew Edelman

It's an important question. Our CTV inventory is within a gaming application that is available on 100 million households -- within 100 million households in the U.S. And it is an application that allows playing games on your television and also watching gaming content, largely from YouTube, that lives within the application. And there is a fair amount of exciting standard media inventory as well as custom advertising opportunities that we are able to bring our partners inside that application.

And it is becoming a real highly desirable feature in many programs, especially with a number of streamers and entertainment applications that companies want people to download and use on their connected TV. So there's a nice tune-in opportunity by appealing to gamers and really only being one click away from getting to content.

Operator

Our next questions come from the line of Rommel Dionisio with Aegis Capital.

Rommel Dionisio

Matt, in your comments, you talked about the Misfits -- the integration of Misfits leading to a more predictable or, I think, recurring revenue stream. Could you walk us through the thought process on that? I understand, obviously, the cross-selling synergies. But how do you think about the stickiness of your client base going forward? Could you walk us through how that would kind of translate to a more recurring or predictable revenue stream? And maybe if you can add an anecdote or 2 about if you've had success with that in the past.

Matthew Edelman

Yes, sure. Absolutely. So I think the word predictable is a better word than recurring because it is not similar to sort of subscription or business of that nature.

But the opportunity with programmatic advertising solutions is that there is a consistent amount of advertising inventory that is available to buyers on a daily basis and as opposed to always working in a request for proposal and response dynamic where you're going back and forth on a number of rounds of discussions. That inventory can be purchased either by the buyer or by our team on behalf of the buyer very easily, and the budget can be set or changed in any given day.

And so it allows the more seamless flow of revenue, and it is very targeted inventory. So if it's starting to work, it becomes a bit of a staple for a client. And so we did acquire a handful of partnerships that are using that inventory, and we are expanding the breadth of that inventory and the applicability of that inventory to a wider range of brands. And we do expect programmatic buying and managed services buying of the programmatic inventory to become a very healthy source of revenue going forward.

Operator

Our next questions come from the line of Jack Codera with Maxim Group.

Jack Codera

Given the kind of industry environment, do you have any commentary on specific channels you're starting to see improve, whether it's your kind of mobile segment or CTV? Do you have any expectations for these -- or maybe at a high level, any kind of targets for these to contribute as like a major percentage of revenue?

Matthew Edelman

Jack, that's an important question, because our business has gone through periods in recent years where we've had a single channel either become especially dominant in terms of our revenue mix or that we have brought in to diversify around that dominance.

The interesting thing about the way the business has evolved in the past 6 to 9 months, and particularly after we brought in the Misfits Ads assets, is that we now can help our brand partners design a program that is specifically optimized across multiple channels based on their audience and objectives.

And so we are beginning to see that buyers are trusting our expertise and looking at us as a single-point solution to help them optimize a program across mobile, which could be combined with Roblox, which could be combined with CTV, which could be combined with web games, which could be combined with influencers on YouTube, for the purposes of reaching gamers that match their audience and deliver against the marketing outcomes they desire.

And so instead of pitching specific products like we have in the past, we're actually pitching to reach a specific audience. And so we really do think that our offerings across the board are going to sort of rise in concert because, in any given campaign, it may be one or another product or channel that is the most important to activate.

Jack Codera

Okay. Yes, that's super helpful. And then I just had one more follow-up. Given the commentary about being smart about costs, do you expect the OpEx levels, is this a go-forward baseline? Or do you expect any flex? I think in the quarter, the GAAP OpEx is, call it, $5 million. Is that kind of the new baseline? Or do you expect that to kind of go down a little bit as well?

Matthew Edelman

We never stop looking for ways to reduce OpEx. We think we're probably close to the baseline. The primary area where we have an opportunity to perhaps find a little bit more efficiency is, as our volume of revenue-generating opportunities grows, we think we can shift more of our resources into supporting revenue-generating activity and bringing more of those resources into billable hours that might fit into cost of goods as opposed to OpEx.

That's really the goal, is to maximize the utilization of our team around billable activity. And so there might be some additional opportunity there. But otherwise, I think we're probably pretty close to the baseline that we need in order to support that path to adjusted EBITDA breakeven and profitability.

Operator

We have reached the end of the question-and-answer session. And with that, I would like to hand the call back over to Matt Edelman for any closing comments.

Matthew Edelman

Thank you again, everyone, for your time and for your questions.

Stepping back, I think the second quarter is best understood as a quarter of resilience and continued operating progress. Revenue remained stable despite a challenging advertising environment. Net revenue and gross margin improved sequentially. Adjusted EBITDA improved year-over-year. We integrated the Misfits Ads assets without increasing our overall cost base. We rebuilt and strengthened our commercial organization. And we maintained a strong liquidity position while continuing to simplify our capital structure.

As we move through the second half of 2026, our priorities remain clear: converting a growing pipeline into revenue, continuing to improve the economics of the business, maintaining financial discipline, and executing against our path toward profitability. We believe the work completed over the past quarters has created a strong foundation for Super League. The opportunity now is to translate that stronger foundation into sustained financial improvement.

We look forward to updating you on our progress next quarter. Have a great Friday.

Operator

Ladies and gentlemen, thank you so much. This does now conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time, and enjoy the rest of your day.