Super League (SLE) 2026 年第二季法說會：隨著業務管道擴張，利潤率有所改善

重點摘要

• 總營收約為 300 萬美元，由於廣告預算面臨世界盃支出、關稅不確定性、地緣政治事件以及 Roblox 政策變化的壓力，年增率與季增率均基本持平。
• 淨營收季增 16% 至約 124 萬美元，毛利率則自 2026 年第一季的 36% 提升至 41%。
• 調整後 EBITDA 虧損同比縮減約 20% 至約 170 萬美元，相比去年同期約為 210 萬美元。
• 截至第二季末，每位銷售人員的加權潛在訂單金額增至約 280 萬美元，高於公司公布第一季財報時的約 178 萬美元。
• Super League 在未增加整體成本基數的情況下整合了 Misfits Ads 資產。目前的員工人數仍低於收購前的水準。
• 管理層仍專注於在 2026 年第四季實現調整後 EBITDA 獲利，這主要取決於在維持成本紀律的同時，轉化擴大後的商業潛在訂單。

關鍵財務數據

業務與營運表現

Super League 將執行團隊用於可計費客戶工作的產能比重較 第一季提升了約 30%。管理層表示，此一改善反映了將現有資源投入創收活動的努力。

該公司於 5 月完成了對 Misfits Ads 資產的收購。Misfits 帶來了程序化廣告、一站式媒體功能以及現有的潛在業務機會管道。據管理層稱，這些產品通常需要較少的營運努力，且擁有較高的毛利率。

Super League 還推出了一個青少年與家庭市場，透過程序化購買或託管服務提供兒童安全的遊戲媒體資源。管理層預期程序化廣告庫存將產生更可預測的營運收入流，但也澄清這不應被視為類似訂閱制的經常性收入。

此期間商業活動有所增強。Super League 在 第二季至第三季迄今獲取了 6 家首度合作的客戶，包括道奇 (Dodge) 首次推出的 Fortnite 專案。續約客戶則包括美國高爾夫球協會 (USGA)、羅技 (Logitech)、GoGo squeeZ 和帝國影城 (Regal Cinemas)。

該公司在新任營收執行副總裁 Anthony Alexander 的領導下重建了營收組織，並在洛杉磯、紐約和芝加哥增加了銷售人員。管理層表示，這些投資是在保持成本結構基本持平的情況下進行的。

Super League 將其產品定位為涵蓋連網電視、行動裝置、個人電腦、主機、網頁、Roblox、YouTube、TikTok、Discord 和創作者平台的跨管道解決方案。據管理層稱，其連網電視遊戲應用程式庫存可覆蓋 1 億個美國家庭。

資產負債表在第二季得到進一步簡化。繼前一年消除債務後，Super League 已無流通在外特別股。管理層表示，現有流動性應可資助可預見未來的營運，且預計不會為了支持營運業務而額外募集資金。

管理層財測指引

管理層重申了在 2026 年第四季實現調整後 EBITDA 獲利的目標。實施路徑主要取決於將更大的銷售管道轉化為營收、提升營收品質與毛利率，以及維持目前的成本結構。

該公司相信其現有團隊與基礎設施可以在不顯著增加成本的情況下，支持所需的營收成長。管理層將營運費用描述為已接近必要的基準線，但進一步的效率提升可能來自將更多員工產能轉向可計費業務。

在 2026 年剩餘時間內，Super League 將優先考慮潛在訂單轉化、毛利率提升、成本紀律以及進一步利用 Misfits Ads 的能力。該公司也繼續評估數位資產機會，但表示其方法仍保持審慎與紀律。

風險與關注事項

• 營收維持持平，管理層承認商業動能尚未轉化為持續的營收成長。
• 廣告需求受到世界盃相關支出、關稅不確定性、包括伊朗戰爭在內的地緣政治事件，以及影響部分品牌活動的 Roblox 政策變化的影響。
• 第四季獲利目標很大程度上取決於能否透過升級後的銷售與策略團隊轉化持續成長的潛在訂單。
• 程序化廣告可以提高營收的可預測性，但管理層強調這並不等同於合約訂閱收入。

分析師問答集錦

管理層將每位銷售人員加權潛在訂單金額的增加歸因於三個因素：新的銷售領導層、更廣泛的產品組合，以及透過 Misfits 交易繼承的商業機會。

關於第四季調整後 EBITDA 目標，管理層表示進一步削減成本並非主要驅動因素。核心要求是在保持現有成本基數基本穩定的同時，將擴大的機會集轉化為營收。

關於程序化廣告，管理層表示廣告庫存可以每天購買且預算可每日調整，從而減少對冗長的提案邀請書 (RFP) 流程的依賴。有效的行銷活動可能會成為客戶媒體支出的常態部分，進而支持更可預測的營收。

管理層還表示，Super League 正在擺脫銷售單一產品的做法。公司正日益根據每位廣告主的目標，設計結合行動裝置、Roblox、連網電視、網頁遊戲和 YouTube 網紅等管道的受眾導向行銷活動。

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管理層陳述

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.

分析師問答

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.