LOS
ANGELES, May 15, 2023 /PRNewswire/ -- FaZe Holdings
Inc. (Nasdaq: FAZE), the lifestyle and media platform rooted in
gaming and youth culture, today posted its financial results for
the first quarter, ended March 31,
2023 in a Letter to Shareholders. The Letter to Shareholders
can be accessed on FaZe's Investor Relations website,
investors.fazeclan.com.
"We reported revenue of $12.6
million for the first quarter of 2023, driven by brand
partnerships and esports as well as our continued efforts to
streamline the business," said Lee Trink, Chief Executive Officer.
"We remain focused on our strategy of driving brand sponsorships,
enhancing our talent network and managing our costs. Despite the
macro headwinds impacting our industry, we're pursuing various
opportunities in the US as well as internationally that we believe
will deliver future growth and value creation."
Forward Looking Statements
The information in this
communication includes "forward-looking statements" pursuant to the
"safe harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of present or historical fact included in this
communication, including statements regarding the Company's
strategy, future operations, financial performance and capital
structure, estimated financial position, estimated revenue and
losses, projections of market opportunity and market share,
projected costs, prospects, plans and objectives of management, are
forward-looking statements. These forward-looking statements
generally are identified by the words "budget," "could,"
"forecast," "future," "might," "outlook," "plan," "possible,"
"potential," "predict," "project," "seem," "seek," "strive,"
"would," "should," "may," "believe," "intend," "expect," "will,"
"continue," "increase," and/or similar expressions that concern
strategy, plans or intentions, but the absence of these words does
not mean that a statement is not forward-looking. Such statements
are based on management's belief or interpretation of information
currently available. These forward-looking statements are
based on various assumptions, whether or not identified herein, and
on the current expectations of management and are not predictions
of actual performance. Because forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions, whether or
not identified in this communication, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. Many factors could cause actual results and
conditions (financial or otherwise) to differ materially from those
indicated in the forward-looking statements, including but not
limited to: the sufficiency of our cash, cash equivalents and
investments to meet our liquidity needs; litigation and regulatory
proceedings relating to our business, including the ability to
adequately protect our intellectual property rights; our limited
operating history and uncertain future prospects and rate of growth
due to our limited operating history; our ability to continue to
monetize our platform; our ability to grow market share in our
existing markets or any new markets we may enter; our ability to
maintain and grow the strength of our brand reputation; our ability
to manage our growth effectively; our ability to retain existing
and attract new Esports professionals, content creators and
influencers; our success in retaining or recruiting, or changes
required in, our officers, directors and other key employees or
independent contractors; our ability to maintain and strengthen our
community of brand partners, engaged consumers, content creators,
influencers and Esports professionals, and the success of our
strategic relationships with these and other third parties; risks
related to data security and privacy, including the risk of
cyber-attacks or other security incidents; our ability to secure
future financing, if needed, and our ability to repay any future
indebtedness when due; the impact of the regulatory environment in
our industry and complexities with compliance related to such
environment, including our ability to comply with complex
regulatory requirements; our ability to maintain an effective
system of internal controls over financial reporting; our ability
to respond to general economic conditions, including market
interest rates; and other risks identified in Item 1A, "Risk
Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2022 and our other
filings with the SEC.
These forward-looking statements are provided for illustrative
purposes only and are not intended to serve as, and must not be
relied on by any investor as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability. Actual
events and circumstances are difficult or impossible to predict and
will differ from assumptions. Many actual events and circumstances
are beyond the control of the Company. Forward-looking statements
speak only as of the date they are made. While FaZe may elect to
update these forward-looking statements at some point in the
future, FaZe specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing FaZe's assessments as of any date subsequent to the
date of this communication. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
About FaZe Holdings Inc.
FaZe Holdings Inc. (Nasdaq:
FAZE) ("FaZe Clan"), is a digital-native lifestyle and media
platform rooted in gaming and internet culture, reimagining
traditional entertainment for the next generation. Founded in 2010
by a group of kids on the internet, FaZe Clan was created for and
by gamers and today operates across multiple verticals with
transformative content, tier-one brand partnerships, a collective
of notable talent, and fashion and consumer products. Reaching over
509 million followers across social platforms globally, FaZe Clan
delivers a wide variety of entertainment spanning video blogs,
lifestyle and branded content, gaming highlights and live streams
of highly competitive gaming tournaments. FaZe Clan's roster of
more than 100 influential personalities consists of engaging
content creators, esports professionals, world-class gamers and a
mix of talent who go beyond the world of gaming, including NFL star
Kyler "FaZe K1" Murray, LeBron "FaZe Bronny" James Jr., Lil Yachty
aka "FaZe Boat", Offset aka "FaZe Offset" and Snoop Dogg aka "FaZe
Snoop." Its gaming division includes 15 competitive esports teams
who have won 39 world championships. The content of any website
referenced or hyperlinked in this communication is neither
incorporated into, nor part of, this communication. For more
information, visit www.fazeclan.com, investor.fazeclan.com and
follow FaZe Clan on Twitter, Instagram, YouTube, TikTok, and
Twitch.
Contacts
Press: alana.battaglia@fazeclan.com
Investors: IR@fazeclan.com
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SOURCE FaZe Clan