It was not a great day in the markets on Thursday for the Xtreme One Entertainment Inc. (OTC:XONI) investors, as the stock suffered from a selloff and went down by 11% for the day. The company announced its financial results yesterday, and it may be time to take a look into the numbers.
Key Numbers
The company reported losses of $1.5 million for the third fiscal quarter of 2024, and that worked out to losses of $0.01 per diluted share. In the news release, Xtreme One Entertainment noted that it continued to make considerable investments in live event production and in growing the XFC brand in the MMA niche.
Milestones
Additionally, the company also enumerated the different milestones that it managed to hit during the third quarter. One of those was the successful production of the XFC 51 Evolution event in Milwaukee on September 28, 2024. There were seven bouts in total at the event.
A strategic growth plan was approved by the board that also included a capital raise worth $10 million. Xtreme One Entertainment also signed NIL (name, image, likeness) agreements with several college wrestlers and veterans of the combat sports industry. Lastly, the company also launched the Xtreme Shareholder Rewards initiative for verified retail shareholders. That would include perks like VIP event access.
Key Quote
“The team put on another incredible event this quarter with XFC 51: Evolution in Milwaukee. The more events we get under our belt, the more successful they become, and it allows us to further focus on amping up the production quality and fan engagement. As we move forward on our path, we continue to drive efficiencies that allow us to lower our per-event operating costs; at the same time, we’re amplifying each of our revenue channels,” said Chris Defendis, Xtreme One President. “We are seeing increased demand for our events from fans, fighters, and media partners, and this allows us to fully engage all facets of monetization to enhance top-line growth.”
