GameSquare Holdings
GAME on Nasdaq. GameSquare sells gaming and youth culture media and marketing to brands. Market value $318m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-6.81 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$2.93 a share, 56% above its 1-year low
Over the past year the price has ranged from $1.88 to $6.80.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | $41m | $28m | $45m |
| Operating margin | |||||
| Operating margin | n/a | n/a | -61.5% | -124.8% | -56.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.03bn | 0.10bn | 0.10bn |
Health checks
- Free cash flow positive0 of 3 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 568% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $18 million last quarter, up 137% on a year ago.
- A loss of $11 million, compared with a loss of $3 million a year ago.
- It loses 35 cents on each $1 of sales, compared with 321 cents a year earlier.
- Over the past 12 months it spent $21 million more cash than it brought in, compared with $20 million a year earlier.
- 144% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $9m |
| December 2024 | $8m |
| March 2025 | $7m |
| June 2025 | $8m |
| September 2025 | $11m |
| December 2025 | $18m |
| March 2026 | $15m |
| June 2026 | $18m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$5m |
| December 2024 | -$26m |
| March 2025 | -$5m |
| June 2025 | -$3m |
| September 2025 | -$808,443 |
| December 2025 | -$31m |
| March 2026 | -$18m |
| June 2026 | -$11m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 8 April 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 45 funds in all.
Largest holders overall
- Vanguard Capital Management$1m
- UBS Group AG$1mCut
- Jane Street Group$470,611Added
- BlackRock$412,739
- Geode Capital Management$410,074Cut
- Renaissance Technologies$216,618Cut
- Vanguard Fiduciary Trust$214,226
- State Street$192,844
- Royal Bank of Canada$99,000Added
- Northern Trust$75,653Cut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Blue & Silver Ventures, Ltd.Insider or founderat least 6.7%−2.8 pts(filed with 1 related holder)Since 22 May 2026
What they said
Item 4 of the Original Schedule 13D is hereby amended and supplemented by inserting the following information at the end of Item 4: Prior to its dissolution, on May 22, 2026, Goff Jones effected the distribution of all of its Common Stock and securities convertible into Common…
Read the filing - John C. GoffInsider or founderat least 5.1%−1.3 pts(filed with 6 related holders)Since 22 May 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented by inserting the following information at the end of Item 4: On May 22, 2026, Goff Jones effected the Distribution, without payment of consideration by Goff Jones' members. As a result of the Distribution, Goff Jones…
Read the filing - Fields Jacob WagnerPassive investorSold down below 5%Since 31 March 2025
- CVI Investments, Inc.Passive investorSold down below 5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
Blue & Silver Ventures, Ltd. Insider or founder | at least 6.7%−2.8 pts (filed with 1 related holder) | 22 May 2026 | What they saidItem 4 of the Original Schedule 13D is hereby amended and supplemented by inserting the following information at the end of Item 4: Prior to its dissolution, on May 22, 2026, Goff Jones effected the distribution of all of its Common Stock and securities convertible into Common… Read the filing |
John C. Goff Insider or founder | at least 5.1%−1.3 pts (filed with 6 related holders) | 22 May 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented by inserting the following information at the end of Item 4: On May 22, 2026, Goff Jones effected the Distribution, without payment of consideration by Goff Jones' members. As a result of the Distribution, Goff Jones… Read the filing |
Fields Jacob Wagner Passive investor | Sold down below 5% | 31 March 2025 | |
CVI Investments, Inc. Passive investor | Sold down below 5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
2 serious warning signs in GameSquare Holdings’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 8 Apr 2026, plus the 10-Q filed 13 Aug 2026 and 12 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“These conditions indicate the existence of a material uncertainty that raises substantial doubt about the Company’s ability to continue as a going concern and, therefore, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business.”
From the 10-Q filed 13 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“As required by Rules 13a-15 and 15d-15 under the Exchange Act, our management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures under the supervision of our Chief Executive Officer and our Chief Financial Officer and concluded that our disclosure controls and procedures were not effective as of June 30, 2026.”
Show the full paragraph
As required by Rules 13a-15 and 15d-15 under the Exchange Act, our management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures under the supervision of our Chief Executive Officer and our Chief Financial Officer and concluded that our disclosure controls and procedures were not effective as of June 30, 2026. Material weaknesses relating to the Design and Implementation of Control Activities and Monitoring Activities were identified. The Company did not have sufficient resources with the relevant expertise to perform an effective risk assessment process, design and implement controls supported by documentation and provide evidence that such controls designed was based on the COSO Framework.
From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.