05:14 PM EDT, 05/15/2024 (MT Newswires) -- Enthusiast Gaming Holdings ( EGLXF ) , on Wednesday said its first-quarter loss narrowed even as revenue fell by nearly half.

The E-Sports and Gaming company said it lost C$1.3 million, or C$0.01 per share in the period, compared with a loss of C$8.7 million, or C$0.06, in the year-prior quarter.

Revenue fell 46% to to C$23.3 million from C$42.9 million as the company moved away from lower margin offering to concentrate on its headline products.

"The cornerstone of Enthusiast Gaming ( EGLXF ) has always been, and remains, the strength of its owned and operated assets. Assets like TheSimsResource, U.GG, Icy-Veins, PocketGamer, Luminosity Gaming, NFL Tuesday Night Gaming, and our many other assets and properties that boast large, coveted, and highly engaged gaming audiences. During and subsequent to the first quarter, the team has been hard at work, delivering much needed focus, stability, and excitement to the business, including streamlining the company's cost structure, executing significant product advancements across our asset portfolio, expanding our key strategic partnerships, including the signing of a new sports league, and the divestment of certain non-core, non-profitable legacy assets, bolstering the company's balance sheet," interim chief executive Adrian Montgomery said in a release.

The company's shares closed unchanged at C$0.14 on the Toronto Stock Exchange.