04:40 PM EDT, 08/14/2024 (MT Newswires) -- Enthusiast Gaming Holdings ( EGLXF ) , a gaming media and entertainment company, after trade Wednesday reported a narrower second-quarter it attributed to the strategic de-prioritization of low margin video platform revenue.

The company said it lost $2.9 million, or $0.02 per share, in the period, compared to a loss of $12.4 million, or $0.07, in the year-prior quarter.

Revenue was $14.7 million, down from $42.6 million in Q2 2023, while its adjusted EBITDA loss was $400,000, an improvement compared to a loss $3.4 million a year earlier.

"We feel confident in the strategic decisions we made to improve profitability in 2024 by focusing on higher gross margin revenue lines coupled with a lower cost structure," said chief financial officer Felicia DellaFortuna. "This was further punctuated by delivering a strengthened balance sheet in July 2024 as well as significant growth in engagement of its communities ."

The company's shares closed Wednesday at $0.16, down $0.005 on the Toronto Stock Exchange.