Super League (SLE) Q2 2026 Earnings Call: Margins Improve as Pipeline Expands
Source Tradingkey
Key Takeaways
- Gross revenue was approximately $3 million, essentially flat both year over year and sequentially, as advertising budgets faced pressure from World Cup spending, tariff uncertainty, geopolitical events and changing Roblox policies.
- Net revenue rose 16% sequentially to approximately $1.24 million, while gross margin improved to 41% from 36% in Q1 2026.
- Adjusted EBITDA loss narrowed by approximately 20% year over year to about $1.7 million, compared with approximately $2.1 million in the prior-year quarter.
- Weighted pipeline per seller increased to approximately $2.8 million at the end of Q2, from approximately $1.78 million when the company reported Q1 results.
- Super League integrated the Misfits Ads assets without increasing its overall cost base. Current headcount remains below its level before the acquisition.
- Management remains focused on reaching adjusted EBITDA profitability in Q4 2026, contingent primarily on converting the expanded commercial pipeline while maintaining cost discipline.
Key Financial Data
| Metric | Q2 2026 | Comparison |
|---|---|---|
| Gross revenue | Approximately $3 million | Essentially flat year over year and sequentially |
| Net revenue | Approximately $1.24 million | Up 16% from $1.08 million in Q1 2026 |
| Gross margin | 41% | Up from 36% in Q1 2026 |
| Adjusted EBITDA | Approximately $(1.7) million | Loss improved about 20% from approximately $(2.1) million a year earlier |
| Cash and investments | Approximately $6.7 million | Up from approximately $475,000 at June 30, 2025 |
| Weighted pipeline per seller | Approximately $2.8 million | Up from approximately $1.78 million at the Q1 update |
Business and Operating Performance
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