OverActive Media posts record 2025 revenue and a C$11.4 million loss

A company record on the first line of the income statement and a loss about eighteen times the size of the previous one on the last: that is the year OverActive Media Corp. reported on April 28, 2026. The Toronto company, which owns the League of Legends team Movistar KOI and the Call of Duty team Toronto KOI, said in a press release that its revenue for 2025 reached 28.5 million Canadian dollars (C$), up 5% from C$27.0 million in 2024. Its net loss for the year was C$11.4 million, against C$0.6 million a year earlier.

The two numbers are less contradictory than they look. Most of the gap in the bottom line comes from an accounting gain booked in 2024 that had no equivalent in 2025, the release explains. The fourth quarter, on its own, went the other way from the year: revenue fell 26%.

All amounts in the release are in Canadian dollars. OverActive Media is a listed company, traded in Toronto on the TSX Venture Exchange, on the over-the-counter market in the United States and, since November 11, 2025, on the Frankfurt exchange. As a listed company it publishes its results every quarter.

A record year and a weaker last quarter

Revenue for the twelve months to December 31, 2025 was C$28,479,000, the release's table shows, against C$27,008,000 the year before. The increase is C$1,471,000, or 5.4%, which the company rounds to 5% and describes as a company record.

The fourth quarter tells a different story. Revenue from October to December was C$7.3 million, down from C$9.9 million in the same quarter of 2024. The company gives one reason: the last quarter of 2024 included unusually high sales of Call of Duty League skins, and those sales did not recur. Skins are cosmetic items sold inside a game.

Taking the fourth quarter out of both years shows how uneven the year was. From January to September 2025, revenue was C$21,209,000, against C$17,156,000 in the first nine months of 2024, a rise of 23.6%. The last quarter weighed 36.5% of 2024 revenue and 25.5% of 2025 revenue.

Where the growth came from

The release speaks of two sides of the company, Team Operations and Business Operations, without defining either. The growth was on the second: Business Operations revenue rose 34% to C$22.0 million, which is 77% of the year's total. By subtraction, about C$6.5 million came from everything else; the release does not print that figure.

Three things drove the Business Operations line, according to the company: three major live events, the launch of Fenix Club and growth in its Agencies business with Pepsi and Stonefire. Fenix Club is described as a direct-to-consumer subscription, the first the company has sold. The agency work is done for brands, in North America around Stonefire and in Europe with Pepsi. The release also names a product called ActiveVoices, a software service that uses artificial intelligence to adapt content into other languages.

The three live events were hosted in Madrid and in Kitchener, Ontario. The company calls it a record number of major events for a single year.

Added together, the three attendance figures come to more than 41,000 people. The company says the 353,000 peak of the Championship Weekend is an all-time viewership record for that league.

Margins, costs and cash

Higher revenue did not bring higher profit on sales. Gross profit, which is revenue minus the direct cost of earning it, fell from C$16.8 million to C$15.2 million. The gross margin went from 62% to 53% over the year. The release gives no reason for the full-year decline. For the fourth quarter, where the margin rose from 54% to 61%, it points to a higher share of league-related revenue recognized in the quarter.

Costs went down. Operating expenses were C$21.8 million for the year, 7% lower, which the company attributes to cost discipline across Team Operations and to lower restructuring and business development costs. In the fourth quarter they were C$6.2 million, 6% lower, a fall linked to a smaller Team Operations payroll after the wind-down of the Toronto Defiant, another of its teams, and its exit from Counter-Strike.

The measure the company prefers for its running performance is adjusted EBITDA: earnings before interest, taxes, depreciation and amortization, with some items removed by the company's own definition. It was a loss of C$5.8 million in 2025 against a loss of C$3.6 million in 2024. In the fourth quarter the loss was C$1.2 million against C$0.6 million.

Other lines of the release's table sit between those two measures. Amortization and impairment, the charges that write down the value of assets, came to C$2.4 million against C$1.1 million. Restructuring and development costs fell to C$0.8 million from C$2.4 million, and finance costs to C$0.3 million from C$1.7 million. The loss from operating activities before other items was C$6.6 million, which the company describes as roughly flat on the year.

Cash moved less than the losses suggest. The company used C$2.4 million of cash in its operations during 2025, against C$7.7 million in 2024, a change it puts down to tighter management of working capital. It ended the year with C$4.4 million in cash, against C$6.8 million twelve months earlier.

Two financings helped. On October 22, 2025, the company closed C$2.0 million of secured promissory notes, a form of loan, with entities controlled by members of its own board. On December 30, 2025, it announced a further C$0.9 million through a private placement, a sale of new shares to chosen investors. Together that is C$2.9 million raised in the last quarter. Among the risks listed at the end of the release are the company's ability to continue as a going concern and its ability to raise additional financing.

The franchise fees behind the 2024 gain

The gain that flattered 2024 has a history that reaches into how esports leagues were built. The release describes it as a non-cash gain of C$11.5 million on the decrease in the net present value of franchise obligations, following two events: the termination of the Call of Duty League participation agreement and the forgiveness of the LEC franchise fee. Net present value is what a series of future payments is worth today. When the payments owed shrink or disappear, the liability falls and the difference is booked as a gain, with no cash coming in.

The LEC, short for League of Legends EMEA Championship, is the European league run by Riot Games in which Movistar KOI play. Riot described the old arrangement itself in a text of March 14, 2024 signed by John Needham, its president of publishing and esports: teams committed to pay about US$10 million to take part in a league and received 50% of certain league revenues. Under the model Riot set out that day for the LCK, the LCS and the LEC, teams keep their places, are paid a fixed stipend and share in the revenue from sales of League of Legends esports digital content.

OverActive Media's net loss for the fourth quarter shows the same effect on a smaller scale. It was C$1.0 million, against C$0.9 million in the last quarter of 2024, a quarter that itself carried C$1.7 million of the franchise gain.

The teams during the year

The release lists what the two teams did in 2025. Movistar KOI won the LEC Spring Split, which qualified the team for the Mid-Season Invitational in Vancouver and the Esports World Cup in Riyadh, then reached the World Championship in China, a seventh appearance in a row by the release's count. Toronto KOI, the Call of Duty League team that played as Toronto Ultra until a rebrand the company completed during the year, finished third at two of the league's Majors, in Texas and in Florida, and third at the Esports World Cup.

The KOI name comes from an acquisition. OverActive Media bought KOI and Movistar Riders in March 2024, the release recalls, and it now has operations in Madrid and Berlin as well as its Toronto headquarters.

On the sponsorship side the company reports a renewal with Bell Canada, its exclusive telecommunications partner, through 2027, renewals with Monster Energy, AMD, Blacklyte, Red Bull and SCUF Gaming, and a new agreement with Little Caesars.

What the company says about 2026

OverActive Media gives no revenue or profit target for 2026. Its chief executive and co-founder, Adam Adamou, sums up the priority in the release. "2026 is about margin and cash," he said. He adds that the costs have been cut, that the newer lines of business are growing and that the company expects a clear improvement in operating performance, with a path to sustainable profitability as the stated aim.

Several items for the year are already known. Movistar KOI have signed partnerships with Idealo and Philips for the 2026 season. The team hosted the finals of LEC Versus, the league's opening competition, in the Barcelona area, and Riot Games' calendar of January 15 gives it two more home weekends at the Madrid Arena, called Roadtrips: May 8 to 10 in spring and September 4 to 6 in summer.

The company has also been named Official National Team Partner for Canada, alongside Esport Canada, for the Esports Nations Cup in Riyadh, a competition between national teams, with Movistar KOI as co-partner for Spain. The full financial statements and the management's discussion that accompanies them are filed on SEDAR+, the Canadian securities filing system.

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