NASDAQ: SLE

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Strategic Properties: The Strategic Properties function consists of partnerships and ownership interests in select gaming properties that provide access to advertising inventory and consumer gameplay data.

Super League’s capabilities enable brands to differentiate culturally, build affinity, and drive measurable results in an attention-driven media environment.

The Company generates revenue from brands and agencies by executing programs targeting U.S. audiences that include (i) mini-games and experiences within Roblox, Minecraft, and Fortnite, (ii) playable and rewarded video ads in mobile and immersive environments, (iii) in-game ads within mobile, immersive and PC game titles, (iv) branded connected TV games and sponsorships of connected TV gaming applications, (v) custom integrations within video games across platforms, (vi) interactive characters, and (vii) influencer content across social and digital video platforms. An additional emerging revenue source includes participation in revenue generated by select game properties.

Super League was incorporated on October 1, 2014 as Nth Games, Inc. under Delaware law and subsequently changed its name to Super League Gaming, Inc. on June 15, 2015 and to Super League Enterprise, Inc. on September 11, 2023. The Company operates as a single reportable segment consistent with how management evaluates performance.

Business Strategy

Super League’s strategy is centered on driving revenue growth, expanding margins, and establishing a leadership position in helping brands reach consumers who play video games. In the United States, 80% of consumers play video games (Source: Newzoo Global Gamer Study, 2024), underscoring the scale and relevance of this audience. The Company is building a differentiated platform that combines audience intelligence, scalable media activation, and interactive formats to improve marketing outcomes across gaming and digital environments.

Audience-Centric Approach to a Mass Market

Super League’s strategy is grounded in the belief that gamers represent one of the largest and most influential audiences in modern media. The Company approaches this audience as a behavioral segment rather than a channel, defined by how individuals engage with content and make decisions.

Gameplay provides a unique window into consumer behavior. Individuals actively make choices, pursue goals, and engage in ways that reflect underlying motivations. Super League translates these behavioral and psychographic signals into insights that inform how brands design and deliver campaigns.

Driving Revenue Growth Through Expanded Media Activation

Super League generates revenue by executing programs across video games, social, digital video, web and connected television platforms. A key priority is expanding the scale and efficiency of its media activation capabilities.

Historically, revenue has been driven by custom programs combining creative development, media distribution, and influencer participation. While these remain important, the Company is increasing its focus on media-based solutions, including playable ads, rewarded video, and in-game advertising.

Shifting toward media programs is expected to improve scalability, increase predictability, and enable higher campaign volume across standardized formats.

Expanding Margins Through Productization and Operating Leverage

Super League is focused on improving margins through productization and operating leverage.

The Company has developed reusable frameworks, including interactive formats, content templates, and measurement tools, that can be deployed across campaigns. This approach enables customization for clients but with reusable assets and repeatable processes, reducing development time and cost.

The continued growth of media-based programs is expected to further improve efficiency and margin performance.

Building a Differentiated Data and Intelligence Layer

Super League is investing in a data and intelligence layer to enhance its ability to understand and influence consumer behavior.

The Company aggregates gameplay activity, campaign performance data, and partner inputs to generate insights into audience preferences and motivations. These insights are applied across planning, creative development, targeting, and optimization.

Over time, expanding data assets are expected to improve effectiveness, increase client retention, expand revenue opportunities, and support more efficient media allocation on behalf of brand and agency clients.

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Expanding Access Through Partnerships and Strategic Acquisitions

Super League pursues partnerships and acquisitions to expand capabilities, enhance data and audience intelligence, and increase access to media inventory and distribution.

The Company evaluates and pursues opportunities that can:

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Expand access to scaled or differentiated inventory;

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Deepen data and insight capabilities;

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Enhance cross-platform execution;

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Improve scalability and margin profile.

These efforts are intended to broaden reach, diversify revenue, and strengthen the Company’s position in a complex media landscape.

Establishing a Scalable Platform for Long-Term Growth

Super League’s long-term objective is to build a scalable platform integrating audience intelligence, cross-channel media activation, and optimized distribution of advertising formats designed for gamers.

The strategy is being built to create a reinforcing, repeatable cycle:

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Data and insights secure increasing volume of campaigns;

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Improved targeting and distribution drives superior campaign performance;

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Premium results drive increased client spend and expand sources of revenue;

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Increased volume and campaign execution expands data and capabilities.

This model is intended to support sustained revenue growth, margin expansion, and increasing competitive differentiation.

Products and Services

Super League provides advertising and marketing solutions that enable brands to reach and engage the 80% of consumers who play video games through a combination of interactive ad formats, immersive content, data-driven insights, and scaled media distribution. The Company delivers these solutions through fully managed programs that integrate creative development, audience targeting, media activation, and performance measurement.

The Company’s offerings are organized across four primary areas: Advertising and Content Formats, Media Distribution, Data and Insights, and Services.

Advertising and Content Formats

Super League develops and deploys a range of interactive and immersive advertising formats designed to engage consumers within gaming environments and adjacent digital channels.

These formats include:

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Playable Ads – Interactive ad units that allow users to engage directly with branded content through gameplay mechanics within mobile and web-based gaming environments;

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Rewarded Video Ads – Opt-in video ad experiences that provide in-game or in-app incentives in exchange for user attention, delivered within mobile and immersive gaming environments;

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In-Game Advertising – Advertising placements embedded within gameplay environments across mobile, immersive and PC games.

In addition, Super League produces branded interactive content that integrates marketing messages into game-based experiences, including:

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Custom builds and persistent environments within platforms such as Roblox, Fortnite, and Minecraft;

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Mini-games designed for gaming platforms and connected television applications;

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In-game integrations and branded elements embedded within gameplay;

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Digital avatar items and branded virtual goods;

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Interactive three-dimensional characters;

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Brand lift and measurement solutions designed to assess campaign effectiveness;

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Loyalty programs.

The Company has developed and owns a set of reusable frameworks and components that enable these experiences to be adapted across multiple campaigns, supporting execution efficiency while maintaining customization for individual brand partners.

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Media Distribution

Super League distributes advertising and content across a broad set of gaming and digital media environments to reach targeted audiences at scale.

Media distribution channels include:

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Gaming platforms such as Roblox, Fortnite, and Minecraft;

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Mobile gaming environments, including rewarded and playable ad inventory;

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Connected television platforms featuring interactive and gaming-related content;

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Digital video and social media platforms;

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In-game advertising inventory across mobile, web and PC titles.

The Company leverages a network of platform relationships, media supply partners, and creator communities to access advertising inventory and deliver campaigns across these channels. Super League’s distribution approach is designed to be platform-agnostic, allowing campaigns to be executed wherever targeted audiences are most likely to be reached effectively.

Data and Insights

Super League utilizes data and analytics to inform campaign strategy, audience targeting, and performance optimization.

The Company’s data capabilities include:

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Demographic, behavioral, and psychographic insights derived from gameplay activity, campaign performance, and partner-provided data sources.

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Audience segmentation and targeting based on observed engagement patterns and inferred consumer motivations.

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Campaign optimization through ongoing analysis of user interaction and performance metrics.

Super League aggregates data from multiple sources, including proprietary gameplay and campaign data as well as third-party inputs, to generate insights intended to improve the effectiveness of advertising programs. These insights are applied across creative development, media planning, and in-flight campaign optimization.

Services

Super League delivers its solutions through a fully managed service model that integrates strategy, execution, and measurement.

Key service components include:

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Campaign strategy and audience planning;

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Creative design and development of interactive and immersive advertising experiences;

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Media planning and activation across gaming, connected TV and digital and social media channels;

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Influencer and creator program management;

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Measurement and reporting, including brand lift analysis and performance tracking.

Super League clients include brands and advertising agencies who rely on the Company to design and execute programs tailored to specific marketing objectives, including awareness, engagement, and customer acquisition.

Industry Overview

The global advertising industry is expected to exceed $1.0 trillion annually in 2026, with approximately $360 billion in U.S. digital advertising, inclusive of spend across video, social, and connected television. As media consumption fragments, advertisers seek more efficient and effective ways to reach consumers.

Video gaming has emerged as one of the largest forms of engagement globally, with an estimated 3.3 billion players worldwide and more than 200 million in the United States (Source: The Entertainment Software Association, 2025). Gaming is no longer a niche activity, but rather a mass-market behavior that spans demographic segments and age groups, particularly among younger consumers. Industry data indicates that approximately 90% of individuals under the age of 45 in the United States play video games, with participation rates reaching over 92% among Generation Z and 96% for Generation Alpha. (Source: Newzoo Global Gamer Study, 2024)

A gap has emerged between time spent and advertising allocation. U.S. consumers spend approximately 13.9 hours per week watching television, 13.1 hours on social media, and 11.8 hours gaming, while advertising spend is disproportionately weighted toward television and social relative to gaming (Source: Newzoo Consumer Research, 2022). U.S. advertising expenditures total approximately $67.6 billion for television and $65.3 billion for social media, compared to approximately $8.6 billion for gaming (Source: eMarketer, 2022). This misalignment presents an opportunity for advertisers to better align investment with attention.

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Gaming, social, and digital video continue to converge, with gaming environments serving as interactive, community-driven spaces. This reflects a broader shift in consumer behavior from passive consumption to active participation in content experiences.

Gaming also represents a behavioral layer across media. Individuals who play video games are active across digital video, social media, and connected television, and their behaviors influence engagement across these channels and more. Insights derived from gaming behavior can therefore improve advertising effectiveness across media.

Companies that can translate these insights into actionable marketing strategies are positioned to help advertisers align investment with engagement. Super League focuses on enabling brands to identify and reach these audiences with superior data-driven intelligence and resulting premium performance against client-stated advertising objectives.

The combination of large-scale audience participation, high levels of engagement, and evolving consumer behavior presents a significant opportunity for companies operating at the intersection of gaming and digital advertising. At the same time, the continued evolution of digital media, advertising technologies, and platform ecosystems introduces complexity and competition, requiring advertisers to adopt more sophisticated approaches to audience targeting, creative development, and performance measurement.

Competitive Landscape

The markets for interactive advertising, playable media, and gamified brand experiences are highly competitive and rapidly evolving. The Company competes with a broad range of participants across several categories, including advertising technology platforms, in-game advertising networks, gaming media and monetization platforms, gaming platform operators, creative studios, and digital media agencies. Many of these competitors have greater financial, technical, marketing, or distribution resources than the Company. Competition is based on factors including technological capabilities, platform access, creativity, scalability of campaigns, analytics and measurement capabilities, brand relationships, and the ability to deliver measurable advertising performance.

The Company’s approach is differentiated by its focus on an audience-centric strategy and cross-platform execution rather than reliance on any single media channel, platform, or inventory source.

Advertising Technology and Playable Media Platforms

The Company competes with a variety of advertising technology platforms that deliver interactive advertising, playable ads, and programmatic ad distribution across mobile and digital media environments. These include large advertising technology providers such as AppLovin Corporation and Unity Technologies, which offer mobile gaming advertising networks and tools for delivering playable and rewarded ads within mobile games and applications. Platforms such as these connect advertisers with large developer ecosystems and provide machine-learning driven ad targeting, campaign optimization, and analytics capabilities.

The Company also competes with other in-game advertising technology providers including firms such as Anzu Virtual Reality Ltd., Bidstack Group plc, AdInMo Ltd., and Frameplay Pty Ltd., which provide tools for inserting advertising into digital gaming environments. These providers focus primarily on ad inventory monetization and in-game advertising placement rather than the creation of custom branded gaming experiences. In certain instances, Super League partners with such firms by including their inventory as part of a multi-faceted advertising program for a Super League brand client.

While these platforms provide scaled access to advertising inventory and advanced targeting capabilities, they are generally oriented around specific networks or supply sources. In contrast, the Company’s approach is designed to be platform-agnostic and audience oriented, enabling it to develop and execute campaigns across multiple environments based on client objectives rather than being tied to a single inventory source.

Gaming Media and Monetization Platforms

The Company also competes with gaming-focused media and monetization platforms such as Overwolf Ltd. and Playwire LLC, which provide advertising solutions, content distribution, and monetization tools within web and gaming environments. These platforms often aggregate gaming and digital audiences and enable brands to reach users through specific ecosystems, media properties, or publisher networks.

Gaming Platform Operators

The Company’s solutions are designed to operate within or alongside major gaming ecosystems that serve as distribution channels for branded content and immersive advertising experiences. Major gaming platforms include Roblox, Fortnite, and Minecraft, which often provide tools that allow developers and brands to create interactive virtual experiences and branded environments for users.

These platform providers may compete with the Company directly by offering their own native advertising products, development tools, and monetization frameworks that enable brands to build experiences directly within their ecosystems. For example, Roblox has expanded its advertising platform to enable brands to distribute advertising, build immersive marketing experiences and measure campaign performance directly within the Roblox environment.

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In addition, platform owners such as Epic Games, the developer of Fortnite, provide tools, services and infrastructure for immersive experiences and branded content that allow advertisers and creators to engage users within the game environment through collaborations, in-game items, and branded events.

Creative Development Studios and Gaming Content Agencies

The Company also competes with independent creative studios and development firms that specialize in building branded experiences within gaming platforms and within existing popular games on such platforms. These include studios that develop custom brand activations and gamified experiences for brands seeking to reach audiences of gamers. These studios typically compete on creative capabilities, platform expertise, and relationships with brand marketers.

Some studios focus specifically on developing branded experiences within platforms such as Roblox and Fortnite for global brands seeking immersive digital campaigns. These companies often operate as contract development partners to brands or agencies and may compete with the Company for project-based development engagements.

Digital Advertising Agencies

The Company also competes with traditional and digital advertising agencies that provide campaign strategy, creative services, and media buying for brands. Large global agencies including WPP plc, Publicis Groupe S.A., Omnicom Group Inc., and Dentsu Group Inc. manage substantial marketing budgets for major global brands and often determine the allocation of advertising spending across channels.

These agencies may compete with the Company by developing their own gaming marketing strategies, partnering with alternative technology providers, or internally producing immersive and interactive digital campaigns for their clients.

Competitive Factors

Key competitive factors in the Company’s industry include:

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The ability to create engaging and culturally relevant interactive experiences;

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Access to major gaming platforms and creator communities;

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Scalability of advertising technology and campaign distribution;

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Data analytics and performance measurement capabilities;

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Relationships with brand marketers and advertising agencies;

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The ability to deliver measurable return on advertising spend;

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The ability to understand and apply audience-level behavioral and psychographic insights across multiple media channels;

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The ability to deliver both customized and scalable advertising solutions across diverse platforms and environments.

The Company believes that its combination of audience-focused strategy, cross-platform execution capabilities, productized solutions, and network of creators enables it to compete effectively in this evolving market. However, the Company expects competition to continue to increase as brands allocate greater portions of their marketing budgets to interactive and gaming-related media channels.

Sales and Marketing

Super League generates revenue by delivering programs for brands and agencies seeking to reach consumers who play video games. Approximately 60% of revenue is derived through agency relationships and 40% through direct brand engagements.

Sales Approach

The Company utilizes a combination of direct sales efforts and agency partnerships to originate and execute business. The Company maintains a direct sales team responsible for developing relationships with brands and agencies, identifying opportunities, and structuring marketing programs aligned with client objectives.

Sales activity is driven by a mix of proactive outreach and participation in formal request-for-proposal (RFP) processes. The Company works closely with agency partners, including large global holding companies and independent agencies, which play a significant role in planning and allocating advertising budgets on behalf of brands.

Super League’s sales approach emphasizes its ability to help clients reach and influence audiences who play video games across multiple platforms and channels. By focusing on audience behavior rather than individual media channels, the Company positions its offerings as a way to improve marketing effectiveness wherever those consumers engage with content.

Program Structure

Super League delivers its solutions primarily through project-based engagements that fall into two general categories: custom programs and media programs.

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Custom programs typically involve the development of tailored interactive experiences, branded content, and integrated campaigns that combine creative production, media distribution, and influencer or creator participation. Media programs focus on the deployment of advertising formats, including playable ads, rewarded video, and in-game advertising, across scaled digital inventory with greater standardization and repeatability. Historically, a majority of the Company’s revenue has been derived from custom programs. Super League is increasingly focused on expanding its media program offerings, which are designed to support higher levels of scalability, improved margin characteristics, and more predictable revenue streams over time.

Customer Relationships and Retention

Super League maintains ongoing relationships with a range of brands and agencies, many of which engage the Company across multiple campaigns. Repeat business represents a meaningful portion of total revenue, with over 50% of revenue generated from returning clients.

The Company seeks to grow these relationships by introducing unique audience insights that can expand the scope and breadth of engagements, and demonstrating the effectiveness of its data-driven approach. In addition to repeat engagements, Super League continues to pursue new client relationships through its sales efforts and industry presence.

Marketing Activities

Super League supports its sales efforts through a range of marketing activities designed to build awareness, establish credibility, and generate demand.

These activities include:

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Participation in industry events and conferences;

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Development and distribution of case studies highlighting campaign performance;

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Thought leadership and content shared through professional platforms such as LinkedIn;

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Ongoing relationship development with brands, agencies, and creators within the gaming and digital media ecosystem.

Through these efforts, the Company seeks to position itself as a partner capable of helping brands understand and effectively engage consumers who play video games across a fragmented and evolving media landscape.

Intellectual Property and Patents

Similar to other interactive entertainment companies, our business depends on the creation, acquisition, licensing, use and protection of intellectual property. We have developed and own various intellectual properties, including pending and issued trademarks, patents, and copyrights.

As of the date of this Report, we have three issued patents and multiple trademark registrations covering our technologies and brands. Our issued patents relate to technologies that we are not presently utilizing as market opportunities relating thereto are de minimis. We do not presently intend to file additional patent applications and we are considering the merits of potentially licensing and/or selling our existing patents given none are core to our current business strategy and objectives.

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To protect our intellectual property, we rely on a combination of patent applications, published and issued patents, copyrights, pending and issued trademarks, confidentiality provisions and procedures, other contractual provisions, trade secret laws, and restrictions on disclosure. We intend to vigorously protect our technology and proprietary rights; however, no assurances can be given that our efforts will be successful. Even if our efforts are successful, we may incur significant costs in defending our rights. From time to time, third parties may initiate litigation against us, alleging infringement of their proprietary rights or claiming they have not infringed our intellectual property rights. See the section entitled “Risk Factors” for additional information regarding the risks we face with respect to litigation related to intellectual property claims.

Our Corporate Values and Company Culture

Super League is a client-first company, a principle embedded across the organization. We are committed to serving our clients with authenticity, integrity, and professionalism, while delivering measurable outcomes through the application of audience intelligence, creative execution, and scalable media activations. Our culture reflects a balance of innovation and accountability, combining a deep understanding of gamers with a disciplined focus on performance, collaboration, and continuous improvement.

Our corporate brand values are:

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We own outcomes. We operate with accountability, execution discipline, and a commitment to delivering results.

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We win together. We collaborate across teams, partners, and clients to achieve shared success.

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We ask and listen. We approach our work with curiosity and respect, valuing diverse perspectives and encouraging open dialogue so the best ideas rise to the surface.

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We stay curious about people. We seek to understand what drives behavior, using those insights to inform how we design, deliver, and optimize our work for clients.

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We lead with integrity. We act with transparency, professionalism, and respect in every interaction.

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We learn. We understand that our successes and shortfalls both help us become stronger.

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We are disciplined stewards of capital, focused on long-term value creation and responsible decision-making for our shareholders.

Seasonality

Our revenue may fluctuate quarterly and is historically higher in the second half of our fiscal year. Advertising spending is traditionally seasonally strong in the second half of each year, reflecting the impact of seasonal back to school and holiday season advertising spending by brands and advertisers. We believe that this seasonality in advertising spending affects our quarterly results, which generally reflect relatively higher advertising revenue in the second half of each year, compared to the first half of the year.

Employees and Labor Relations

As of December 31, 2025, we had 34 full-time and full-time equivalent employees. Additionally, we may enter into service agreements with independent contractors, on an as-needed basis, to perform certain services. As of December 31, 2025, three of our full-time employees were subject to fixed-term employment agreements with us, and all other employees served at-will pursuant to the terms set forth in their offer letters.

We believe that we maintain a good working relationship with our employees, and we have not experienced any labor disputes during the fiscal periods covered by this annual report. None of our employees are represented by labor unions.

Governmental Regulation

As a part of our experiences, our clients may offer prizes and/or gifts as incentives to play. We utilize third parties for all fulfillment activities associated therewith. The federal Deceptive Mail Prevention and Enforcement Act and certain state prize, gift or sweepstakes statutes may apply to certain experiences we run from time to time, and other federal and state consumer protection laws applicable to online collection, use and dissemination of data, and the presentation of website or other electronic content, may require us to comply with certain standards for notice, choice, security and access. We believe that we are in compliance with any applicable law or regulation when we run these experiences.

Cost of Compliance with Environmental Laws

We have not incurred any costs associated with compliance with environmental regulations, nor do we anticipate any future costs associated with environmental compliance; however, no assurances can be given that we will not incur such costs in the future.

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