Super League adds Misfits, strategic gaming assets; revenue up 10% but margin compresses

Filed May 15, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~2 min read

Key Changes

• high

  Completed Misfits Acquisition for $1.5M cash plus equity and warrants, with up to $1.2M earnout tied to gross profit and market cap milestones. Integration risks include potential loss of key employees, business disruption, and unknown liabilities despite due diligence.

  MD&A: Misfits Acquisition; Risk Factors verify on EDGAR →
• high

  Q1 2026 revenue grew 10% to $3.0M, reversing prior year's 35% decline, driven by 34% growth in media/advertising revenue from Native Playables and gamified video. However, gross margin compressed from 44% to 36% as cost of revenue rose 10.5.5% while revenue grew only 10%.

  MD&A: Revenue Performance; Gross Profit verify on EDGAR →
• high

  October 2025 PIPE warrants ($20M raise) contain full-ratchet anti-dilution down to $6.84 floor, resetting exercise price on any future equity issuance below current strike. Approximately 1.67M warrants outstanding, creating significant dilution risk if triggered.

  Risk Factors: October 2025 PIPE verify on EDGAR →