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Item 1. Business

2026-03-31 compared with 2025-03-31 · 239 added, 148 removed, 23 unchanged (94% of the section changed)

Super League Enterprise, Inc.

SLE) (“Super League,” the “Company,” “we,” “us” or “our”) is redefining how brands connect with consumers through the power of playable media.

Through solutions within mobile games and the world’s largest immersive gaming platforms, Super League provides global brands with ads, content, and experiences that are not only seen – they are played, felt, and remembered.

Boasting an award-winning development studio, a vast network of native creators, and proprietary engagement technology, Super League is a one-of-a-kind partner for brands looking to stand out in culture, spark loyalty, and drive meaningful impact.

In a world where attention is earned, Super League makes brands relevant - by making them playable.

We generate revenue from (i) innovative advertising including immersive game world and experience publishing and in-game media products, (ii) direct to consumer offers, including in-game items, e-commerce, and virtual collectibles, and (iii) content and technology through the production and distribution of our own, advertiser and third-party interactive and video content.

We operate in one reportable segment to reflect the way management and our chief operating decision maker review and assess the performance of the business.

We believe that video gaming and virtual world platforms are where consumers will continue to spend material amounts of time, making it increasingly important for global brands and intellectual property owners to prioritize in-game and in-world marketing and advertising programs.

In an attention economy dominated by the continued blending of physical-and-digital lives and smarter, more immersive screens, consumers are increasingly responsive to more customized and personalized advertising content that fits naturally with the activities they most enjoy.

For brands, the next generation of consumer engagement will achieved be through targeted solutions that meet this consumer expectation.

With strong roots in open gaming platforms where interactive worlds were first spawned, we believe our success is in the creation, growth, and monetization of playable digital advertising content and interactive experiences across mobile games and immersive platforms.

Super League’s vision is to be the most comprehensive provider of products and creative, tech-driven solutions that deliver superior levels of consumer engagement and measurable business outcomes for brands within the playable media category.

Built on a powerful foundation of unmatched capabilities and software platforms that have driven consistent success for innovative brand experiences, creator growth and monetization, and significant consumer engagement, our scalable, vertically-integrated solution offers:

Successful owned and third-party publishing worlds, experiences and destinations;

Innovative product and marketing solutions for brands and developers;

Valued tools and analytics for brands and developers.

As an early-mover creating engaging experiences inside of metaverse, or “open world,” game platforms since 2015, Super League has converted our deep understanding of young gamers into significant audience reach in virtual world gaming platforms.

We believe we have successfully iterated our business model through these market insights, and our organic and inorganic growth to establish scale and ultimately drive our monetization strategies.

Our strong and growing product-market fit currently reaches over 130 million monthly unique players in Roblox, Minecraft and Fortnite and generates over one billion monthly impressions.

Our software supports the creation and operation of our owned and third-party metaverse gaming worlds and experiences, along with creator tools and analytics underpinned by a creator economy.

These capabilities and tools enable Super League to build immersive experiences and custom worlds, as well as, extend audience reach with our innovative in-game ad and consumer products, allowing our content creator partners to participate in our advertising economy.

Our analytics suite provides Super League, brands and advertisers, and game developers data that informs campaign measurement and insights, along with enhanced game design.

Beyond our primary advertising revenue stream, we have the opportunity to extend further downstream in the metaverse gaming worlds we operate, and generate in-game direct to consumer revenues.

In addition, our platform, and our capability to produce compelling gaming-centric video and livestream broadcasts drives viewership to our experiences and our brand partner’s digital channels for further amplification.

Specifically, Super League’s digital experience and media products provide a wide range of solutions for brands and advertisers.

From branded in-game experiences, through to custom content and media, Super League can provide end-to-end solutions for brands to acquire customers, deepen brand affinity and deliver digital to physical conversion to drive meaningful brand business performance.

As Super League has scaled in both metaverse player and viewing audience reach, we have experienced growth in both the average revenue size of branded programs, along with a strong percentage of repeat buyers, while upholding our premium cost per impressions (“CPM”) rates, further validating a new premium social marketing channel for advertisers to reach elusive Generation Z and Alpha gamers.

Additionally, our capability and proprietary technology is now being applied to new virtual world platforms beyond our core offering with the vision of being an enterprise solution for brands to have a persistent, omni-channel across immersive world platforms driving back to a brand’s web experience that speaks this new language of 3D engagement.

A move to more persistent branded programs shifts the Company’s business model from being one of temporal, campaign-centric, engagements to streams that are more annual, recurring, and forecastable in nature, smoothing out some of the current traditional advertising model seasonality.

Digital Properties and Offerings

Our gaming content and media network is underpinned by our proprietary tech and applied to much of our owned and operated consumer properties as well.

Our consumer facing digital properties include:

Through a relationship with Microsoft, the owner of Minecraft, we operate a Minecraft server world for more casual players enjoying the game on consoles and tablets.

One of seven partner servers with Microsoft that, while “free to play,” monetize the players through in-game micro transactions, such as gameplay passes and durable goods which run through the Microsoft marketplace.

Attracting younger gamers and creators, Minehut is an “always on” social and gaming portal and one of the largest server farms for advanced, avid Minecraft players in the world.

Within Minehut is a vibrant community in which players create their own Minecraft worlds to share, socialize and play with friends in addition to Super League operated communal game lobbies for enhanced gaming and social experiences that serve as a portal for branded experiences and advertising.

On February 29, 2024, the Company sold substantially all of the assets related to its Minehut operations to GamerSafer, Inc., and has thereafter ceased all Minehut operations.

The transaction allows Super League to streamline its position in partnering with major brands to build, market, and operate 3D experiences across multiple immersive platforms, including open gaming powerhouses like Minecraft, and aligns with our cost improvement initiatives.

Super League and GamerSafer will maintain a commercial relationship which ensures that Minehut can remain an ongoing destination available to Super League’s partners.

In-Game Digital Goods:

While nascent in development, the company has the capability to develop 1 st party and 3 rd party branded digital consumer goods inside virtual world platforms currently being piloted in their owned and operated game worlds, as well as with a small set of brand partners.

Our brand partner and creator facing digital properties include:

Super League Game Studio:

One of the preeminent game creation resources in virtual world game platforms, our Super Games publishing capability provides bespoke game development and custom game experiences within our owned and affiliate game worlds and is a power source connecting our developer network to our brand partners.

Our proprietary suite of metaverse media products and analytics connecting brands and advertisers to hundreds of Roblox games and our extensive Minecraft audiences.

Through our technology, we partner with game developers to bring innovative ad inventory and custom brand experiences into game worlds, allowing developers to participate in our advertising economy and benefit from our analytics to continually enhance player experience.

Super Studios is our fully virtual production studio providing state-of-the-art, scalable solutions for video, television, and branded content, powered by our patented Super View technology, offering a browser-based, fully remote control room solution.

Whether for the creation and broadcast of premium content, or monitoring productions from remote locations, Super Studios and Super View are an innovative, affordable solution to deliver compelling content to meet advertiser objectives and generate additional sources of revenue.

Innovative Brand & Media Integrations

The highly sought-after Generation Z and Alpha audience is increasingly difficult for brands to reach due to the fragmentation of content distribution channels, ad-blocking technology and a sentiment against overt marketing and promotion.

Our ability to uniquely aggregate a diverse, global user base across young age ranges, skill levels and game genres and embed direct, authentic branded product placement creates a base of high-quality, premium advertising inventory attractive to brands and advertisers.

We stand for inclusive, fair and fun gameplay and entertainment and believe that our brand is at the forefront of the new, more social and creation-centric gaming experience, providing a positive access point for both endemic and non-endemic brands to reach these mainstream audiences.

We have experienced significant organic and inorganic growth in our audience, further expanding our premium advertising inventory, increasing deal-sizes and strong repeat buying across the advertiser verticals of retail, entertainment, toys, fashion, consumer packaged goods, and automotive.

We further developed our in-house direct sales capability to monetize our experiential and media inventory and continued to realize increases in sales force effectiveness, as demonstrated by larger total revenue wins for our direct sellers.

Our various advertiser offerings include:

Dedicated, on-platform experiential spaces;

Custom integrations into existing, popular games;

In-game media placement including digital billboards, 3-D ad products, portals and catalogue units;

In-game branded digital goods;

Display and video advertising;

Social amplification through influencer partnerships;

In-stream and in-video custom and banner ad products;

Entertainment and competitive play broadcasts, on-demand clips and other custom content;

Brand lift studies, performance reporting and advanced analytics;

Children’s Online Privacy and Protection Act (“COPPA”) compliant and kidSAFE-verified inventory.

Direct to Consumer

Direct to consumer revenues are comprised of revenues generated from the growing number of Minecraft and Roblox virtual gaming worlds we operate.

As a component of our revenue diversification strategy, consumer monetization includes in-game items, e-commerce, game passes and ticketing, and digital collectibles.

Content & Technology

As part of our strategy to provide an end-to-end solution for advertiser objectives, Super League’s creative services team, powered for broadcasting by Super View, augment our advertiser offer to take a greater share of campaign dollars.

Additionally, we leverage our technology and capability to generate content production revenues with third-parties and support our ability to syndicate and monetize our sizable library of our own and player-generated entertainment content.

According to Statista (2024), there are over 3 billion gamers on the planet and more than 600 million monthly active users in metaverse (2025), open-world game platforms, namely Roblox, Minecraft and Fortnite.

Generation Z spends 7.2 hours per week hanging out with friends in immersive spaces, two times more than in real life per the Newzoo Gen Z & Alpha report (2022), which is relevant to advertisers.

Per Newzoo (2022), immersive content warrants a 252% higher engagement rate, and 33% of 13 to 39 year olds say their virtual life influences their real-world life interests.

Not only has there been a massive audience shift, but it is also taking a disproportionate amount of this next generation consumer’s time with the Roblox users averaging 144 minutes per day of play vs.

the next closest social media channel, Tik Tok, averaging 95 minutes per day of usage.

Other notable trends that amplify these statistics:

The rise of metaverse, open-world gaming as preferred social channels that go way beyond the traditional concept of gaming;

The democratization of content creation, launching self-produced social content platforms and new creator economies;

The further disaggregation of content and increasing underperformance of traditional digital advertising channels forcing advertisers to find new solutions;

With smarter screens, an increasing consumer expectation for more personalized, customized and interactive web experiences;

Cross-generational reach of gaming as a lifestyle trend placing it at the intersection of pop culture, cutting broadly across dimensions;

Younger generations live a blended life where digital and physical personas are viewed as one, driving cross-over consumer preference, and

Use of Artificial Intelligence (“AI”) to accelerate the company’s development cycles and product road maps for faster-to-market, turnkey solutions that enable scale and margin growth.

Our Scalable Technology Platform

Our platform is focused on the creator and player journey and provides innovative ways for brands and advertisers to engage with audiences of gaming enthusiasts.

We access players and creators through our vast network of digital game worlds and content channels and then drive them into branded digital experiences through our media products and creator tools.

Our proprietary cloud-based platform serves three core functions (i) dynamic media technology (ii) metaverse game experience and tournament technology, and (iii) fully remote production and livestream broadcast technology.

Furthermore, our platform enables digital tools for scale, including, but not limited to, data services, event creation and management, ecommerce, advertising technology, COPPA compliance, search engine optimization, and email and mobile marketing.

Our dynamic media technology, both in the size of monetizable ad products and the creator tool suite, was materially expanded with the acquisitions of Bloxbiz Co.

(doing business as, and hereinafter referred to as “Super Biz”) during Fiscal Year 2021.

In addition to Super League’s original owned and operated consumer reach, including, but not limited to, Minehut (refer to “Sale of Minehut” below), and our Roblox partner game worlds, advertisers are able to reach tens of millions of monthly metaverse players in-game through our distributed game world network and hundreds of millions of viewers through our amplified programs with influencers distributed across social media channels including YouTube, TikTok and Instagram.

This, coupled with custom brand integrations and content, powerful campaign analytics and insights and compliance, offers an immersive and high-performing marketing channel for brands and advertisers.

Specifically, our turnkey metaverse ad products are a progressive and differentiated way for advertisers to embed natively into games through interactive 3-D characters, pop-up shops, and catalogues, to name a few, to access their target audience by enhancing the gaming experience without interrupting the play itself.

These are high-performing media products offering a best-in-class benchmark for in-game advertising.

For example, we ensure viewability with advanced technology that observes if ads are on screen, unobstructed, meet a screen coverage threshold, and other requirements set by Interactive Advertising Bureau (“IAB”) which translates into our premium CPM business model.

Additionally, a core differentiator for Super League is our deep insight and capability to deliver contagious custom Roblox game worlds and integrated experiences along with tailored off-platform entertainment content to drive exposure and on-platform engagement.

Beyond our few thousand Roblox partner game worlds, we have deepened our internal capability to create custom Roblox worlds through the acquisition of Melon Studios in May 2023 and are extending this capability to new virtual world platforms such as Fortnite.

Finally, from our earliest inception we utilized a local hardware solution to create interactive physical spaces for in-person gaming experiences.

In doing so, we created a second-screen perspective that would make the experience more immersive for players and entertaining for spectators, much like professional sporting events, resulting in our Super Studios capability powered by Super View, our patented, fully-remote visualization, production and broadcast technology.

Super View automates and scales various gameplay processes and functions that would otherwise need to be accomplished manually.

These processes and functions primarily include ways to ensure that visualizations of gameplay and other value-added data and graphics are both captured and delivered efficiently and timely supported by computer vision to glean key events, graphics and data from the game screen.

Since COVID-19, we have augmented our virtual control room with remote monitoring and communications and enhanced broadcast-level graphics, for an end-to-end, cloud-based production system built around Super View’s proprietary workflow, primarily used for branded broadcasting requests.

Our Growth Strategy

Our core strategy is to further monetize the audience reach we have built on existing metaverse, or “open-world” game platforms and continue applying that smart backbone to other virtual world engines for extended reach and diversification of revenues.

We have several leverage points including:

Deepen our owned metaverse game worlds to grow direct to consumer revenues.

Grow our publishing, media and creator tool suite to expand audience and analytic insights;

Increase average overall deal-size and total annual spend per advertiser as we become a standard part of their marketing strategies;

Increase domestic sales force effectiveness resulting in higher salesperson throughput and net revenue;

Move beyond our advertising model by applying our end-to-end immersive experience and media engine to new platforms for a persistent immersive marketing strategy for brands and IP owners, and;

Explore strategies to further develop ownable IP to participate in direct to consumer, digital to physical conversion, and first-party data.

Overview of the Company

Super League (Nasdaq:

SLE) is an audience intelligence and media activation company operating at the intersection of a 3.3-billion-person global gaming population (Source:

Exploding Topics, January 2026) and a $1.0 trillion global advertising market (Source:

Dentsu Global, December 2025).

The Company connects brands with consumers who play video games by leveraging an emerging data and activation platform that utilizes behavioral and psychographic signals to drive marketing outcomes.

By combining differentiated insights, scaled media distribution, and interactive ad formats, Super League enables marketers to reach gamers, one of the largest and most influential audiences in modern culture, across gaming environments, digital video, social media, and connected television.

The Company’s operations are organized into three functional areas designed to operate as a connected growth engine.

Product and Data Platform :

The Product and Data Platform team focuses on (i) delivering scalable, productized solutions with reusable components that drive execution efficiency across branded programs and (ii) developing a data platform that provides insights into the preferences, behaviors, and motivations of key audience segments within the gaming ecosystem.

Advertising and Marketing Solutions:

The Advertising and Marketing Solutions team manages programs designed to achieve client objectives.

These programs incorporate proprietary solutions and third-party capabilities, including playable ads, rewarded video, immersive mini-games, in-game ads, interactive characters, brand lift studies, and creator-led amplification.

Super League distributes campaigns across major gaming platforms as well as leading digital and social media channels.

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.

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:

Expand access to scaled or differentiated inventory;

Deepen data and insight capabilities;

Enhance cross-platform execution;

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:

Data and insights secure increasing volume of campaigns;

Improved targeting and distribution drives superior campaign performance;

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

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:

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

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;

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:

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

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

In-game integrations and branded elements embedded within gameplay;

Digital avatar items and branded virtual goods;

Interactive three-dimensional characters;

Brand lift and measurement solutions designed to assess campaign effectiveness;

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.

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:

Gaming platforms such as Roblox, Fortnite, and Minecraft;

Mobile gaming environments, including rewarded and playable ad inventory;

Connected television platforms featuring interactive and gaming-related content;

Digital video and social media platforms;

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:

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

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

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.

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

Key service components include:

Campaign strategy and audience planning;

Creative design and development of interactive and immersive advertising experiences;

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

Influencer and creator program management;

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.

Newzoo Global Gamer Study, 2024)

A gap has emerged between time spent and advertising allocation.

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).

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.

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.

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:

The ability to create engaging and culturally relevant interactive experiences;

Access to major gaming platforms and creator communities;

Scalability of advertising technology and campaign distribution;

Data analytics and performance measurement capabilities;

Relationships with brand marketers and advertising agencies;

The ability to deliver measurable return on advertising spend;

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

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.

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:

Participation in industry events and conferences;

Development and distribution of case studies highlighting campaign performance;

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

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

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We have developed and own various intellectual properties, including pending and issued trademarks, patents, and copyrights.

We also have obtained licenses to valuable intellectual property with game publishers.

We leverage these licenses and service agreements to operate online and location-based competitions, and in parallel, use them to generate a wide array of content.

As of the date of this Report, we have one pending patent application and five issued patents, and other trademark applications, most of which are granted and some of which are currently pending, covering our technologies and brands.

We intend to file additional applications for the grant of patents and registration of our trademarks in the United States and foreign jurisdictions as our business expands.

Our issued patents relate to methods of visualization of gameplay across a wide array of game titles for the purpose of content creation and broadcasting.

These visualizations manifest as web streams with related textual, graphical, and video content targeted for consumption by audiences across various streaming and VOD platforms such as Twitch and YouTube.

To achieve these visualizations, we leverage patent protected technology that places “camera” characters into certain games alongside the competing players, and use the perspective of the ‘camera’ character to provide unique views into the action.

We also have pending patent applications for certain bleeding edge virtualization methods that allow us to generate, at scale, many concurrent visualizations from the cloud.

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.

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.

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Our Corporate Values and Company Culture

Super League is a creator-first company, a credo embraced by every employee.

We are committed to empowering our creators, energizing our players and entertaining fans through our vibrant and immersive gameplay experiences, innovative creator tools and viewing entertainment.

Because we have successfully built our own metaverse gaming worlds and content network over the course of several years, we deeply understand the ecosystem of players and creators and what it takes to help brands and advertisers navigate this new digital social channel in an authentic and engaging way.

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:

We fearlessly pioneer.

We excite creativity.

We ignite connections.

We live where we play.

Our revenue fluctuates quarterly and is generally higher in the second half of our fiscal year, with the fourth quarter typically representing our highest revenue quarter each year.

Advertising spending is traditionally seasonally strong in the second half of each year, reflecting the impact of seasonal back to school, game release and holiday season advertising spending by brands and advertisers.

We own outcomes.

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

We win together.

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

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.

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.

We lead with integrity.

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

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

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

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.

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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.

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

Our online gaming platforms, which target individuals ranging from elementary school age children to adults, are subject to laws and regulations relating to privacy and child protection.

Through our website, online platforms and in person gaming activities we may monitor and collect certain information about child users of these forums.

A variety of laws and regulations have been adopted in recent years aimed at protecting children using the internet, such as COPPA.

COPPA sets forth, among other things, a number of restrictions related to what information may be collected with respect to children under the age of 13, as well as the kinds of content that website operators may present to children under such age.

On December 20, 2023, the FTC announced long-awaited proposed amendments to the Children’s Online Privacy Protection Rule (“COPPA Rule”).

If adopted, the proposed amendments would be the first changes to the COPPA Rule in a decade.

The amendments aim to modernize the COPPA framework and shift the burden for protecting children’s privacy and security from parents to service providers.

The proposed changes include:

Requiring separate opt-in for targeted advertising;

Prohibiting conditioning a child’s participation on collection of personal information;

Limiting the support for the internal operations exception, which allows operators to collect persistent identifiers without first obtaining verifiable parental consent as long as the operator does not collect any other personal information;

Imposing restrictions on educational technology companies, including prohibiting these companies’ use of students’ data for commercial purposes;

Increasing accountability for Safe Harbor programs, including by requiring each program to publicly disclose its membership list and report additional information to the Commission;

Strengthening data security requirements;

Limiting data retention.

There are also a variety of laws and regulations governing individual privacy and the protection and use of information collected from individuals, particularly in relation to an individual’s personally identifiable information (e.g., credit card numbers).

We employ a kick-out procedure during user registration whereby anyone identifying themselves as being under the age of 13 during the process is not allowed to register for a player account on our website or participate in any of our online experiences or tournaments without linking their account to that of a parent or guardian.

In addition, as a part of our experiences, we offer prizes and/or gifts as incentives to play.

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.

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Item 1. Business