The Enhanced Group, the company behind the Enhanced Games, has announced a net loss of nearly $62 million in its second-quarter earnings report. The report, released earlier this week, indicates that a significant portion of this loss stemmed from hosting the games.
The Enhanced Games, a sports competition allowing athletes to compete using performance-enhancing drugs, took place in Las Vegas in May. Despite an IPO earlier this year valuing the company at $1.2 billion, the event itself saw only one world record broken, in swimming.
The Q2 earnings report revealed that the company generated $17.7 million in the last quarter, primarily from sponsorships linked to the games rather than its core telehealth business. This has cast doubt on previous claims by Enhanced executives that the games would be an annual event.
The company's report also highlighted the recent launch of a new online series, Enhanced Breakers. This series is described as operating at a fraction of the cost of a full Games event, while aiming to keep athletes competing, audiences engaged, and sponsors interested.