By Amit Chowdhry Today at 5:30 PM

Super League’s weighted sales pipeline per seller for opportunities through the end of 2026 increased approximately 57% to $2.8 million as the audience intelligence and media activation company expands its commercial organization and integrates new advertising capabilities.

The $2.8 million pipeline figure as of July 31 compares with approximately $1.78 million reported following the first quarter. Super League said the increase followed the addition of new revenue leadership and experienced sales talent across key U.S. advertising markets.

Importantly, the company has expanded its commercial capabilities without materially increasing overall staffing. Headcount remained approximately at pre-transaction levels even as Super League added sales talent and integrated the Misfits Ads assets acquired on May 1.

The Misfits Ads acquisition expanded Super League’s programmatic advertising and turnkey media capabilities. Management said those offerings require less operational support, generally carry higher margins and have the potential to generate more predictable revenue than some of the company’s traditional campaign-oriented business.

Super League also launched its Youth and Family Marketplace, which gives advertisers a single point of access to kid-safe media across gaming channels through programmatic buying and the company’s managed-services team. The offering is intended to broaden the types of advertising objectives Super League can address across gaming and digital media.

The commercial expansion is occurring as underlying revenue economics improve. Gross Q2 revenue was approximately $3 million, essentially flat both sequentially and year-over-year, but net revenue increased 16% sequentially to approximately $1.24 million from $1.08 million in Q1.

Gross margin expanded five percentage points to 41% from 36%, reflecting what the company described as improvements in the quality and economics of its revenue mix and delivery model. Adjusted EBITDA loss narrowed approximately 20% year-over-year to $1.7 million from $2.1 million.

Management continues to target adjusted EBITDA profitability during the fourth quarter. The growing sales pipeline, higher gross margin, integration of lower-support advertising products and continued cost discipline are among the factors Super League believes support that objective.

The company also enters the second half with a stronger balance sheet. Super League ended Q2 with approximately $6.7 million of cash and investments compared with roughly $475,000 a year earlier. It also redeemed its remaining preferred stock during the quarter, leaving no preferred shares outstanding for the first time in several years.

Combined with the elimination of its debt in 2025, Super League believes those actions have strengthened its financial foundation. Management said existing liquidity should be sufficient to fund ongoing operations for the foreseeable future and that the company does not anticipate needing to raise additional capital to support its operating business.

KEY QUOTES:

“We also took important steps to strengthen the underlying business. We successfully integrated the Misfits Ads assets acquired on May 1st of this year without increasing our overall cost base, expanded our programmatic and turnkey media capabilities, and upgraded our commercial organization with new revenue leadership and experienced sales talent. As of July 31, our weighted pipeline per seller for opportunities through year-end increased approximately 57% from the level reported following Q1.”

“We entered 2026 saying our focus had shifted from stabilization to execution. Halfway through the year, we believe the business is stronger, our commercial capabilities are broader, and our financial foundation is healthier. We remain focused on achieving Adjusted EBITDA profitability in the fourth quarter and believe the gains we are seeing in margin, operating efficiency and commercial activity continue to support that objective.”

Matt Edelman, Chief Executive Officer of Super League