FaZe Clan has released its latest SEC filing and it showcases a quarter of losses from the company along with its projections and missed financial targets on August 31.
FaZe went public in July through a SPAC deal and thus has made most of its financial dealings public through SEC filings. In its most recent quarterly report, the company lost $9.3 in the second quarter of the year.
Other notable inclusions from the recent filing include FaZe’s own projects for itself and how far the mark was missed. The company expected to make $218 million from its merger with B. Riley Principal 150 Merger Corp. but it only got $100.2 million.
FaZe chalks up the lower-than-expected return to redemptions from public shareholders and “higher than expected expenses in connection” with the merger.
FaZe and executive pay
The recent filing also laid out how much executives at the top of the company are compensated. Such information is usually not available for private companies and for startup companies like Faze was technically before going public, executive payment is usually on the lower end to help fund other parts of the fledgling business.
Now public, those at the head of FaZe are receiving a decent payout with the company’s CEO Lee Trink receiving $600,000 in salary and the same in bonuses. The company’s former CFO Amit Bajaj will take in $350,000 in salary with bonuses of around $175,000 and the CSO Kainoa Henry has $275,000 in base salary.
Another highlight of the filing is the company’s reliance on sponsorships with other brands and advertisers for income. For the first half of the year, sponsorship accounted for about 60% of the company’s revenue according to the filing.
FaZe also stated that one single content creator generated “approximately 17% of our total revenue.”
The company is set to have another filing for interested parties to look over at the end of the third quarter on September 30.