Dear Fellow Shareholders,

We recently announced our agreement to acquire the Misfits Ads Division. Already generating profitable revenue, integrating the division is fully expected to improve the predictability of our performance, expand our market share, and accelerate our path to cash-based EBITDA profitability. We believe it is an important step and ideal opportunity for Super League to build sustainable operating momentum and shareholder value following the work we completed in 2025 to create a stable corporate foundation for growth.

This strategic acquisition will make us a stronger company with a clearer and faster path to EBITDA profitability and a more defensible moat around our business.

Super League became a new and revitalized company over the past year as a result of the restructuring work we undertook with both new and existing financial supporters excited about our strategic plan. We have sufficient capital resources to fund operations for the foreseeable future, a capital structure enabling organic and inorganic growth, and a more efficient operation supporting year-over-year revenue expansion.

The Misfits Ads Division is set to accelerate that progression. It is a profitable business unit today and is expected to have an immediate accretive impact on our cash-based EBITDA. We expect that impact to begin to be visible soon after the acquisition closes, and for this transaction to be a key driver supporting our path to cash-based EBITDA profitability by year end.

The acquisition also improves the diversification and quality of our revenue. Today, a meaningful portion of our business is driven by custom campaign work. While Super League is highly regarded in this area, Misfits adds programmatic advertising capabilities, which are transaction-based and generally more recurring in nature. This will result in a more dependable and predictable revenue foundation over time.

In addition, the transaction brings proprietary technology that supports revenue generation in channels where we have historically relied on third-party solutions. By owning more of the underlying technology and capabilities, we expect to improve margins and strengthen our competitive position.

Upon the closing of the transaction, Super League will also have a preferred commercial partnership with Misfits Gaming Group, enabling the Company to secure revenue-generating brand deals across a portfolio of Roblox games that reach more than 100 million monthly active users.

The Misfits Ads Division has executed more than 150 brand partnership programs in the past three years. Integrating the Misfits Ads Division team will expand our scale in the gaming media sector, increasing our relationships with brands and agencies, adding to our sales capacity, and broadening our pipeline of opportunities. Super League will be larger, more diverse and an even more relevant participant in a growing market.

This transaction is happening at exactly the right time—the market opportunity is significant. Consumers spend nearly as much time playing video games as they do on social media and watching television and streaming. Yet while advertising spend across those channels exceeds $150 billion annually in the U.S., total spend in gaming remains near just $10 billion.

This gap between consumer time spent and brand dollars invested is Super League's core opportunity. We believe this transaction strengthens our ability to capture a greater share of ad spend from the ever-increasing number of brands shifting attention to this vastly under-monetized consumer segment.

Taken together, these factors—profitable revenue, improved predictability, expanded scale, and greater ownership of technology—represent a significant step forward for Super League and reinforce the progress we have made over the past year.

We strongly encourage you to vote in favor of the transaction to help unlock the next phase of growth and opportunity for our Company. Thank you for your continued support.

Sincerely,

Matt Edelman

Chief Executive Officer

Super League Enterprise, Inc.