EBET Stock ,We’re pleased with what we’ve accomplished in this quarter, and remain positive regarding the direction of our company. For the three months ending March 31 2022, our 2nd quarter of fiscal year, we racked up revenues in the range of $19.0 million and a gross yield at $7.1 million. These figures are impressive when you look at the robustness in the U.S.
Dollar changes in markets in Germany and the delay in market access in the Netherlands. In the U.S., market adjustments in Germany and delays to access markets for Netherlands. U.S. dollar has strengthened more cautiously in comparison to euros and the British pound. We, as you are aware, have our company is located in Europe and we earn more than currency of the bet on, which is mostly Euro and British pounds.
In the first fiscal second quarter in the fiscal second quarter, we saw that the U.S. dollar was 7 percent higher than the same time frame in the prior year. The trend has increased as of the quarter’s close. Our impressive revenue growth is even more impressive when you consider the challenges facing the German market, which is a result of the difficult regulatory conditions as well as other macroeconomic factors.
Esports performance
In the end, our performance in revenue would have been more impressive if we had obtained an access market to Netherlands in the timeframe we anticipated. We expect to be in the market by the end of calendar 2023. We are continuing to explore new markets to ensure a solid client base in the most markets we can to ensure a steady base for growth in the future. This approach gives us assurance that we will meet the revenue goal we set for ourselves of $70 million by the end of fiscal 2022 using a constant currency basis.
Examining other aspects in our operations, we closed this quarter on a balance balance in the amount of $7.1 million, which was down by $11.8 million at quarter’s end. We are continuing to invest in the core intellectual property that is essential to the e-sports betting ecosystem. Our current investments are focused on developing the complete odds and models for events in e-sports that offer the most competitive prices for the vast majority of markets. Our products are available on only a few test markets right now and we anticipate an extensive rollout in most valuable European markets later this year.
The adjusted EBITDA during the period was lower $4.7 million. To clarify the adjusted EBITDA is calculated using the loss from operations of $9.1 million, and then adding additional noncash compensation expenses of $1.8 million and depreciation as well as amortization amount of $2.6 million. In the second quarter of 2022, we utilized $4.6 million of cash to fund operations. We anticipate continuing with our investment in innovative products for e-sports and increase the geographic range of our iGaming sportsbook and esports businesses through the fiscal year 2022.
Our goal is to diversify our revenues by expanding into other Latin American markets, and we are beginning to build the Gogawi name in Brazil that is one of the top markets for e-sports around the world. We have launched models and odds feeds for e-sports, which we believe is the top in terms of odds and products. We are continuing to work to patent our technology innovations. We have filed five patents in the U.S.
Although they are all under examination, it is essential that we get patent approval for our inventions. We have launched a brand shift that changed the name from Esports Technologies to eBET. We believe eBET is a better representation of what we want to achieve with our business goals. Our primary focus isn’t shifting to e-sports, however, due to the recent acquisition and the upcoming release of new products we believe that eBET more accurately will reflect our vision as a company. Our goal is to offer top-quality betting products for those in the 18-to-40-year age group.
We generated $19 million in revenue , which is a an entire quarter of revenue generated by the acquisition. We’re proud to announce that we’re still in the process of achieving our goal for $70m. The next step is to hand the money over to Jim to go in depth about our Q2 financial results.
