Canadian Halal Investor.

TSX Shariah screener · October 2026

Is Enthusiast Gaming Holdings Inc. (EGLX) Halal?

FAIL

Enthusiast Gaming Holdings Inc. · TSX: EGLX · Technology

The short answer

No — Enthusiast Gaming (EGLX) does not pass this Shariah stock screen. Its gaming media business (U.GG, Icy Veins, TheSimsResource, PocketGamer) has no prohibited lines and its interest income of C$463 is negligible, but interest-bearing debt of C$45.05M — the entire balance classified as current, due within 12 months — is about 703.9% of its ~C$6.4M market cap (about 168M shares at ~C$0.04, late September 2026), far above the ~33% ceiling. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

Enthusiast Gaming Holdings Inc. (TSX: EGLX) is a digital publisher focused on building tools, platforms, and experiences for gamers. Its portfolio of owned and operated digital properties includes U.GG, Icy Veins, TheSimsResource, PocketGamer, Addicting Games, and Fantasy Football Scout, plus the global B2B event series PocketGamer Connects. Revenue comes from programmatic advertising, subscriptions, and events (Q2 2026: media & content C$3.5M, subscriptions C$2.5M, events C$1.0M). None of the disclosed business lines — gaming media, game tools and guides, casual browser games, or gaming events — are prohibited lines. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: FAIL

The current portion of long-term debt at June 30, 2026 was C$45.05M — the entire debt balance is classified as current (due within 12 months) — debt ÷ market cap is about 703.9% against a market cap of roughly C$6.4M (about 168M shares at ~C$0.04, late September 2026), far above the ~33% ceiling. Cash of C$2.04M is about 31.9% of market cap, within the ~33% guideline, but the leverage is decisive. Total liabilities were C$59.43M against shareholders' equity of just C$2.05M; the CEO called the 'legacy capital structure' 'a significant challenge.' Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

Interest income was C$463 for the six months ended June 30, 2026 (C$5,532 in the prior-year period), per the condensed consolidated interim statements — about 0.0028% of revenue of C$16.39M from continuing operations, far below the 5% non-compliant income limit. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Enthusiast Gaming do?

Enthusiast Gaming Holdings Inc. (TSX: EGLX) is a digital publisher focused on building tools, platforms, and experiences for gamers. Its portfolio of owned and operated digital properties includes U.GG, Icy Veins, TheSimsResource, PocketGamer, Addicting Games, and Fantasy Football Scout, plus the global B2B event series PocketGamer Connects. It generates revenue from programmatic advertising, subscriptions, and events. None of the disclosed lines — gaming media, game tools and guides, casual browser games, or gaming events — are prohibited lines, so the business gate passes.

Why does Enthusiast Gaming fail this Shariah stock screen?

Enthusiast Gaming's interest-bearing debt is its problem. At June 30, 2026, the current portion of long-term debt was C$45.05M — the entire debt balance is classified as current, i.e., due within 12 months — against a market capitalization of roughly C$6.4M (about 168M shares at ~C$0.04, late September 2026). Debt ÷ market cap is about 703.9%, far above the ~33% ceiling used in this screen. Total liabilities were C$59.43M against shareholders' equity of just C$2.05M, and the CEO described the 'legacy capital structure' as 'a significant challenge' in the Q2 2026 results. The stock does not pass this Shariah screen on the financial gates. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

How much debt does Enthusiast Gaming have?

At June 30, 2026, Enthusiast Gaming reported C$45.05M in current portion of long-term debt (the full debt balance; no non-current portion), plus C$122K of current lease liabilities, per its condensed consolidated interim statements of financial position. With a market cap of roughly C$6.4M (about 168M shares at ~C$0.04, late September 2026), debt ÷ market cap is about 703.9% — far above the ~33% ceiling. Cash of C$2.04M is about 31.9% of market cap, within the ~33% guideline, but the leverage is decisive.

What is Enthusiast Gaming's non-compliant income ratio?

Enthusiast Gaming reported interest income of C$463 for the six months ended June 30, 2026 (C$5,532 in the prior-year period), against revenue of C$16.39M from continuing operations — about 0.0028% of revenue, far below the 5% non-compliant income limit. The income gate passes; the failure is entirely on the debt gate.

Do Zoya, Musaffa, or ShariaPortfolio cover Enthusiast Gaming?

No rating or coverage of Enthusiast Gaming (TSX: EGLX) was found on Zoya, Musaffa, or ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: the Q2 2026 results release (Aug 12, 2026) with condensed consolidated interim financial statements for the three and six months ended June 30, 2026.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).