Enhanced Games Post $62 Million Loss Following 'Steroid Olympics' Flop

The Enhanced Group, a telehealth company backed by Peter Thiel, reported a net loss of nearly $62 million in its second-quarter earnings report, as TechCrunch first reported. The losses are largely attributed to hosting the Enhanced Games in Las Vegas this May, a competition that permitted athletes to use performance-enhancing drugs typically banned in professional sports.

Despite being marketed as a transformative event for organized sports, TechCrunch reports the games were a competitive failure, with only one world record broken in swimming. While the Enhanced Group brought in $17.7 million last quarter, TechCrunch notes that the majority of this revenue stemmed from sponsorships rather than the company's core telehealth business, which sells FDA-approved testosterone injections, peptides, and GLP-1 weight loss treatments.

Founded in 2023 and valued at $1.2 billion following an IPO earlier this year, the company is now signaling a potential pivot. TechCrunch reports the launch of "Enhanced Breakers," an online series designed to keep audiences and sponsors engaged at a fraction of the cost of the full games.

While the event struggled, the broader peptide industry continues to grow. TechCrunch highlights the role of Silicon Valley startups like Noho Labs and Superpower, as well as a recent move by the Trump administration's FDA to reclassify certain substances. This regulatory shift occurs under the U.S. Department of Health and Human Services, overseen by Robert F. Kennedy Jr., whose unconventional health views have been criticized as dangerous by medical professionals.