If the holidays are the highest revenue time for games, what is the lowest? Does the lack of revenue have measurable impact for game devs (say the lowest revenue time is the time when game cancellations are the most common?)

There's usually the big lull in April and May, a small sales bump in June, followed by another lull in July and August. I suspect this is because of things like the school year winding down and families preparing to do things like go on vacation or do other annual events. When I was guild and raid leader in some of the MMOGs I played, we would usually have much more difficulty fielding players in the summer time due to everybody having family or organized activities that supplanted their time to play games.

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