Aug 29, 2023, 16:05 ET
Revenue of $7.7 Million Represents 9th Consecutive Quarter of Record YOY Revenue Growth
76% YOY Adjusted EBITDA Increase
TORONTO, MUMBAI, India and LOS ANGELES, Aug. 29, 2023 /PRNewswire/ - QYOU Media Inc., (TSXV: QYOU) (OTCQB: QYOUF) a company operating in India and the United States producing and distributing content created by social media stars and digital content creators, is reporting financial results for the quarter ended June 30, 2023. Highlights include as follows:
Record Breaking Quarterly and YOY Revenue Growth: For the three months ended June 30, 2023 revenue was $7.71 million representing a year over year increase of 12% and marking the 9th consecutive quarter of YOY revenue growth. Revenue increased $831,628 YOY over the same quarter in 2022.
Adjusted EBITDA*: For the three months ended June 30, 2023, the Adjusted EBITDA increased by 30% compared to the prior quarter ended March 31, 2023 and by 76% compared to prior year. The revenue generating business units in both India and the United States finished strong in Q2 with the consolidated Adjusted EBITDA loss of $33,986.
Improved Net Loss: Net Loss for the three months ended June 30, 2023, decreased by $1,861,267 or 56%, driven by revenue growth and efficiencies across all operating business units.
Cash Balance: The Company concluded the period ended June 30, 2023 with cash of $1,794,280 as compared to June 30, 2022 cash of $4,181,414.
QYOU Media CEO and Co-Founder, Curt Marvis commented, "We continue to deliver strong results and success in containing costs and growing revenue in what remains a challenging time in the public markets. The teams in both India and the US have made strong progress across the board in growing the depth and breadth of our client base and our overall suite of content products and capabilities. As we head towards 2024, we are excited about the continued rollout of our direct to consumer efforts, particularly in the mobile casual gaming space. We remain confident that over time our share value will catch up to the overall success being experienced in the business."
Note on Adjusted EBITDA:
To supplement our consolidated financial statements, which are prepared and presented in accordance with International Financial Reporting Standards ("IFRS"), we present Earnings Before Interest Tax Depreciation and Amortization ("Adjusted EBITDA") which is a non-IFRS financial measure. The presentation of non-IFRS financial measurement are not intended to be considered in isolation from, or as a substitute for, or superior to, operating loss or net income (loss) or any other performance measures derived in accordance with IFRS or as an alternative to net cash provided by operating activities or any other measures of cash flows or liquidity.
We define earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") as revenue minus operating expenses excluding non-cash and or non-recurring operating expenses of stock-based compensation, marketing credits, depreciation and amortization (interest and taxes are not included in the Company's operating expenses). Adjusted EBITDA is used as an internal measure to evaluate the performance of our operating segments. We believe that information about this non-IFRS financial measure assists investors by allowing them to evaluate changes in operating results of our business separate from non-operational factors that affect operating income (loss) and net income (loss), thus providing insights into both operations and other factors that affect reported results. A limitation of the use of Adjusted EBITDA as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Furthermore, this measure may vary among companies; thus Adjusted EBITDA as presented herein may not be comparable to similarly titled measures of other companies.
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Words such as "expects'', "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein may include, but are not limited to, information concerning the completion of future investments, the approval of the Exchange of the investments, the approval of the Reserve Bank of India of future investments, the expected use of proceeds from the investment, and statements relating to the business and future activities of QYOU. These forward-looking statements are based on QYOU's current projections and expectations about future events and other factors management believes are appropriate. Although QYOU believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that the offering and the closing thereof will be consistent with these forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of numerous factors, including certain risk factors, many of which are beyond QYOU's control. Additional risks and uncertainties regarding QYOU are described in its publicly-available disclosure documents, filed by QYOU on SEDAR (www.sedar.com) except as updated herein. The forward-looking statements contained in this news release represent QYOU's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. QYOU undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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SOURCE QYOU Media Inc.