BRIGHT MOUNTAIN MEDIA INC - BMTM STOCK NEWS

Bright Mountain Media (OTCQB: BMTM) has appointed Thomas Triscari to its Board of Directors and as Chair of the Compensation Committee. Triscari, an AdTech veteran, brings extensive experience from his roles at Landmark Ventures, Yahoo! EMEA, and Criteo. He is the founder of the Forensic AdTech Collaborative Thinktank (FACT) and has held advisory positions at various companies in the AdTech sector.

As a Senior Advisor at Landmark Ventures, Triscari is developing an M&A advisory practice in AdTech and Media. His appointment is expected to enhance Bright Mountain Media's governance and strategic direction in the digital marketing landscape. CEO Matt Drinkwater expressed confidence that Triscari's expertise will be valuable as the company navigates the evolving marketplace.

Bright Mountain Media (OTCQB: BMTM) has appointed Joe Pergola as a Director and Chair of the Audit Committee. Pergola, currently CFO of Truckstop, brings over 25 years of experience in finance, accounting, M&A, and operations from Fortune 500 Media and Ad Tech companies. His notable career includes roles at Amazon, Criteo, The Weather Company, Yahoo, and Time Warner. As CFO of Integral Ad Science, Pergola was instrumental in the company's successful IPO in 2021, valuing it at $3.8 billion.

CEO Matt Drinkwater praised Pergola's financial expertise and operational experience, stating it will be invaluable for Bright Mountain Media's next growth stage. Pergola expressed enthusiasm about joining the board and collaborating to provide strategic direction, accelerate growth, and enhance shareholder value.

Bright Mountain Media (OTCQB: BMTM) has appointed Elaine Riddell as Non-Executive Director of the Governance Committee. Riddell brings over 15 years of experience as a CEO, driving transformative growth in global data, analytics, and consulting firms. Her track record includes tripling revenue growth rates and scaling businesses rapidly while maintaining attractive margins.

Additionally, Matt Drinkwater, the company's CEO, has been appointed Interim Chairman of the Board. This change comes amid significant strategic and financial transformations, including strategic acquisitions, debt restructuring, governance enhancements, and business transformation initiatives. These moves aim to strengthen Bright Mountain Media's position in the global marketing services landscape and drive long-term success.

Bright Mountain Media, Inc. (OTCQB: BMTM) reported its Q2 2024 financial results, showing a 3% revenue increase to $13.0 million compared to Q2 2023. The company's half-year revenue saw a significant 80% jump to $25.5 million. CEO Matt Drinkwater highlighted a key credit amendment enhancing financial flexibility and successful integration of Big Village and Deep Focus acquisitions. The company's focus is on unlocking synergies, launching innovative products, and advancing an AI-driven marketing services platform.

Q2 2024 saw improvements in advertising technology revenue, offset by declines in digital publishing. The company reported a net loss of $5.2 million, a 14% decrease from Q2 2023. Adjusted EBITDA loss improved to $920,000 from $1.9 million in the same period last year. For the first half of 2024, BMTM reported a net loss of $10.0 million, with an Adjusted EBITDA loss of $2.0 million, showing improvement from the $3.9 million loss in H1 2023.

Bright Mountain Media, Inc. (OTCQB: BMTM) has amended its credit agreement with Centre Lane Partners, resulting in the deferral of certain 2024 payments. Key changes include: extending the Nineteenth Amendment Term Loan maturity to December 31, 2024; adjusting repayment terms; and modifying Last Out Loans amortization. The amendment provides additional financial flexibility for the company's growth plans.

Additionally, Bright Mountain announced the retirement of W. Kip Speyer as Chairman of the Board and the resignation of director Harry Schulman. CEO Matt Drinkwater expressed gratitude for their contributions and optimism about the company's continued partnership with Centre Lane Partners.

Bright Mountain Media (BMTM) announced its financial results for Q1 2024, highlighting a significant revenue increase to $12.4 million, up from $1.5 million in Q1 2023. The gross margin also rose to $3.1 million from $528,000 in the previous year. This growth is attributed to the Big Village Acquisition.

Advertising technology revenue reached approximately $2.6 million, with digital publishing revenue at $434,000. Consumer insights, creative services, and media services, new offerings from the Big Village Acquisition, generated revenues of $6.7 million, $2.1 million, and $641,000 respectively.

However, the cost of revenue surged to $9.3 million due to new costs from the acquisition. General and administrative expenses increased to $5.2 million. Despite the revenue growth, the net loss widened to $4.8 million from $3.8 million in Q1 2023, although the adjusted EBITDA loss improved to $1.2 million from $2.1 million.