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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.