Clubhouse Media Group, Inc. Reports Second Quarter 2023 Financials

Rhea-AI Summary

Clubhouse Media Group, Inc. announced its financial results for the Second Quarter of 2023. Total net revenue decreased by 57% to $786,489 compared to the same quarter in 2022. Operating expenses decreased by 32% to $707,525, and operating loss decreased by 18% to $405,815. Net loss decreased by 93% to $359,762. The company aims to continue reducing expenses and losses while increasing margins and benefiting shareholders.

LOS ANGELES, Aug. 8, 2023 /PRNewswire/ -- Clubhouse Media Group, Inc. (OTCMKTS: CMGR) ("Clubhouse Media"), a social media firm and digital agency, today announced financial results for the Second quarter of 2023.

Second Quarter 2023 Financial Summary Compared to Second Quarter 2022

• Total net revenue decreased 57% to $786,489, compared to $1,900,932
• Operating expenses decreased 32% to $707,525 compared to $1,040,549
• Operating loss decreased 18% to $405,815, compared to $492,977
• Net loss decreased 93% to $359,762, compared to $4,926,111

Management Commentary

"I'm pleased we were able to decrease our expenses as well as our losses while simultaneously increasing our margins and reducing our outstanding notes," said Amir Ben-Yohanan, CEO of CMGR. "Continuing this trajectory will benefit both the company and its shareholders."

"We had a successful quarter in reducing our losses," added Scott Hoey, Chief Financial Officer of CMGR.  "We are working hard to finish strong in 2023."

Visit us at www.clubhousemediagroup.com

About Clubhouse Media Group, Inc.
CMGR offers management, production, and deal-making services to its handpicked influencers, a management division for individual influencer clients, and an investment arm for joint ventures and acquisitions for companies in the social media influencer space.

Follow CMGR on Twitter: https://twitter.com/ClubhouseCMGR

FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements". Forward-looking statements also may be included in other publicly available documents issued by CMGR and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance.

Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause CMGR's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for CMGR's products and services, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission from time to time, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Forms 10-Q and Current Reports on Form 8-K, which are available on the Securities and Exchange Commission's website at sec.gov. We assume no obligation to update any forward-looking statements contained in this press release.

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SOURCE Clubhouse Media Group, Inc.

FAQ

What is the financial performance of Clubhouse Media Group, Inc. in the Second Quarter of 2023?

Total net revenue decreased by 57% to $786,489 compared to the same quarter in 2022. Operating expenses decreased by 32% to $707,525, and operating loss decreased by 18% to $405,815. Net loss decreased by 93% to $359,762.

Who is the CEO of Clubhouse Media Group, Inc.?

Amir Ben-Yohanan is the CEO of CMGR.

Who is the Chief Financial Officer of Clubhouse Media Group, Inc.?

Scott Hoey is the Chief Financial Officer of CMGR.

What is the company's goal for 2023?

The company aims to finish strong in 2023 by reducing expenses and losses while increasing margins and benefiting shareholders.

Where can I find more information about Clubhouse Media Group, Inc.?

You can visit their website at www.clubhousemediagroup.com.