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Spark Networks SE (NYSE American: LOV) is a pioneering global dating company serving singles seeking meaningful relationships through a diversified portfolio of premium and freemium brands. Formed in 2017 from the merger of Affinitas GmbH and Spark Networks, Inc., Spark Networks SE operates in 29 countries, attracting over 9 million new users annually. Key brands include EliteSingles, Jdate, Christian Mingle, eDarling, JSwipe, Attractive World, and SilverSingles. The company's mission is to become the leading global dating company, driven by innovation and a commitment to serious connections.
Headquartered in Berlin, Germany, Spark Networks SE employs 300 people representing 52 nationalities. They leverage this diverse talent pool to foster a dynamic and inclusive work environment. The company is currently undergoing a significant transformation plan aimed at improving growth, margins, EBITDA, and cash flow. A new phase involves collaborating with a leading performance marketing agency to create an integrated marketing strategy that boosts brand growth. Additionally, a shift to third-party managed service providers is expected to reduce operational costs and enhance long-term efficiency.
Recent corporate developments underscore Spark Networks' strategic direction. As of July 2023, Colleen Birdnow Brown has taken on the role of interim CEO, bringing extensive experience in media, technology, and strategic leadership. Former CEO Chelsea Grayson successfully led the company through the initial phase of its transformation, which included identifying a top performance marketing partner and implementing a new enterprise resource planning system to optimize financial management.
Financially, the company has shown considerable resilience and adaptability. Despite reducing marketing expenditures by 43% in Q2 2023 compared to the same period in 2022, Spark Networks increased its Adjusted EBITDA by $8.9 million year-over-year. The next steps include outsourcing significant portions of its technology and operations to improve both cost-efficiency and product quality, with completion anticipated by Q1 2024.
The company recently announced that its American Depositary Shares would begin trading on the OTCQX Best Market under the ticker symbol LOVLY starting September 8, 2023, moving away from NASDAQ. This shift aligns with their strategic focus on maintaining high financial standards and robust corporate governance while enhancing investor engagement.
Spark Networks SE continues to innovate and adapt, setting the stage for sustainable growth and operational excellence. For more details on investor relations and recent updates, visit Spark Networks Investor Relations.
Updater Inc. announced the appointment of Bangaly Kaba and Lee Kirkpatrick to its Board of Directors, aimed at accelerating company growth. Lee will lead the Audit Committee and has a proven track record, having scaled Twilio's revenue from $15M to $800M and guiding its IPO. Bangaly holds significant experience in product innovation at top tech companies. Two long-standing directors, Antony Catalano and Jessica Nagle, stepped down, marking a significant leadership shift. This strategic move aims to strengthen Updater’s positioning in the relocation technology market.
Spark Networks SE (NYSE American: LOV) will transfer its stock listing to the Nasdaq Capital Market, effective February 15, 2022. This move aims to enhance visibility and liquidity, aligning with the company's growth-oriented strategy. CFO David Clark expresses optimism about this transition, highlighting plans for sustainable revenue growth and long-term shareholder value. Nasdaq's Managing Director Andrew Hall welcomes Spark Networks, emphasizing the benefits of increased institutional exposure.
Zoosk, a leading social dating platform and part of Spark Networks, has launched a new virtual dating feature called Zoosk Great Dates. This initiative aims to enhance online dating by allowing singles to engage in unique virtual experiences set in destinations like Greece, Italy, and Japan. A recent survey by Zoosk revealed that 57% of U.S. singles prefer maintaining virtual dates post-pandemic. The feature includes interactive content to facilitate connections, tailored for paying subscribers. This launch positions Zoosk at the forefront of social dating innovations.
Alden Global Capital has nominated three independent candidates for Lee Enterprises' board in response to the company's rejection of a prior request for nominee forms. Alden, which holds a 6.3% stake in Lee (NASDAQ: LEE), reiterates its $24.00 per share acquisition offer, emphasizing long-term commitments to the newspaper industry. The nominations aim to engage with Lee's management and avoid a proxy contest at the 2022 Annual Meeting, despite Lee's adoption of a poison pill strategy.
Spark Networks SE (NYSE American: LOV) reported its third quarter 2021 financial results, revealing a revenue of $53.3 million, down from $60.8 million in Q3 2020. The net loss widened to $2.7 million from $0.1 million. Adjusted EBITDA decreased to $5.0 million compared to $7.6 million the previous year. Despite challenges with Zoosk, four of the top five brands showed growth. Full-year revenue guidance remains between $219 million and $223 million, with adjusted EBITDA guidance at $27 million to $30 million.
Spark Networks SE (NYSE American: LOV) will announce its financial results for Q3 2021, ending September 30, 2021, on November 15, 2021, after market close. A conference call for analysts and investors is scheduled for the same day at 5:00 p.m. ET. The company, based in Berlin, Germany, operates popular dating platforms such as Zoosk and Christian Mingle, boasting approximately one million monthly paying subscribers globally. Investors can access the call via a dedicated dial-in number or through the company’s Investor Relations website.
Xponential Fitness, Inc. has appointed Chelsea A. Grayson as an independent director, expanding the board to four members and enhancing its independence. Grayson brings extensive experience as a former CEO and board member of global companies, including her current role on the board of Spark Networks. Her insights into retail and brand management are expected to support Xponential's growth strategies, particularly in enhancing retail and merchandise sales across over 2,000 studios.
Spark Networks SE (NYSE American: LOV) announced on Sept. 27, 2021 that it has engaged MKR Investor Relations, Inc. to enhance its investor relations program. This partnership aims to improve visibility within the institutional investor community in the United States. CFO David Clark emphasized Spark's commitment to driving sustainable revenue growth in the $2.3 billion online dating market, with over 3 million quarterly user registrations and 870,000 paying subscribers, highlighting significant recurring revenue potential.
Spark Networks SE (NYSE American: LOV) announced the appointment of Colleen Brown as the new non-executive chair of its Board of Directors. Brown, a seasoned business leader and former CEO of Fisher Communications, aims to accelerate growth strategies and establish new partnerships for the company. She has served on the board since 2018 and is recognized for her contributions to corporate governance. The company, known for its dating platforms like Zoosk and Christian Mingle, operates with approximately one million monthly paying subscribers globally.
Spark Networks SE (NYSE American: LOV) reported its Q2 2021 financial results, showing revenue of $55.3 million, a $1.2 million decrease from Q2 2020. The net loss widened to $50.4 million, affected by a non-cash impairment charge. Average paying subscribers declined by 3.0% to 878,618. Adjusted EBITDA was $8.3 million, down from $10.1 million a year earlier. Despite the setbacks, management anticipates full-year revenue of $219 million to $223 million and is focused on improving the Zoosk platform.
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