Loop Media Reports 2024 Fiscal Third Quarter Financial Results
Loop Media (NYSE American: LPTV) reported financial results for its 2024 fiscal third quarter ended June 30, 2024. Revenue decreased 23% to $4.4 million compared to $5.7 million in Q3 2023, primarily due to a challenging ad market. Net loss improved to $(5.5) million or $(0.07) per share, compared to $(7.9) million or $(0.14) in the same period last year. Gross profit decreased to $0.9 million with a margin of 20.9%.
The company continued cost-cutting initiatives, reducing SG&A expenses by 35% year-over-year to $4.1 million. Loop Media had 30,486 quarterly active units on its Owned and Operated Platform, down 13% year-over-year, but increased Partner Screens by 38% to approximately 51,000. The company is focusing on increasing revenues, leveraging expenses, and improving profitability through streamlined operations and new subscription offerings.
Loop Media (NYSE American: LPTV) ha riportato i risultati finanziari per il terzo trimestre fiscale del 2024, terminato il 30 giugno 2024. I ricavi sono diminuiti del 23% a 4,4 milioni di dollari rispetto ai 5,7 milioni di dollari del terzo trimestre del 2023, principalmente a causa di un mercato pubblicitario difficile. La perdita netta è migliorata a $(5,5) milioni, ovvero $(0,07) per azione, rispetto a $(7,9) milioni o $(0,14) nello stesso periodo dell'anno scorso. Il profitto lordo è diminuito a 0,9 milioni di dollari con un margine del 20,9%.
L'azienda ha continuato le iniziative di riduzione dei costi, abbattendo le spese SG&A del 35% anno su anno, portandole a 4,1 milioni di dollari. Loop Media ha registrato 30.486 unità attive trimestrali sulla sua piattaforma di proprietà e operativa, in calo del 13% rispetto all'anno precedente, ma ha aumentato gli schermi Partner del 38% a circa 51.000. L'azienda si sta concentrando sull'aumento dei ricavi, sul controllo delle spese e sul miglioramento della redditività attraverso operazioni semplificate e nuove offerte di abbonamento.
Loop Media (NYSE American: LPTV) informó sobre los resultados financieros para su tercer trimestre fiscal de 2024, que finalizó el 30 de junio de 2024. Los ingresos disminuyeron un 23% a 4,4 millones de dólares en comparación con 5,7 millones de dólares en el tercer trimestre de 2023, principalmente debido a un mercado publicitario desafiante. La pérdida neta mejoró a $(5,5) millones o $(0,07) por acción, en comparación con $(7,9) millones o $(0,14) en el mismo período del año pasado. El beneficio bruto disminuyó a 0,9 millones de dólares con un margen del 20,9%.
La empresa continuó con iniciativas de reducción de costos, reduciendo los gastos SG&A en un 35% interanual a 4,1 millones de dólares. Loop Media tuvo 30,486 unidades activas trimestrales en su plataforma propia y operativa, un 13% menos interanual, pero aumentó las pantallas de socios en un 38% a aproximadamente 51,000. La empresa se centra en aumentar los ingresos, gestionar los gastos y mejorar la rentabilidad a través de operaciones simplificadas y nuevas ofertas de suscripción.
Loop Media (NYSE American: LPTV)는 2024 회계 연도 3분기(2024년 6월 30일 종료)의 재무 결과를 보고했습니다. 수익은 23% 감소하여 440만 달러에 달하며, 2023년 3분기와 비교해 570만 달러에서 감소하였고, 이는 주로 어려운 광고 시장 때문입니다. 순손실은 개선되어 $(5.5)백만 또는 주당 $(0.07)에 달하며, 작년 같은 기간의 $(7.9)백만 또는 $(0.14)와 비교됩니다. 총 이익은 90만 달러로 마진은 20.9%였습니다.
회사는 매년 SG&A 비용을 35% 줄여 410만 달러로 감소시키며 비용 절감 노력을 지속해왔습니다. Loop Media는 자사가 소유하고 운영하는 플랫폼에서 분기당 30,486개의 활성 유닛을 보유하고 있으며, 이는 전년 대비 13% 감소했지만, 파트너 화면은 38% 증가하여 약 51,000개에 달했습니다. 회사는 수익 증대, 비용 관리 및 효율적인 운영과 새로운 구독 제공을 통해 수익성을 개선하는 데 집중하고 있습니다.
Loop Media (NYSE American: LPTV) a publié les résultats financiers pour son troisième trimestre fiscal 2024, qui s'est terminé le 30 juin 2024. Les revenus ont diminué de 23 % pour atteindre 4,4 millions de dollars, contre 5,7 millions de dollars au troisième trimestre 2023, principalement en raison d'un marché publicitaire difficile. La perte nette s'est améliorée à $(5,5) millions ou $(0,07) par action, contre $(7,9) millions ou $(0,14) en période équivalente l'an dernier. Le bénéfice brut a chuté à 0,9 million de dollars avec une marge de 20,9 %.
L'entreprise a poursuivi ses initiatives de réduction des coûts, en réduisant les dépenses SG&A de 35 % d'une année sur l'autre à 4,1 millions de dollars. Loop Media a enregistré 30 486 unités actives trimestrielles sur sa plateforme possédée et exploitée, en baisse de 13 % par rapport à l'année précédente, mais a augmenté les écrans partenaires de 38 % pour atteindre environ 51 000. L'entreprise met l'accent sur l'augmentation des revenus, l'optimisation des dépenses et l'amélioration de la rentabilité grâce à des opérations rationalisées et de nouvelles offres d'abonnement.
Loop Media (NYSE American: LPTV) hat die finanziellen Ergebnisse für das dritte Quartal des Geschäftsjahres 2024 veröffentlicht, das am 30. Juni 2024 endete. Der Umsatz sank um 23% auf 4,4 Millionen US-Dollar im Vergleich zu 5,7 Millionen US-Dollar im 3. Quartal 2023, hauptsächlich aufgrund eines schwierigen Werbemarktes. Der Nettoverlust verbesserte sich auf $(5,5) Millionen oder $(0,07) pro Aktie, im Vergleich zu $(7,9) Millionen oder $(0,14) im gleichen Zeitraum des Vorjahres. Der Bruttogewinn sank auf 0,9 Millionen US-Dollar bei einer Marge von 20,9%.
Das Unternehmen setzte Kostensenkungsinitiativen fort und reduzierte die SG&A-Ausgaben im Jahresvergleich um 35% auf 4,1 Millionen US-Dollar. Loop Media hatte 30.486 aktive Einheiten im Quartal auf seiner eigenen und betriebenen Plattform, was einem Rückgang von 13% im Jahresvergleich entspricht, aber die Partner-Bildschirme um 38% auf etwa 51.000 erhöht wurden. Das Unternehmen konzentriert sich darauf, die Einnahmen zu steigern, die Ausgaben zu optimieren und die Rentabilität durch rationalisierte Abläufe und neue Abonnementangebote zu verbessern.
- Net loss improved from $(7.9) million to $(5.5) million year-over-year
- SG&A expenses reduced by 35% to $4.1 million compared to Q3 2023
- Partner Screens increased by 38% to approximately 51,000 year-over-year
- Introduced new subscription offerings including a two-tier music video service and non-music live channels
- Revenue decreased 23% to $4.4 million compared to Q3 2023
- Gross profit declined to $0.9 million from $1.8 million in Q3 2023
- Gross margin decreased to 20.9% from 31.8% in Q3 2023
- Quarterly active units on Owned and Operated Platform decreased 13% year-over-year
- Cash and cash equivalents decreased to $1.5 million from $2.2 million in the previous quarter
Insights
Loop Media's Q3 2024 results show concerning trends. Revenue decreased by 23% to
The decrease in Quarterly Active Units (QAUs) by
The CTV and DOOH markets are facing headwinds, as evidenced by Loop Media's results. The company's revenue decline, attributed to changes in ad demand dynamics, highlights the volatility in the digital advertising space. The decrease in QAUs suggests potential market saturation or increased competition in the O&O segment.
However, the growth in Partner Screens indicates a shift in strategy towards partnerships, which could be more scalable. The introduction of tiered subscription models for music videos and non-music content (including live sports) is a strategic move to diversify revenue streams and reduce dependence on advertising. This pivot aligns with industry trends towards hybrid monetization models in the streaming sector. The success of these initiatives will be important for Loop Media's future performance and market positioning.
2024 Fiscal Third Quarter (June 30, 2024) Financial Results
Summary Fiscal Q3 2024 vs. Fiscal Q3 2023
-
Revenue in Q3 was
$4.4 million $5.7 million -
Net loss was
$(5.5) million $(0.07) $(7.9) million $(0.14) -
Adjusted EBITDA (a non-GAAP financial measure defined below) was
$(2.2) million $(3.7) million -
Gross profit was
$0.9 million $1.8 million -
Gross margin was
20.9% , compared to31.8% . - As of June 30, 2024, the Company had 30,486 quarterly active units ("QAUs") operating on its Owned and Operated ("O&O") Platform, compared to 34,898 QAUs as of June 30, 2023.
- As of June 30, 2024, the Company had approximately 51,000 screens across its Partner Platforms, compared to approximately 37,000 as of June 30, 2023.
In the 2024 fiscal third quarter, revenue decreased approximately
Gross profit in the 2024 fiscal third quarter was
Total sales, general, and administrative ("SG&A") expenses (excluding stock-based compensation, depreciation and amortization, impairment of goodwill and intangible assets, and restructuring costs) in the 2024 fiscal third quarter were
Net loss in the third quarter of fiscal 2024 was
Adjusted EBITDA in the third quarter of fiscal 2024 was
On June 30, 2024, cash and cash equivalents were
For the third quarter of fiscal 2024, the Company had approximately 81,000 active Loop Players and Partner Screens across the Loop Platform, which included 30,486 QAUs across the Company’s O&O Platform, a decrease of
Continued Cost-Cutting Initiatives
During the third quarter of fiscal year 2024, the Company continued the cost-cutting review it began earlier in fiscal year 2024, which it believed would provide the framework for making it more competitive in the CTV for business/DOOH industry and would accelerate its potential path to break even and achieve operating profitability. These measures have included: (1) discussions with certain third-party content providers and other licensors with a view to (i) restructuring existing or new license agreements and (ii) eliminating certain fixed fee content licenses, in each case to more closely align payments to content licensors with revenue associated with such content; (2) the development and promotion of lower cost channels to reduce or eliminate third-party content license fees, where possible; and (3) a continued review of existing third-party vendor products and services with a view to eliminating approximately
These efforts are ongoing and as these initiatives and changes continue to take effect, the Company believes it will see improved margins for the business. There can be no assurances, however, that the Company will be able to effect all changes that it has identified or that any such changes will achieve the desired results.
Justis Kao, CEO, stated, "Since my recent appointment as CEO, I have focused my attention on those areas of the business where we can look to increase revenues, leverage the Company’s fixed and variable expenses and improve profitability. As we have already undertaken significant cost-cutting measures, we will continue to streamline our operations and create further cost efficiencies for the remainder of this fiscal year and into the next. We are also continuing to work toward the expansion of our subscription offerings to our out-of-home business clients, including the introduction of a two-tier music video service offering, which will include a “primary tier” consisting of fewer than ten music video channels provided under a free ad-based service, and a “premium tier” of Loop’s full library of curated music video channels provided under a subscription service. We have also recently announced a non-music subscription offering that includes a number of live channels ranging from live sports events (including The NFL Redzone and The NFL Network) to news and lifestyle offerings which we believe will continue to support the growth opportunities of our business while further enhancing the customer experience for our business venue partners.”
Conference Call
The Company will conduct a conference call today, August 7, 2024, at 5:00 p.m. Eastern Daylight Time to discuss its financial and operating results for its 2024 fiscal third quarter ended June 30, 2024.
Loop Media's management will host the conference call.
Date: August 7, 2024
Time: 5:00 p.m. Eastern Time
Participant registration link: Q3 Link
Below are the details for those participants who would like to dial in.
Conference ID: 1588215
Participant Toll-Free Dial-In Number: 1(800) 715-9871
Participant International Dial-In Number: 1(646) 307-1963
The conference call will also be available for replay on the investor relations section of the Company's website at https://ir.loop.tv/
About Loop Media, Inc.
Loop Media, Inc. ("Loop®") (NYSE American: LPTV) is a leading connected television (CTV) / streaming / digital out-of-home TV and digital signage platform optimized for businesses, providing music videos, news, sports, and entertainment channels through its Loop® TV service. Loop Media is the leading company in the
Loop® TV’s digital video content is streamed to millions of viewers in CTV / streaming / digital out of home locations including bars/restaurants, office buildings, retail businesses, college campuses, airports, among many other venues in
Loop® TV is fueled by one of the largest and most important premium short-form entertainment libraries that includes music videos, movie trailers, branded content, and live performances. Loop Media’s non-music channels cover a wide variety of genres and moods and include movie trailers, sports highlights, lifestyle and travel videos, viral videos, and more. Loop Media’s streaming services generate revenue from programmatic and direct advertising, and subscriptions.
To learn more about Loop Media products and applications, please visit us online at Loop.tv
Follow us on social:
Instagram: @loopforbusiness
X (Twitter): @loopforbusiness
LinkedIn: https://www.linkedin.com/company/loopforbusiness/
Safe Harbor Statement and Disclaimer
This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, Loop Media's expected performance, ability to compete in the highly competitive markets in which it operates, statements regarding Loop Media's ability to develop talent and attract future talent, the success of strategic actions Loop Media is taking, and the impact of strategic transactions. Forward-looking statements give Loop Media’s current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including "will," "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although Loop Media believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. Loop Media takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by Loop Media. Loop Media's Securities and Exchange Commission filings are available at www.sec.gov.
Non-GAAP Measures
Loop Media uses non-GAAP financial measures, including Adjusted EBITDA and quarterly active units or QAUs, as supplemental measures of the performance of the Company's business. Use of these financial measures has limitations, and you should not consider them in isolation or use them as substitutes for analysis of Loop Media’s financial results under generally accepted accounting principles in
We believe that the presentation of Adjusted EBITDA, provides investors with additional information about our financial results. Adjusted EBITDA is an important supplemental measure used by our board of directors and management to evaluate our operating performance from period-to-period on a consistent basis and as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations.
Adjusted EBITDA is not measured in accordance with, or an alternative to, measures prepared in accordance with
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Adjusted EBITDA does not reflect the amounts we paid in interest expense on our outstanding debt; |
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Adjusted EBITDA does not reflect the amounts we paid in taxes or other components of our tax provision; |
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Adjusted EBITDA does not include depreciation expense from fixed assets; |
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Adjusted EBITDA does not include amortization expense; |
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Adjusted EBITDA does not include the impact of stock-based compensation; |
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Adjusted EBITDA does not include the impact of non-recurring expense; |
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Adjusted EBITDA does not include the impact of restructuring costs; |
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Adjusted EBITDA does not include the impact of the loss on the extinguishment of debt; |
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Adjusted EBITDA does not include the impact of employee retention credits; and |
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Adjusted EBITDA does not include the impact of other income including foreign currency translation adjustments, realized foreign currency gains/losses and unrealized gains/losses. |
Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures including net income (loss) and our financial results presented in accordance with
The Company defines an “active unit” as (i) an ad-supported Loop Player (or DOOH location using Loop Media’s ad-supported service through its “Loop for Business” application or using a DOOH venue-owned computer screening the Company’s content) that is online, playing content, and has checked into the Loop analytics system at least once in the 90-day period or (ii) a DOOH location customer using the Company’s paid subscription service at any time during the 90-day period. The Company uses quarterly active units, or “QAUs,” to refer to the number of such active units during such period.
| LOOP MEDIA, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| June 30, 2024 | September 30, 2023 | |||||||
| ASSETS | (UNAUDITED) | |||||||
| Current assets | ||||||||
| Cash | $ | 1,546,088 |
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$ | 3,068,696 |
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| Accounts receivable, net | 3,541,592 |
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6,211,815 |
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| Prepaid expenses and other current assets | 443,045 |
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987,605 |
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| Content assets - current | 997,508 |
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2,218,894 |
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| Total current assets | 6,528,233 |
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12,487,010 |
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| Non-current assets | ||||||||
| Deposits | 9,954 |
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12,054 |
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| Content assets - non current | 211,661 |
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448,726 |
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| Deferred costs - non current | 503,123 |
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744,408 |
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| Property and equipment, net | 2,507,776 |
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2,711,558 |
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| Operating lease right-of-use assets | 189,650 |
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— |
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| Intangible assets, net | 393,556 |
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477,889 |
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| Total non-current assets | 3,815,720 |
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4,394,635 |
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| Total assets | $ | 10,343,953 |
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$ | 16,881,645 |
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 5,501,995 |
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$ | 4,978,920 |
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| Accrued liabilities | 1,866,161 |
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3,546,338 |
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| Accrued royalties and revenue share | 7,829,892 |
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4,930,329 |
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| License content liabilities - current | 708,567 |
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489,157 |
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| Equipment financing liability, current | 131,348 |
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— |
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| Deferred Income | 26,278 |
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— |
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| Lease liability, current | 67,689 |
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— |
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| Revolving line of credit - current | 2,175,456 |
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2,985,298 |
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| Non-revolving line of credit, current | 1,000,000 |
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| Non-revolving line of credit - related party, current | 1,329,750 |
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2,124,720 |
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| Total current liabilities | 20,637,136 |
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19,054,762 |
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| Non-current liabilities | ||||||||
| License content liabilities - non current | 129,000 |
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208,000 |
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| Equipment financing liability, non-current | 229,846 |
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— |
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| Lease liability, non-current | 121,961 |
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— |
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| Revolving line of credit - related party, non-current | 1,679,226 |
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— |
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| Non-revolving line of credit, non-current | — |
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475,523 |
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| Non-revolving line of credit - related party, non-current | — |
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1,959,693 |
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| Total non-current liabilities | 2,160,033 |
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2,643,216 |
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| Total liabilities | 22,797,169 |
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21,697,978 |
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| Commitments and contingencies | — |
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— |
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| Stockholders’ equity | ||||||||
| Common Stock, |
7,904 |
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6,562 |
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| Additional paid in capital | 134,132,075 |
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123,462,648 |
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| Accumulated deficit | (146,593,195 |
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(128,285,543 |
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| Total stockholders' equity | (12,453,216 |
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(4,816,333 |
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| Total liabilities and stockholders' equity | $ | 10,343,953 |
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$ | 16,881,645 |
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LOOP MEDIA, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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Three months ended June 30, |
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Nine months ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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| Revenue | $ | 4,350,570 |
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$ | 5,734,976 |
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$ | 18,524,289 |
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$ | 25,954,038 |
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| Cost of revenue | ||||||||||||||||
| Cost of revenue - Advertising and Legacy and other revenue | 2,641,779 |
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3,132,568 |
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11,214,512 |
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14,767,807 |
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| Cost of revenue - depreciation and amortization | 798,434 |
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779,165 |
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2,356,717 |
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2,091,876 |
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| Total cost of revenue | 3,440,213 |
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3,911,733 |
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13,571,229 |
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16,859,683 |
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| Gross profit | 910,357 |
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1,823,243 |
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4,953,060 |
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9,094,355 |
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| Operating expenses | ||||||||||||||||
| Sales, general and administrative | 4,116,186 |
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6,284,514 |
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16,022,857 |
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22,011,961 |
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| Stock-based compensation | 931,571 |
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2,592,369 |
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3,371,933 |
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6,858,983 |
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| Depreciation and amortization | 422,882 |
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295,008 |
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1,217,955 |
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717,733 |
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| Restructuring costs | 220,053 |
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146,672 |
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220,053 |
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146,672 |
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| Total operating expenses | 5,690,692 |
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9,318,563 |
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20,832,798 |
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29,735,349 |
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| Loss from operations | (4,780,335 |
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(7,495,320 |
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(15,879,738 |
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(20,640,994 |
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| Other income (expense) | ||||||||||||||||
| Interest expense | (670,981 |
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(962,718 |
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(2,402,444 |
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(2,889,745 |
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| Employee retention credits | — |
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648,543 |
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648,543 |
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| Loss on extinguishment of debt | (25,424 |
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— |
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| Other expense | 34 |
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(65,643 |
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289 |
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(68,267 |
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| Total other income (expense) | (670,947 |
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(379,818 |
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(2,427,579 |
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(2,309,469 |
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| Loss before income taxes | (5,451,282 |
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(7,875,138 |
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(18,307,317 |
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(22,950,463 |
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| Income tax (expense)/benefit | (335 |
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(394 |
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(335 |
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(1,624 |
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| Net loss | $ | (5,451,617 |
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$ | (7,875,532 |
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$ | (18,307,652 |
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$ | (22,952,087 |
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| Basic and diluted net loss per common share | $ | (0.07 |
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$ | (0.14 |
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$ | (0.26 |
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$ | (0.41 |
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| Weighted average number of basic and diluted common shares outstanding | 75,146,980 |
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56,604,812 |
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70,966,475 |
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56,455,743 |
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| LOOP MEDIA, INC. | ||||||||||||||||
ADJUSTED EBITDA RECONCILIATION |
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Three months ended June 30, |
|
Nine months ended June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
| GAAP net loss | $ | (5,451,617 |
) |
$ | (7,875,532 |
) |
$ | (18,307,652 |
) |
$ | (22,952,087 |
) |
||||
| Adjustments to reconcile to Adjusted EBITDA: | ||||||||||||||||
| Interest expense | 670,981 |
|
962,718 |
|
2,402,444 |
|
2,889,745 |
|
||||||||
| Depreciation and amortization expense* | 1,221,316 |
|
1,074,173 |
|
3,574,672 |
|
2,809,609 |
|
||||||||
| Income tax expense (benefit) | 335 |
|
394 |
|
335 |
|
1,624 |
|
||||||||
| Stock-based compensation** | 931,571 |
|
2,592,369 |
|
3,371,933 |
|
6,858,983 |
|
||||||||
| Non-recurring expense | 159,425 |
|
62,615 |
|
437,838 |
|
62,615 |
|
||||||||
| Restructuring costs | 220,053 |
|
146,672 |
|
220,053 |
|
146,672 |
|
||||||||
| Loss on extinguishment of debt | 25,424 |
|
||||||||||||||
| Employee retention credits | (648,543 |
) |
(648,543 |
) |
||||||||||||
| Other expense | (34 |
) |
3,028 |
|
(289 |
) |
5,652 |
|
||||||||
| Adjusted EBITDA | $ | (2,247,970 |
) |
$ | (3,682,106 |
) |
$ | (8,275,242 |
) |
$ | (10,825,730 |
) |
||||
| * Includes amortization of content assets and for cost of revenue and operating expenses and ATM facility. | |||||||||
| ** Includes options, Restricted Stock Units ("RSUs") and warrants. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807898882/en/
Loop Media Investor Contact
ir@loop.tv
Loop Media Press Contact
Grant Genske
grant@loop.tv
Source: Loop Media, Inc.
FAQ
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