QYOU Media Reports FY 2023 Results
QYOU Media Inc. reports record annual revenue of $27.56 million for FY 2023, in spite of challenges from the US WGA writers and SAG actors strike and a soft global ad market. The company reduced net loss by 14% compared to the prior year. The company anticipates an all-time record revenue for Q1 2024. CEO Curt Marvis acknowledges the challenges faced and expresses confidence in the rebound and future strategies.
Record annual revenue of $27.56 million for FY 2023.
Net loss reduced by 14% compared to the prior year.
Anticipated all-time record revenue for Q1 2024.
Decrease in Adjusted EBITDA by $2,042,010 for the three months ended December 31, 2023 due to strategic investments.
Increase in workforce and operating expenses affected net loss despite revenue growth.
Weakness in share price due to challenges faced in the second half of 2023.
Company Reports Record Annual Revenue While Reducing Net Loss By
FY Q1 2024 Expected to Deliver All Time Record Quarterly Revenue
- The company recorded annual revenue of
representing the highest annual revenue mark in corporate history. This was achieved despite the US WGA writers and SAG actors strike combined with a soft global ad market, resulting in a material adverse effect on overall FY 2023 revenues. The company is now experiencing a material improvement in the results for FY Q1 and FY Q2 2024 due to the strike having concluded and anticipates reporting all time record revenue for Q1 2024.$27,562,899 - Improved Net Loss: For the year ended December 31, 2023, net loss improved by
or$1,604,223 14% compared to prior year, most significantly driven by stable revenue growth offset by an increase in workforce and other operating expenses associated with building relationships in the social media and direct-to-consumer space. - Adjusted EBITDA*: For the three months ended December 31, 2023 compared to same period prior year, Adjusted EBITDA decreased by
most significantly driven by strategic investment in the direct-to-consumer gaming segment, digital channels, digital contents, workforce and relationships in the social media space.$2,042,010 - Cash Balance: Cash used in operating activities for the three months ended December 31, 2023 was
compared to$1,897,153 in same period prior year. The decrease in cash used in operating activities is primarily due to the increase in collection of trade receivables. The Company concluded the year ended December 31, 2023 with cash of$1,871,858 .$736,713
QYOU Media CEO and Co-Founder, Curt Marvis commented, "There is no question that in the second half of 2023 our business faced some real challenges. The soft ad market combined with the actors and writers strike in the US had a material adverse effect on our growth. Despite that, we were able to record our highest annual revenue to date and we are rebounding strongly in 2024. The weakness in our share price, while frustrating to all management and shareholders, is something we believe will be temporary as we continue to push ahead with new strategies and initiatives that will ultimately reward all stakeholders. For those of you that have remained patient, management is determined to have that value returned going forward."
*Note on Adjusted EBITDA:
To supplement our consolidated financial statements, which are prepared and presented in accordance with International Financial Reporting Standards ("IFRS"), we present Earnings Before Interest Tax Depreciation and Amortization ("Adjusted EBITDA") which is a non-IFRS financial measure. The presentation of non-IFRS financial measurement are not intended to be considered in isolation from, or as a substitute for, or superior to, operating loss or net income (loss) or any other performance measures derived in accordance with IFRS or as an alternative to net
cash provided by operating activities or any other measures of cash flows or liquidity.
We define earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") as revenue minus operating expenses excluding non-cash and or non-recurring operating expenses of stock-based compensation, marketing credits, depreciation and amortization (interest and taxes are not included in the Company's operating expenses). Adjusted EBITDA is used as an internal measure to evaluate the performance of our operating segments. We believe that information about this non-IFRS financial measure assists investors by allowing them to evaluate changes in operating results of our business separate from non-operational factors that affect operating income (loss) and net income (loss), thus providing insights into both operations and other factors that affect reported results. A limitation of the use of Adjusted EBITDA as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Furthermore, this measure may vary among companies; thus Adjusted EBITDA as presented herein may not be comparable to similarly titled measures of other companies.
In connection with the closing of the Company's private placement of units for aggregate gross proceeds of
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Words such as "expects'', "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein may include, but are not limited to, information concerning the completion of future investments, the approval of the Exchange of the investments, the approval of the Reserve Bank of
One of the fastest growing creator-media companies, QYOU Media operates in
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE QYOU Media Inc.
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