QYOU Media Reports Q3 FY 2023 Results
- 10th consecutive quarter of year-over-year revenue growth
- Net loss improved by 9%
- Strategic move to launch a Direct-to-Consumer gaming offering in India
- 29% increase in Adjusted EBITDA loss
- Decrease in cash balance from $3,077,769 to $1,701,511
Company Extends YOY Quarterly Growth Record for a 10th Consecutive Quarter
- Records 10th Consecutive Quarterly YOY Revenue Growth: For the three months ended September 30, 2023 revenue was
marking the 10th consecutive quarter of YOY revenue growth.$7,279,874 - Adjusted EBITDA*: For the three months ended September 30, 2023, the Adjusted EBITDA loss increased by
29% compared to the prior quarter ended September 30, 2022 to driven primarily by the decrease in US revenue attributable to the actors and writers strike in Q3 2023 combined with larger investment into growth initiatives in the direct to consumer gaming business.$910,507 - Improved Net Loss: Net Loss for the three months ended September 30, 2023, decreased and improved by
or$193,311 9% . - Cash Balance: The Company concluded the period ended September 30, 2023 with cash of
as compared to September 30, 2022 cash of$1,701,511 .$3,077,769
QYOU Media CEO and Co-Founder, Curt Marvis commented, "We keep moving the ball forward in what has clearly continued to be a really tough public markets environment, particularly for small and micro cap issuers. In addition, in the US, the actors and writers strike took a larger toll on Q3 revenues than we expected and it will continue to be somewhat of an issue for us in Q4 2023 as the slow recovery from those strikes begins to take hold. We know this is a very temporary and unpredictable setback and the silver lining is that it also spawned a significant and exciting amount of growth for us with new gaming partners like Activision and Ubisoft.
The impact of the strike on the US business was combined with our predetermined move to push forward on our direct to consumer initiatives in
We remain confident that investors will soon see the impact of these moves in fiscal 2024 and beyond. We are particularly excited about Q GamesMela, our recently launched free and real money gaming app which has shown exciting momentum in the earliest stages of its release. While we continue to exercise as much financial restraint as possible in the face of a lengthy and tough financial environment, we remain more bullish than ever that the type of growth we experienced in 2021 and 2022 will return in 2024 as a result of the work put in this year."
*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
Forward-Looking Statements
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
About QYOU Media
One of the fastest growing creator-media companies, QYOU Media operates in
Source: QYOU Media Inc.
Contact: Doug Barker
213-564-0007
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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