QYOU Media Reports Record Annual FY 2022 Results
Revenue of
YOY Adjusted EBITDA Improves
- Record Breaking Quarterly and YOY Revenue Growth: For the three months ended December 31, 2022 revenue was
representing a year over year increase of$7.8 million 40% and the highest quarterly revenue mark in company history. Annual revenue for FY 2022 was representing a$27.2 Million 107% increase over FY 2021. As compared to the previous fiscal year end of June 30, 2021 the revenue increase was550% .
- Improved Adjusted EBITDA*: For the twelve months ended December 31, 2022 compared to the same period prior year, Adjusted EBITDA loss was
representing an EBITDA improvement of$2,981,037 or$938,650 24% driven by strong revenue growth offset by certain higher operating expenses related to the operation of four new channels . - Net Loss: Net Loss for the three months ended December 31, 2022, increased by
or$1,200,468 49% , driven by one time impairment of goodwill offset by gain on remeasurement of contingent consideration, revenue growth and expansion of all operating business units. When impairment of goodwill and gain on remeasurement of contingent consideration are normalized, net loss decreased by43% . - Cash Balance: The Company concluded the twelve months ended December 31, 2022 with cash of
compared to December 31, 2021 cash of$3,510,951 .$6,548,890
QYOU Media CEO and Co-Founder, Curt Marvis commented, "2022 was a year of spectacular growth for our business. Even while taking a more conservative approach in Q4 2022 to certain revenue growth and investment initiatives to help facilitate an accelerated push in 2023 to cash flow positive operations, we nevertheless delivered another record revenue quarter and over
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.
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
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SOURCE QYOU Media Inc.