QYOU Media Reports Record Q1 FY 2024 Results
QYOU Media reported its highest quarterly revenue in company history for Q1 FY 2024, totaling $8,227,089. This marks a 17% year-over-year increase, driven by strong performance in the U.S. and initial contributions from their direct-to-consumer gaming business in India.
The company's Adjusted EBITDA improved by 36%, up $276,654 compared to the same period last year. Net loss also improved by $146,854, or 10%, mainly due to increased revenue despite higher operating expenses.
QYOU Media's cash balance stood at $1,615,481 by the end of Q1 FY 2024, a significant improvement from $736,713 in the previous year. Cash used in operating activities dropped dramatically, primarily due to better collection of trade receivables.
CEO Curt Marvis highlighted the strong performance and future focus on optimizing business units to drive consistent growth.
- Record quarterly revenue of $8,227,089, highest in company history.
- Year-over-year revenue increase of 17%, driven by strong U.S. performance and Indian gaming business.
- Adjusted EBITDA improved by 36%, a $276,654 increase.
- Net loss improved by $146,854, or 10%, year-over-year.
- Cash balance increased to $1,615,481 from $736,713 in the previous year.
- Significant decrease in cash used in operating activities, down to $110,108 from $1,897,153 in the previous quarter.
- Increased operating expenses due to workforce expansions and new social media relationships.
- Higher costs associated with building the gaming segment.
Highest Revenue Quarter in Company History Includes YOY Adjusted EBITDA* Improvement of
- Record Revenue: The company recorded quarterly revenue of
representing the highest quarterly revenue mark in corporate history. This was driven by strong results for QYOU$8,227,089 USA , along with the beginning of revenue contribution from the direct-to-consumer gaming business in India. Revenue on a YOY basis increased by or$1,180,640 17% . - Improved Adjusted EBITDA*: For the three months ended March 31, 2024 compared to same period prior year, Adjusted EBITDA improved by
or$276,654 36% driven by QYOUUSA 's strong revenue growth and a meaningful return on strategic investment in the gaming segment, digital channels, workforce and new relationships in the social media space. - Improved Net Loss: For the three months ended March 31, 2024, net loss improved by
or$146,854 10% compared to the same period prior year, most significantly driven by strong revenue growth offset by an increase in workforce and other operating expenses associated with building the gaming segment and new relationships in the social media space. - Improved Cash Balance: The Company concluded the three months ended March 31, 2024 with cash of
(2023 -$1,615,481 ). Cash used in operating activities for the three months ended March 31, 2024 was$736,713 compared to$110,108 in the three months ended December 31, 2023. The decrease in cash used in operating activities is primarily due to the increase in collection of trade receivables.$1,897,153
QYOU Media CEO and Co-Founder, Curt Marvis commented, "Q1 2024 marked a powerful rebound for our business particularly driven by the strong performance of our QYOU
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 compliance with the TSX Venture Exchange's policies, QYOU Media Inc. announces that it previously engaged the services of ICP Securities Inc. ("ICP") to provide 'market making' services for a monthly service fee 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
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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