EarthLabs Reports Results for the Third Quarter of 2024
EarthLabs reported strong Q3 2024 financial results with significant revenue growth. Advertising revenue increased 219.1% to $1,405,283, while subscription revenue grew 46.1% to $310,090 compared to Q3 2023. The company recorded net investment gains of $944,686, a substantial improvement from losses of $3,749,013 in Q3 2023. Total cash, equivalents, and investments stood at $44,224,651. Despite revenue growth, the company reported a net loss of $871,536 ($0.01 per share), improved from a $5,867,847 loss in Q3 2023. The company's media platforms showed strong performance, with significant traffic increases across The Northern Miner and MINING.COM websites.
EarthLabs ha riportato risultati finanziari solidi per il terzo trimestre del 2024 con una significativa crescita dei ricavi. I ricavi pubblicitari sono aumentati del 219,1% raggiungendo $1,405,283, mentre i ricavi da abbonamento sono cresciuti del 46,1% a $310,090 rispetto al terzo trimestre del 2023. L'azienda ha registrato guadagni netti da investimenti di $944,686, un notevole miglioramento rispetto a perdite di $3,749,013 nel terzo trimestre del 2023. La liquidità totale, comprese le equivalent e gli investimenti, ammontava a $44,224,651. Nonostante la crescita dei ricavi, l'azienda ha riportato una perdita netta di $871,536 ($0,01 per azione), migliorata rispetto a una perdita di $5,867,847 nel terzo trimestre del 2023. Le piattaforme media dell'azienda hanno mostrato una forte performance, con un notevole aumento del traffico sui siti web The Northern Miner e MINING.COM.
EarthLabs reportó resultados financieros sólidos para el tercer trimestre de 2024 con un crecimiento significativo de ingresos. Los ingresos por publicidad crecieron un 219.1% alcanzando $1,405,283, mientras que los ingresos por suscripción aumentaron un 46.1% a $310,090 en comparación con el tercer trimestre de 2023. La compañía registró ganancias netas por inversiones de $944,686, una mejora sustancial respecto a las pérdidas de $3,749,013 en el tercer trimestre de 2023. La liquidez total, incluyendo equivalentes e inversiones, se situó en $44,224,651. A pesar del crecimiento de ingresos, la compañía reportó una pérdida neta de $871,536 ($0.01 por acción), mejorando desde una pérdida de $5,867,847 en el tercer trimestre de 2023. Las plataformas de medios de la compañía mostraron un rendimiento sólido, con un aumento significativo en el tráfico de los sitios web The Northern Miner y MINING.COM.
EarthLabs는 2024년 3분기 강력한 재무 결과를 보고하며 상당한 수익 성장을 기록했습니다. 광고 수익은 219.1% 증가하여 $1,405,283에 달했으며, 구독 수익은 46.1% 증가하여 $310,090에 달했습니다, 2023년 3분기 대비. 회사는 $944,686의 순 투자 이익을 기록했으며, 이는 2023년 3분기 $3,749,013의 손실에서 큰 개선을 이루었습니다. 총 현금, 현금성 자산 및 투자는 $44,224,651에 달했습니다. 수익이 증가했음에도 불구하고, 회사는 $871,536($0.01 주당)의 순손실을 보고했으며, 이는 2023년 3분기 $5,867,847의 손실에서 개선된 수치입니다. 회사의 미디어 플랫폼은 강력한 성과를 보이며 The Northern Miner 및 MINING.COM 웹사이트에서 유의미한 트래픽 증가를 기록했습니다.
EarthLabs a rapporté de solides résultats financiers pour le troisième trimestre 2024, avec une croissance significative des revenus. Les revenus publicitaires ont augmenté de 219,1 % pour atteindre 1 405 283 $, tandis que les revenus d'abonnement ont cru de 46,1 % pour s'établir à 310 090 $ par rapport au troisième trimestre 2023. La société a enregistré des gains nets d'investissement de 944 686 $, une amélioration substantielle par rapport à des pertes de 3 749 013 $ au troisième trimestre 2023. La trésorerie totale, les équivalents et les investissements s'élevaient à 44 224 651 $. Malgré la croissance des revenus, la société a déclaré une perte nette de 871 536 $ (0,01 $ par action), en amélioration par rapport à une perte de 5 867 847 $ au troisième trimestre 2023. Les plateformes médiatiques de l'entreprise ont affiché de solides performances, avec des augmentations significatives du trafic sur les sites Web The Northern Miner et MINING.COM.
EarthLabs berichtete über starke Finanzzahlen im 3. Quartal 2024 mit erheblichem Umsatzwachstum. Die Werbeeinnahmen stiegen um 219,1% auf $1,405,283, während die Abonnementeinnahmen um 46,1% auf $310,090 im Vergleich zum 3. Quartal 2023 wuchsen. Das Unternehmen verzeichnete Nettogewinne aus Investitionen von $944,686, was eine erhebliche Verbesserung gegenüber Verlusten von $3,749,013 im 3. Quartal 2023 darstellt. Die Gesamtkasse, -äquivalente und Investitionen beliefen sich auf $44,224,651. Trotz des Umsatzwachstums wies das Unternehmen einen Nettoverlust von $871,536 ($0,01 pro Aktie) aus, der sich gegenüber einem Verlust von $5,867,847 im 3. Quartal 2023 verbesserte. Die Medienplattformen des Unternehmens zeigten eine starke Leistung, mit signifikanten traffic-Anstiegen auf den Websites The Northern Miner und MINING.COM.
- 219.1% increase in advertising revenue to $1,405,283 in Q3 2024
- 46.1% increase in subscription revenue to $310,090 in Q3 2024
- Net investment gains of $944,686 vs losses of $3,749,013 in Q3 2023
- Strong cash position of $44,224,651
- Reduced net loss to $871,536 from $5,867,847 in Q3 2023
- 154% increase in The Northern Miner website traffic
- 95% year-over-year increase in MINING.COM traffic
- Net loss of $871,536 in Q3 2024
- Increased operating expenses to $8,099,814 for nine months
- Research and development expenses nearly doubled to $2,430,756
219.1% increase in advertising revenue as compared to Q3 2023 with advertising revenue of$4,265,753 for the nine-months period ended September 30, 2024 (178.9% increase);46.1% increase in subscriptions revenue as compared to Q3 2023 with subscription revenue of$914,697 for the nine-months period ended September 30, 2024 (41.7% increase);- Ended the quarter with total cash, cash equivalents, and investments of
$44,224,651.
Toronto, Ontario--(Newsfile Corp. - November 28, 2024) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (FSE: 8EK0) ("EarthLabs" or the "Company") is pleased to announce the unaudited consolidated financial results for three and nine months ended September 30, 2024 of the Company (the "Financial Results").
Highlights for the three-months period ended September 30, 2024:
- Advertising revenue of
$1,405,283 as compared to$440,430 for the three months ended September 30, 2023, an increase of219.1% ; - Subscription revenue of
$310,090 as compared to$212,268 for the three months ended September 30, 2023, an increase of46.1% ; - Net investment gains of
$944,686 from our investment portfolio as compared to net investment losses of$3,749,013 for the three months ended September 30, 2023; - Net loss and comprehensive loss of
$871,536 (basic loss per share of$0.01) as compared to$5,867,847 (basic loss per share of$0.04) for the three months ended September 30, 2023.
Highlights for the nine-months period ended September 30, 2024:
- Completed the nine-month period with total cash and cash equivalents, due from brokers, investments and equity investments of
$44,224,651 as compared to$42,943,109 as at December 31, 2023; - Advertising revenue of
$4,265,753 as compared to$1,529,244 for the nine months ended September 30, 2023, an increase of178.9% ; - Subscription revenue of
$914,697 as compared to$645,291 for the nine months ended September 30, 2023, an increase of41.7% ; - Net investment gains of
$3,827,914 from our investment portfolio as compared to net investment losses$1,014,059 for the nine months ended September 30, 2023; - Net loss and comprehensive loss of
$1,228,107 (basic loss per share of$0.01) as compared to$5,403,056 (basic loss per share of$0.04) for the nine months ended September 30, 2023.
"Our third quarter results demonstrate EarthLabs' continued strong execution and growth trajectory, with advertising revenue up
Q3 2024 Business Highlights:
CEO.CA Platform
- Advancing Towards the New CEO.CA Website Launch: Scheduled for release in Q4, the new CEO.CA platform is progressing steadily. A dedicated staging environment has been established to ensure thorough testing and quality control, with the team completing a substantial volume of tasks to ensure a seamless and enhanced user experience upon launch.
- Expanded Digital Footprint with Original Shows: Launched new shows like Inside the Boardroom, Mel on the Street, The Chairman's Briefing, and The Corner Office, hosted on CEO.CA and YouTube. These initiatives, along with daily content from subsidiaries, now reach over 615,000 social media followers and millions of web users, strengthening CEO.CA's industry leadership.
- Enhanced CEO.CA PRO: Upgraded with new ATS feeds, including CSE2 (CS2) data, providing users with more comprehensive market insights and data.
The Northern Miner Group
- Revenue Growth: Year-to-date sales for TNM Group (including TNM, TNM Symposiums, Canadian Mining Journal, and MINING.com) increased by
4% , reaching$2.43M compared to$2.33M for the same period last year.
- Subscription Growth: Exceeded the aggressive sales growth target of
24% for 2024, with subscription sales hitting$284 K by the end of Q3,3% ahead of target.
- Website Traffic:
The Northern Miner Site: Traffic from April to September rose by
154% over the comparable period, with total users surpassing 1M and views reaching 2M+.MINING.COM: Achieved a
95% year-over-year increase in website traffic, with 8M+ total sessions, 4.1M+ total users, and 10.1M+ views.
DigiGeoData
- Expanded Global Database: Integrated ASX-listed companies, now covering 828 companies with over 1,200 properties and 1,350 assets.
- Added Private and Public Data: Included 500+ new companies with 1,400 global properties and 1,800 assets.
- Data Integration for TNM Maps: Successfully launched The Northern Miner Maps powered by DigiGeoData's extensive database.
- Technical Reports Migration: Added 10,000+ technical reports for streamlined search.
- Expanded Global Claim Data: Added claim data for 20 additional countries.
Explore DigiGeoData's offerings and detailed mapping tools here.
Summary of financial results
The following are selected interim condensed consolidated financial results as at and for the three and nine months ended September 30, 2024, with comparatives:
| Interim condensed consolidated statements of loss and comprehensive loss highlights | Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Advertising revenue | $ | 1,405,283 | $ | 440,430 | $ | 4,265,753 | $ | 1,529,244 | |||||
| Subscriptions revenue | 310,090 | 212,268 | 914,697 | 645,291 | |||||||||
| Sales of exploration maps | 35,027 | 49,929 | 140,108 | 189,428 | |||||||||
| Net investment gains (losses) | 944,686 | (3,749,013 | ) | 3,827,914 | (1,014,059 | ) | |||||||
| Other income | 98,654 | 234,629 | 575,882 | 735,380 | |||||||||
| Operating, general and administrative | (2,776,548 | ) | (3,380,167 | ) | (8,099,814 | ) | (7,101,915 | ) | |||||
| Research and development expenses | (840,751 | ) | (394,078 | ) | (2,430,756 | ) | (1,246,097 | ) | |||||
| Total expenses | (3,653,424 | ) | (3,778,379 | ) | (10,640,481 | ) | (8,361,843 | ) | |||||
| Loss from equity investment | (13,874 | ) | (14,821 | ) | (30,385 | ) | (90,854 | ) | |||||
| Income tax recovery (expense) | 2,022 | 737,110 | (281,595 | ) | 964,357 | ||||||||
| Net loss and comprehensive loss for the period | (871,536 | ) | (5,867,847 | ) | (1,228,017 | ) | (5,403,056 | ) | |||||
| Loss per common share for the period – basic and diluted | (0.01 | ) | (0.04 | ) | (0.01 | ) | (0.04 | ) | |||||
| Interim condensed consolidated statements of financial position highlights | September 30, 2024 | December 31, 2023 | ||||
| Cash and cash equivalents | $ | 4,827,676 | $ | 5,227,657 | ||
| Due from brokers | 554,255 | 485,949 | ||||
| Accounts receivable, net of expected credit losses | 394,406 | 120,253 | ||||
| Investments, at fair value | 36,734,753 | 35,091,151 | ||||
| Equity investment | 2,107,967 | 2,138,352 | ||||
| Income tax receivable | 263,994 | 854,023 | ||||
| Property, equipment and right-of-use assets | 1,175,154 | 1,252,737 | ||||
| Intangible Assets | 2,882,807 | 3,127,000 | ||||
| Goodwill | 624,290 | 624,290 | ||||
| Total assets | 49,972,510 | 49,251,445 | ||||
| Accounts payable and accrued liabilities | 1,432,273 | 1,287,021 | ||||
| Deferred revenue | 2,915,271 | 1,921,102 | ||||
| Total promissory note | 1,035,648 | 980,971 | ||||
| Total lease liabilities | 1,064,179 | 1,155,154 | ||||
| Deferred tax liabilities | 663,156 | 204,690 | ||||
| Total liabilities | 7,222,637 | 5,589,812 | ||||
| Share capital, contributed surplus, and warrants | 52,540,704 | 52,224,357 | ||||
| Deficit | (9,790,831 | ) | (8,562,724 | ) |
About EarthLabs Inc.
EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (FSE: 8EK0) is a mining investment, technology, and media company that aims to provide strategic leverage to the metals and mining sector through investments, royalties and a full suite of data-driven media SaaS tools and services including CEO.CA, The Northern Miner, MINING.COM, Canadian Mining Journal and DigiGeoData.
For further information please contact:
Denis Laviolette
Executive Chairman and CEO
EarthLabs Inc.
Tel: 647-345-7720
Email: investors@earthlabs.com
Neither the TSX Venture Exchange ("TSXV"), OTC Best Market ("OTCQX") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements. Often, but not always, these forward looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, risks detailed from time to time in the Company's filings with securities regulators and available under the Company's profile on SEDAR at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231671
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