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Troika Media Group, Inc. (Nasdaq: TRKA) is a forward-looking branding and marketing innovations agency specializing in entertainment and sports media. Recognized as a category leader and strategic partner, Troika boasts a portfolio of blue-chip domestic and global media brands, positioning itself uniquely for future growth and innovation. As digital media continues to proliferate, Troika’s philosophy, encapsulated in their motto, entertain change, emphasizes the belief that significant industry changes bring profound business opportunities.
Troika Media Group delivers three primary service pillars: TMG CREATES brands and experiences, CONNECTS consumers through emerging technologies, and delivers PERFORMANCE-based measurable business outcomes. This approach builds resilient brand equity and amplifies brands through the latest technological advancements, aiming for performance-driven business growth.
Recent financial results highlight both challenges and opportunities for Troika. For the quarter ended June 30, 2023, revenues were approximately $58.7 million, a decrease from the prior year due to reduced spending by clients in managed services and performance solutions. However, for the six months ended June 30, 2023, revenues saw an increase to approximately $117.7 million, attributed primarily to the timing of the Converge Acquisition.
Troika's gross profit for the same quarter was $5.7 million, reflecting a decrease due to competition and decreased media response rates in key sectors. Selling, general, and administrative expenses also saw reductions, highlighting the company’s efforts in cost management and operational efficiency.
Facing financial restructuring challenges, the company engaged leading investment banker Jefferies LLC and formed a Special Committee to explore potential transactions to manage debt obligations with Blue Torch, their senior lender. Despite these challenges, Troika remains committed to its vision and operational goals, working diligently on compliance and strategic opportunities.
In December 2023, Troika announced entering into a restructuring support agreement and filing for Chapter 11 to facilitate asset acquisition and balance sheet restructuring. This move aims to ensure the highest possible price for the company's business and maintain operational stability during the process.
Through ongoing efforts, Troika Media Group continues to serve large consumer sectors including Insurance, Financial Services, Home Improvement, Residential Services, Legal, Professional Services, Media, and Entertainment, leveraging its expertise to deliver scalable, performance-driven revenue growth. For the latest updates and more information, visit www.troika.tv.
Troika Media Group, Inc. (Nasdaq: TRKA) announced the filing of a shelf registration statement on Form S-3 with the SEC on April 7, 2023. This filing aligns with the company's ongoing process to optimize its balance sheet and address legacy capital structure issues, including senior secured debt. The registration is intended to provide the company with strategic alternatives during this optimization process. However, securities cannot be sold under this registration until it becomes effective, and there's no guarantee regarding the timing of this event. Historically, the company has focused on creating consumer engagement and performance-driven revenue growth through technology.
Troika Media Group (Nasdaq: TRKA) reported a significant revenue surge for its six-month transition period ending December 31, 2022, reaching approximately $187.9 million, a remarkable 1125% increase compared to the prior year. The growth was primarily driven by the Converge acquisition, contributing about $180.3 million in revenue. Adjusted EBITDA improved to approximately $5.0 million, showing a positive shift in financial performance. However, net loss increased to $9.6 million, up 53% year-over-year. Increased operational costs, particularly in employee-related expenses, were noted, reflecting the integration of the acquired workforce. Management expressed optimism about future growth opportunities.
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