Revenue of $27.2
Million Represents 107% YOY Growth
YOY Adjusted EBITDA Improves 24% With
Record Quarterly Revenue of $7.8
Million
TORONTO, MUMBAI and LOS
ANGELES, May 1, 2023 /CNW/ - QYOU Media Inc.,
(TSXV: QYOU) (OTCQB:QYOUF) a company operating in India and the United
States producing and distributing content created by social
media stars and digital content creators, is reporting
financial results for the quarter ended December 31, 2022. Highlights include as
follows:
- Record Breaking Quarterly and YOY Revenue Growth: For the three
months ended December 31, 2022
revenue was $7.8 million representing
a year over year increase of 40% and the highest quarterly revenue
mark in company history. Annual revenue for FY 2022 was
$27.2 Million representing a 107%
increase over FY 2021. As compared to the previous fiscal year end
of June 30, 2021 the revenue increase
was 550%.
- Improved Adjusted EBITDA*: For the twelve months ended
December 31, 2022 compared to the
same period prior year, Adjusted EBITDA loss was $2,981,037 representing an EBITDA improvement of
$938,650 or 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 $1,200,468 or 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 by 43%.
- Cash Balance: The Company concluded the twelve months
ended December 31, 2022 with cash of
$3,510,951 compared to December 31, 2021 cash of $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 100% annual revenue growth with over 50% Adjusted
EBITDA improvement. 2023 is continuing on this path as we continue
to work diligently on delivering increasingly strong topline and
bottom line results moving forward. We remain confident that the
public markets will ultimately recognize the strength of our
business and over time reward us for the accomplishments to date
and those expected throughout 2023."
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 India of future investments, the expected use
of proceeds from the investment, and statements relating to the
business and future activities of QYOU. These forward-looking
statements are based on QYOU's current projections and expectations
about future events and other factors management believes are
appropriate. Although QYOU believes that the assumptions underlying
these forward-looking statements are reasonable, they may prove to
be incorrect, and readers cannot be assured that the offering and
the closing thereof will be consistent with these forward-looking
statements. Actual results could differ materially from those
projected in the forward-looking statements as a result of numerous
factors, including certain risk factors, many of which are beyond
QYOU's control. Additional risks and uncertainties regarding QYOU
are described in its publicly-available disclosure documents, filed
by QYOU on SEDAR (www.sedar.com) except as updated herein. The
forward-looking statements contained in this news release represent
QYOU's expectations as of the date of this news release, or as of
the date they are otherwise stated to be made, and subsequent
events may cause these expectations to change. QYOU undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by law.
Join our shareholder chat group on Telegram:
http://t.me/QYOUMedia
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.