Revenue of $7.04
Million Represents 35% YOY Growth
QYOU Media Has Now Recorded 8 Consecutive
Quarters of Record YOY Revenue Growth
TORONTO, MUMBAI and LOS
ANGELES, May 30, 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 March 31,
2023. Highlights include as follows:
- Record Breaking Quarterly and YOY Revenue Growth: For the three
months ended March 31,2023 revenue
was $7.04 million representing a year
over year increase of 35% and the highest quarterly revenue mark in
company history. Revenue increased $1,811,769 over the YOY same quarter in 2022.
- Adjusted EBITDA*: For the three months ended March 31, 2023 compared to the same period prior
year, Adjusted EBITDA loss was $768,982 representing an Adjusted EBITDA decrease
of $208,352 driven by an increase in
operating expenses due to expansion of all operating business units
offset by revenue growth.
- Improved Net Loss: Net Loss for the three months ended
March 31, 2023, decreased by
$805,399 or 35%, driven by revenue
growth and expansion across all operating business units.
- Cash Balance: The Company concluded the period ended
March 31, 2023 with increased cash of
$3,707,435 compared to March 31, 2022 cash of $3,510,951.
QYOU Media CEO and Co-Founder, Curt
Marvis commented, "We are extremely proud of our strong Q1
2023 results, particularly in light of our efforts to contain costs
while at the same time adding gaming company Maxamtech Digital
Ventures to our portfolio of companies. It is also extremely
gratifying to now have 8 consecutive quarters of strong year of
year growth in our business. We remain heads down driving forward
to continue this trend throughout 2023 and beyond."
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/qyou-media-reports-record-q1-fy-2023-results-301837671.html
SOURCE QYOU Media Inc.