Company Reports Record Q3 Revenue and Second
Consecutive Quarter Of Positive Adjusted EBITDA*
TORONTO, MUMBAI,
India and LOS
ANGELES, Nov. 29, 2024 /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 September 30, 2024. Highlights include as
follows:
- YOY Revenue Growth: The company recorded Q3 quarterly
revenue of $7,718,514, representing
the highest revenue recorded in any third quarter in company
history. The revenue mark was particularly noteworthy given strong
strategic realignment of resources and investments enacted to drive
positive Adjusted EBITDA. Revenue continued to be primarily driven
by strong results for the QYOU USA and Chtrbox India Influencer Marketing
business units. Revenue on a YOY basis increased by
$438,640 or 6%.
- Positive Adjusted EBITDA*: For the three months ended
September 30, 2024 compared to the
same prior year period, Adjusted EBITDA significantly improved by
105% or $956,517 to become positive
at $46,010. This represented the
second consecutive quarter with positive Adjusted EBITDA, marking
another record in company history. This was driven by
consistent revenue growth along with a meaningful realignment of
investment activities, all directed towards achieving positive
operating results.
- Improved Net Loss: For the three months ended
September 30, 2024, net loss improved
by $1,101,257 or 57% compared to the
same prior year period.
- Cash Balance: The company ended the three months
ended September 30, 2024 with cash of
$874,367.
QYOU Media CEO and Co-Founder, Curt
Marvis commented, "Q3 2024
marks another quarter where we focused our strategic
emphasis on our cash positive business units and a strategic
mandate to drive positive Adjusted EBITDA. We continue our work on
several strategic initiatives designed to reinvigorate stronger
revenue growth and stronger overall results in 2025. Our Influencer
Marketing business units continue to display strong financial
momentum which we intend to focus on moving forward. We
expect more announcements to be made on a number of these
initiatives before the end of 2024. Two consecutive quarters of
positive Adjusted EBITDA is a great foundation for us to build on
heading into 2025."
In addition to announcing Q3 2024 financial results, the company
announced that they have secured a strategic investment from an
India based institutional investor
for a minority stake in Chatterbox Technologies Private
Limited.
More commentary on the Q3 results and the Chatterbox
Technologies investment will be provided by CEO and Co-Founder
Curt Marvis along with India Group
CEO Raj Mishra on the next "First Thursday" video published to the
company YouTube channel on Thursday December
5th at 8 AM PST available when
you CLICK HERE. Please submit any questions to the QYOU
Investor email address by Sunday December
1st when you CLICK HERE.
*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
including but not limited to 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.
About QYOU Media
One of the fastest growing creator-media companies, QYOU Media
operates in India and the United States producing, distributing and
monetizing content created by social media influencers and digital
content stars. In India, under our
flagship brand, The Q and on connected TV, via channels Q
Kahaniyan, Q GameX, Q Comedistaan & Sadhguru TV,
QToonz and RDCMovies we curate, produce and
distribute premium content across television networks, VOD and OTT
platforms, mobile phones, smart TV's and app-based platforms. In
addition, QYOU has numerous additional content destinations, apps
and gaming platforms engaging over 115 million Indian households
weekly. Our influencer marketing company, Chtrbox, has been
a pioneer in India's creator
economy, leveraging data to connect brands to the right social
media influencers. QGamesMela is a recently launched casual
gaming business leveraging access to the large audience enjoyed by
Q India products. In the United
States, we power major film studios, game publishers
and brands to create content and market via creators and
influencers. Founded and created by industry veterans from
Lionsgate, MTV, Disney and Sony, QYOU Media's millennial and Gen
Z-focused content reaches more than one billion consumers around
the world every month. Experience our work at
www.qyoumedia.com
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.
