Conference call will be held on August 28, 2024 at 11 AM ET
VANCOUVER, BC, Aug. 28, 2024 /PRNewswire/ -- Zoomd Technologies Ltd. (TSXV:ZOMD) (OTC:ZMDTF) and its wholly-owned subsidiary Zoomd Ltd. (collectively, "Zoomd" or the "Company"), the marketing technology (MarTech) user-acquisition and engagement platform, today reported its financial results for the three and six months periods ended June 30, 2024. The Company's financial statements and management discussion and analysis ("MD&A") are available on SEDAR+ under the Company's profile.
Second Quarter Financial Highlights
Revenues were $14M reflecting 58% growth YoY. Gross profit margin was 38%.
Adjusted EBITDA[1] of $3M, a $2.7M increase compared to Q2.23.
Net income of $2.2M, reflecting the fifth consecutive quarter of net profit growth.
Ended with a cash balance of $4.4M and no long-term debt. Cash flow generated from operating activities of $2.3M.
Management Commentary
Ido Almany, CEO of Zoomd Technologies stated, "Over the past year, the strategic decisions we have made have directly contributed to our strong financial performance, fueling our continued growth and consistent improvements across all aspects of profitability. For instance, new clients acquired in recent quarters now represent over 10% of our total Q2.24 revenue. Furthermore, our operating profit has improved quarter over quarter, while total operating costs as a percentage of revenue decreased to 21% in Q2.24, a 50% reduction compared to the same quarter last year. Additionally, our net profit has shown steady improvement for five consecutive quarters. These results demonstrate our ability to execute our strategy effectively and adapt to market conditions, ensuring sustained growth and profitability as we move forward."
Amit Bohensky, Chairman of Zoomd Technologies added "These strong financial results are a testament to our team's dedication and the effectiveness of our focused strategy. As we move forward, we remain committed to driving innovation and maintaining the highest standards of excellence. We're excited to explore new opportunities that will further strengthen our market position and ensure long-term success."
Second Quarter 2024 Highlights (All Figures in Thousands in USD)
Although the Company discontinued several operations that no longer aligned with its vision, it succeeded in increasing revenues in Q2.24 by 58% compared to Q2.23. Following these strategic changes, the Company's revenues have grown exponentially each quarter compared to the previous quarter: a 6% increase in Q4.23, a 16% increase in Q1.24 and a 60% increase in Q2.24.
Gross profit margin was 38% for the three months ended June 30, 2024, ...
