Company Reports Positive Quarterly Adjusted EBITDA* For the First Time in its History
TORONTO, MUMBAI and LOS ANGELES, Aug. 29, 2024 /PRNewswire/ - 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 June 30, 2024. Highlights include as follows:
Continued Strong Revenue: The company recorded quarterly revenue of $8,277,457, a small margin higher than Q1, however once again setting the highest quarterly revenue mark in corporate history. This was primarily driven by strong results for the QYOU USA and Chtrbox India Influencer Marketing business units. Revenue on a YOY basis increased by $1,703,106 or 12%.
Positive Adjusted EBITDA*: For the three months ended June 30, 2024 compared to the same period prior year, Adjusted EBITDA significantly improved by 122% or $654,618 to become positive at $119,321 for the first time in company history. This was driven by QYOU USA's strong revenue growth and profitability along with a meaningful reduction of costs all directed towards achieving cash positive operating results.
Improved Net Loss: For the three months ended June 30, 2024, net loss improved by $889,509 or 62% compared to the same period prior year, most significantly driven by strong revenue growth augmented by a meaningful reduction of overall operating costs and investments.
Cash Balance: The Company concluded the three months ended June 30, 2024 with cash of $1,010,556 (December 31, 2023 - $736,713). Cash used in operating activities for the three months ended June 30, 2024 was $398,555 compared to $1,439,716 in the three months ended June 30, 2023.
QYOU Media CEO and Co-Founder, Curt Marvis commented, "Q2 2024 reflects the push from India Group CEO Raj Mishra and QYOU USA President
