MIAMI and SEOUL, South Korea, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Captivision Inc. ("Captivision" or the "Company") (NASDAQ:CAPT), a pioneer manufacturer of architectural media glass and innovative LED solution provider, today reported financial results for the six months ended June 30, 2024, and provided a summary of recent financing and business activities.
Half-year 2024 Financial Highlights and Recent Financing Summary
Revenue for half-year 2024 increased by 22% to $15.3 million compared to $12.6 million in the 2023 period
Gross margin for half-year 2024 improved to 56% compared to 50% in the 2023 period
Subsequent to the Company's public listing late last year, Captivision raised approximately $8.3 million through equity and debt financings and converted approximately $4.2 million of outstanding debt into equity, further strengthening its balance sheet:
Raised $4.1 million via three equity financings, at an average effective price of approximately $3.68 per share
Announced the conversion of approximately $4.2 million of outstanding debt into equity at a $3.00 price per share
Raised approximately $2.2 million of debt financing
Raised approximately $2.0 million through an equity line of credit
Streamlined and internalized the European and Middle Eastern sales functions, which included disposing of the Company's European sales affiliate and partly owned subsidiary, G-SMATT Europe. This was achieved by converting outstanding debt and third party equity holders to CAPT equity, and subsequently selling the subsidiary for nominal consideration
Gary Garrabrant, Chairman and CEO of Captivision, commented: "We are pleased with the strong growth of sales during the first six months of 2024, especially in combination with increasing profit margins. With the recent conversion of debt into equity, strategic debt financing and restructuring of our European operation, we have significantly improved our financial position during the first six months of 2024. We recognize our investors' strong support as we position Captivision for multiple business catalysts and important milestones.
"Further, we're excited about upcoming developments that we believe will be transformative for our company and our stakeholders. We are continuing to build on the momentum of our half-year financials as well as recent announcements of our partnerships with leading entertainment, hospitality and gaming companies. Notable collaborations so far this year include the Mohegan INSPIRE Entertainment Resort and Activision's Call of Duty: Mobile at the Framework in the Desert event in Coachella Valley. With much in store for the remainder of the year, we expect the second half of 2024 to be pivotal for our company in multiple respects."
Half-year 2024 Financial Results
Revenue increased by $2.8 million, or 22%, to $15.3 million ...
