QYOU Media (TSXV: QYOU) this morning reported its first quarter 2022 financial results. The company smashed new revenue records, reporting $4.7 million in revenue for the three month period – more than the $4.2 million in revenue reported in all of fiscal 2021.
Revenue was up overall 81% on a quarter over quarter basis, climbing from $2.6 million in fiscal Q4 2021, while revenues were up an eye-popping 1,109% on a year over year basis. The substantial improvement was attributed to the continued success seen by the firms flagship media channel in India, The Q, as well as improvements seen within its influencer marketing business units in both the US and India.
Net losses for the quarter meanwhile amounted to $2.4 million, compared to a $3.0 million Q4 net loss. The loss is attributed to the firm continuing to fund growth and expand its operations within India, as well as non-cash share compensation.
“We look forward to generating more momentum and tangible progress in 2022 as we launch new channels, new revenue generating business segments and grow our strength and positioning through strategic opportunities and acquisitions,” commented Curt Marvis, CEO on the results.
The firm also closed out the quarter with $7.8 million in cash on hand.
QYOU Media last traded at $0.285 on the TSX Venture.
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