Preliminary data on calendar fourth quarter results has been released by Qyou Media (TSXV: QYOU) this morning, and the company did not disappoint. The firm is reporting that the fourth calendar quarter of 2021 is its best quarter to date, with a record revenue figure of $5.7 million.
The preliminary revenue figure is significant for two reasons for the company. First, the revenue figure marks a quarter over quarter revenue increase of 20.6%. The growth follows 81% sequential growth seen in the first fiscal quarter of the year. Second, with prior guidance provided by the company point to revenue of $4.5 million for the quarter, it represents a 26.7% beat to the firms guidance.
If the revenue beat isn’t enough, the company also reported that it has seen its operating business units of Q India as well as QYOU USA both achieve positive adjusted EBITDA. The former is expected to post adjusted EBITDA of $80,000 on revenue of $3.8 million, while the latter is expected to post adjusted EBITDA of $10,000 on revenue of $1.9 million. In terms of net loss, the company expects the period ended December 31, 2021 to see a loss of $2.0 million, much of which is attributed to share-based compensation and amortization.
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“We are thrilled to achieve our goal in Q4 2021 of building a solid financial foundation for growing our business and operating plan in 2022. We are well positioned to invest into driving greater growth across 2022 by leveraging our current success both in India and the US markets. We are beginning our transition from a single popular channel with varied broadcasting and digital outlets into a multi-tiered next generation digital media enterprise serving Young India audiences with top tier digital content and influencer talent. We are now better positioned for success than ever before,” commented CEO Curt Marvis on the success seen during the quarter.
Finally, the company reported that it had a cash position of $6.4 million as of the period end.
The company also indicated it intends to shift its year end to that of December 31.
QYOU Media last traded at $0.155 on the TSX Venture.
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