QYOU Media Touts Record-Breaking Revenue Growth In Q2 2023
FULL DISCLOSURE: This is sponsored content for QYOU Media.
India and US-based content producer QYOU Media Inc. (TSXV: QYOU) has released its financial results for the quarter ending on June 30, 2023, toplined by a quarterly revenue of $7.7 million. This represents a substantial year-over-year increase of 12%, jumping from $6.8 million in Q2 2022.
The company also achieved a substantial reduction in net loss for the period. The net loss ended at $1.4 million coming from last year’s $3.3 million, or a decrease of 56%. This reduction was primarily attributed to the sustained revenue growth and operational efficiencies implemented across all operating business units.
We continue to deliver strong results and success in containing costs and growing revenue in what remains a challenging time in the public markets. The teams in both India and the US have made strong progress across the board in growing the depth and breadth of our client base and our overall suite of content products and capabilities.
QYOU Media CEO Curt Marvis
The firm’s adjusted EBITDA also saw a notable increase of 30% compared to the preceding quarter and a 76% increase compared to the same period the previous year. Although there was a consolidated adjusted EBITDA loss of $33,986, the revenue-generating business units in both India and the United States “finished strong” in Q2.
“As we head towards 2024, we are excited about the continued rollout of our direct to consumer efforts, particularly in the mobile casual gaming space. We remain confident that over time our share value will catch up to the overall success being experienced in the business,” Marvis added.
As of Q2 2023, the company ended with a cash balance of $1.8 million, putting the current assets balance at $10.8 million. Current liabilities ended at $7.8 million.
The earnings performance comes on the heels of the announcement in July that the firm has tapped former TikTok executive, Raj Mishra, to join the company’s board.
QYOU Media is primarily focused on the Indian media market, where they produce and distribute content created by social media stars and digital content creators. With one of the fastest growing platforms in the region, their flagship channel, The Q India, has quickly risen to become one of the most watched platforms among young Indians.
FULL DISCLOSURE: QYOU Media is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of QYOU Media. The author has been compensated to cover QYOU Media on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
