Swarmio Media Said To Be Entering High-Growth Phase, Assigns Full Time CFO
Swarmio Media (CSE: SWRM) is expanding its executive leadership team as it continues to develop its operations. The firm this morning has appointed a full time chief financial officer as it heads into what it refers to as a “high-growth phase.”
Jonathan Visva has taken on the role on a full time basis. Visva is said to have more than two and a half decades worth of experience working with international conglomerates within the telecommunications industry, with experience in accounting, auditing, and reporting. He currently holds a CPA designation, is a US Certified Public Accountant, and also has an MBA.
The appointment sees the replacement of Kyle Appleby, who previously held the role on a part-time basis. Appleby will be continuing to support Swarmio on a go-forward basis as an auditor.
“During fiscal 2022 we signed partnerships with several of the world’s largest telcos to launch our Ember gaming and esports platform across the MENA region. These partnerships have now completed a soft launch stage, with Swarmio having successfully integrated payment technologies that enable gamers to pay for in-game content and other features using gamer e-wallet, direct carrier billing and direct top-up. As a result, these partnerships are entering a new period of growth during which Swarmio expects revenue generation will increase,” commented CEO Vijai Karthigesu.
Third quarter revenue growth
The appointment of Visva follows the release of third quarter financial results last night by Swarmio. For the quarter ended December 31, the company reported topline revenues of $4.4 million, a dramatic improvement over the $0.2 million reported in the second quarter, demonstrating the high growth phase the company referred to this morning.
The substantial growth follows a number of developments that occurred in the third quarter, including a collaboration with Tencent Games, a partnership with UniPin for in-game content, and expansion of its operations within the middle east, among other items.
Operating expenses meanwhile amounted to $6.4 million, leading to a net loss for the quarter of roughly $1.9 million, which is an improvement over the $2.1 million loss recorded in the second quarter.
Swarmio Media last traded at $0.08 on the CSE.
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