Zoomd Technologies Reports First Quarter 2024 Financial Results
Conference call will be held on
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Key Financial Highlights
- Although the Company discontinued several operations that no longer aligned with the Company's vision, the Company succeeded in increasing revenues by 1% versus Q1.23 and 16% compared to the previous quarter.
- Last year strategic measures implemented by the Company's management team, led to Adjusted EBITDA[1] of
$1.2M in Q1.24, a$1M increase versus Q1.23. - Net income of
$0.5M in Q1.24, after six consecutive quarters with a net loss. - Ended Q1.24 with a cash balance of
$2.3M and no long-term debt.
Management Commentary
We grew revenue by 16% compared to Q4 of 2023 and reduced operating expenses by 31% quarter over quarter.
By Q4.2023, after initiating our plan in
The strategic refocusing has not only improved
First Quarter 2024 Highlights (All Figures in Thousands in USD)
- Although the Company discontinued several operations that no longer aligned with the Company's vision, the Company succeeded in increasing revenues in Q1.24 by 1% compared to Q1.23. Following the strategic actions executed by Company's management team, revenues have consistently increased quarter over quarter, with a 6% rise in Q4.23 and a 16% rise in Q1.24.
- Gross profit margin was 39% for the three months ended
March 31, 2024 , versus 40% for the same period in 2023. - Research and Development expenses for the three months ended
March 31, 2024 were$0.7M , a 26% decrease QOQ. Selling, General and Administrative expenses for the three months endedMarch 31, 2024 , were$2.1M , a 33% decrease QOQ. The decrease in expenses is primarily attributed to strategic measures implemented by the Company's management team aimed at mitigating the impact on the Company's financial health and positioning the Company for sustainable growth. - Adjusted EBITDA for the three months ended
March 31, 2024 , was$1.2M as compared with Adjusted EBITDA of$0.2M for the three months endedMarch 31, 2023 . The increase in Adjusted EBITDA was primarily attributable to the strategic measures implemented noted above. - Operating income was
$0.6M for Q1.24, compared to an operating loss of$3.5M in Q1.23. The increase in operating income is attributable to the impairment of intangible assets that we recognized in Q1.23, and to the implementation of cost savings measures. These measures were implemented in Q2.23 and led to a reduction in the operating loss by approximately 90% in Q3.23 compared to the previous quarter. By Q4.23, the Company transitioned from an operating loss to an operating profit, and in Q1.24, the operating profit increased by approximately 950% compared to the previous quarter. - Net income was
$0.5M for Q1.24, compared to a net loss of$3.6M in Q1.23. The Company achieved a positive net income, for the first time after 6 consecutive quarters with a net loss. - As of
March 31, 2024 , the Company's cash and cash equivalents amounted to$2.3M , and no long-term debt.
Conference Call
Interested parties can listen via a live webcast, from the link available in the Investors section of
A replay will be available after the call, in the Investors section of the Company's website at https://zoomd.com/investors/ or via https://app.webinar.net/Xj6b7GdWaNL
About
to offer advertisers substantial savings by reducing the need for disparate data source integration, enhancing data collection and insights, and minimizing resource expenditure.
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CAUTION REGARDING NON-IFRS FINANCIAL MEASURES
This press release refers to "Adjusted EBITDA" which is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS. The Company's presentation of this preliminary financial measure may not be comparable to similarly titled measures used by other companies. This preliminary financial measure is intended to provide additional information to investors concerning the Company's estimated results. Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, as adjusted for share-based payments, and is a measure of a Company's operating performance. Essentially, it's a way to evaluate a Company's performance without having to factor in financing decisions, accounting decisions or tax environments.
Management uses this non-IFRS measure as a key metric in the evaluation of the Company's performance and the consolidated financial results. The Company believes Adjusted EBITDA is useful to investors in their assessment of the operating performance and the valuation of the Company. However, non-IFRS financial measures are not prepared in accordance with IFRS, and the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with IFRS. A reconciliation of Adjusted EBITDA and operating profit is available in
DISCLAIMER IN REGARD TO FORWARD-LOOKING STATEMENTS
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to
Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Company Media Contacts:
Amit Bohensky
Chairman
ir@zoomd.com
Website: www.zoomd.com
Investor relations:
New York | Phoenix
ZOMD@lythampartners.com
[1] Adjusted EBITDA is a non-IFRS measure. Please see "Caution Regarding Non-IFRS Financial Measures".
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