Business
Gaia Reports Second Quarter 2024 Results
BOULDER, Colo., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Gaia, Inc. (NASDAQ: GAIA), a conscious media and community company, reported financial results for the
About this update from Gaia, Inc.
[{"type":"text","content":"BOULDER, Colo., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Gaia, Inc. (NASDAQ: GAIA), a conscious media and community company, reported financial results for the second quarter ended June 30, 2024. Highlights: Revenue growth of 11% and member growth of 10% from the year-ago quarter.Operating cash flows for the first half of 2024 improved by $2.6 million and free cash flow improved by $2.0 million from the same period in 2023.Gaia subsidiary completed transactions raising $12 million. “During the second quarter, which is our seasonally slowest, we grew revenue 11% and members 10% year over year, while delivering positive free cash flow. We expect the positive cash flow generation to continue with revenue growth increasing to about 15% in the fourth quarter,” said Jirka Rysavy, Gaia’s Executive Chairman. “In 2016 we invested $10 million and recently raised $12 million for our subsidiary Igniton from outside investors, a portion of which was used to acquire an exclusive worldwide license for the Igniton health technology. This technology uses concentrated quasi-particles transmitted by the sun to improve cognition, memory and longevity.” Gaia CEO James Colquhoun commented: \"We continued our trend of executing on cash flow positive growth with notable improvements in marketing efficiency. Today, we are also excited to officially announce the launch of the Gaia Marketplace to our entire member base. This initiative not only strengthens our community engagement but also introduces an alternative revenue stream to the Gaia business. Additionally, we have also implemented a price increase for new members, starting in July, which we expect to positively impact our revenue by the end of the year. The timing was moved from Q2 to Q3 to strategically align with our third-party partners, ensuring minimal disruption to our members, which resulted in a slight impact on our second quarter revenue.\" Gaia CFO Ned Preston commented: “Operating cash flows for the first six months finished at $3.9 million, representing a $2.6 million improvement from the first six months of 2023 and continues the momentum we've delivered in the prior four quarters. During the second quarter, we incurred meaningful amounts of non-recurring expenses related to Igniton and corporate administrative expenses. We expect our ARPU to grow more rapidly with our price increases and t...