Business
Vertiqal Studios Reports Significant Financial Improvement in 2024, Reducing Net Loss by 95%
Toronto, Ontario--(Newsfile Corp. - April 1, 2025) - Vertiqal Studios Corp. (TSX: VRTS) (OTC Pink...
About this update from Vertiqal Studios Corp
[{"type":"text","content":"Vertiqal Studios Reports Significant Financial Improvement in 2024, Reducing Net Loss by 95%Toronto, Ontario--(Newsfile Corp. - April 1, 2025) - Vertiqal Studios Corp. (TSX: VRTS) (OTC Pink: VERTF) (FSE: 9PY0) (\"the Company\") — Vertiqal Studios, a leading digital-channel network and video-production studio, as well as the owners of North America's largest gaming and lifestyle network on social media, is pleased to announce its financial results for the year ended December 31, 2024, highlighting a major turnaround in financial performance.In light of stable revenue of $4.86 million, the Company achieved a 95% reduction in net loss, reflecting strategic cost-cutting efforts and operational efficiencies.Key Financial Highlights (Year over Year)Below is a summary of the financial results for the years ended December 31, 2024, and December 31, 2023.Year ended December 31, 2024Year ended December 31, 2023Variance(%)Revenues$4,861,413$4,845,9260.32%Gross Profit$3,374,894$3,439,770-1%Total Expenses$5,756,723$56,693,814-90%Net Loss($2,365,124)($49,018,797)-95%EBITDA($1,523,544)($2,923,020)-47% Financial Highlights of Fiscal 2024:Revenue Composition and Growth: Vertiqal Studios reported a 0.32% increase in revenue compared to fiscal 2023, highlighting the shift in revenue share. Furthermore, direct media saw an impressive increase of 48% in revenues year over year. This is a testament to the strategic focus and the strength of the offerings in the market.Gross Margin: For the year ended December 31, 2024, the Company saw a healthy gross margin of 69%. This demonstrates continued operational efficiency within the Company as it sees a shift in its revenue mix.EBITDA Improvement: Additionally, Vertiqal Studios has dramatically improved its EBITDA, reporting a loss of $1.5M for the year, a significant improvement from a loss of $2.9M in 2023. The 47% improvement in EBITDA loss is a result of cost efficiencies, operational discipline, and improved revenue mix, reinforcing the Company's path toward profitability. The Company has made significant strides in strengthening its financial position in 2024. The substantial reduction in expenses and net loss demonstrates the commitment to sustainable growth and long-term value creation for the shareholders. The ability to reduce EBITDA loss by 47% underscores the effectiveness of the str...