Business
Kidoz Inc. Announces 196% Revenue Growth in Q2 2021 Results
ANGUILLA, B.W.I. / ACCESSWIRE / August 16, 2021 / Kidoz Inc. (TSXV:KIDZ) (the "Company"), mo...
About this update from Kidoz Inc
[{"type":"text","content":"Kidoz Inc. Announces 196% Revenue Growth in Q2 2021 ResultsANGUILLA, B.W.I. / ACCESSWIRE / August 16, 2021 / Kidoz Inc. (TSXV:KIDZ) (the \"Company\"), mobile AdTech developer and owner of the market leading KIDOZ Contextual Ad Network (www.kidoz.net) and the Kidoz Publisher SDK, announced today its unaudited financial results for the second quarter ended June 30, 2021. All amounts are presented in United States dollars and are in accordance with United States Generally Accepted Accounting Principles.Recent Kidoz Inc. Q2 2021 highlights include:Total Revenue of $2,177,505 - growth of 196% compared to Q2 2020 Total Revenue of $736,827.AdTech revenue of $2,120,500 - growth of 247% compared to Q2 2020 AdTech Revenue $611,709.Gross Profit of $1,024,333 - growth of 214% compared to Q2 2020 Gross Profit of $325,769.EBITDA of $48,079 a 124% improvement from an EBITDA loss of ($197,057) in Q2 2020.Commencement of Stock awareness program in Q2 2021 at a cost of $285,857.Net Loss of ($545,077) from a loss of ($361,399) in Q2 2020.Cash provided by operations of $313,830 for the six months ended June 30, 2021 compared to cash provided by operations of 144,085 in the same period in the prior year.Cash of $1,553,626 and working capital of $2,948,809 as at June 30, 2021.\"The Kidoz strategy of safe mobile contextual advertising is performing as planned in 2021,\" stated Eldad Ben Tora, Kidoz Co-CEO. \"The powerful revenue growth in our core AdTech products of 247% over 2020 and 41% over Q1 2021 is a result of Kidoz's leadership position and quality media offering that our customers demand in ever increasing volumes. After years of dedicated software and business development the Kidoz system is the market leader across thousands of apps who have adopted our technology and enjoy some of the best advertising campaigns from the long list of renowned Kidoz advertisers. As the Kidoz brand continues to build in the global AdTech economy and as our latest software products are released, management believes our trajectory of growth will continue.\"\"While our revenue is growing at a rapid pace, we also saw expenses rise in Q2, 2021 with Kidoz investing in a corporate awareness program to expand the investor base in our public stock at a cost of $285,857 with the majority of this cost being non-cash expenses. Additionally, the Company paid one-time bonus...