Business
Kidoz Inc. Announces 47% Revenue Growth in Q3 2021 Results
ANGUILLA, BWI / ACCESSWIRE / November 15, 2021 / Kidoz Inc. (TSXV:KIDZ) (the "Company"), mob...
About this update from Kidoz Inc
[{"type":"text","content":"Kidoz Inc. Announces 47% Revenue Growth in Q3 2021 ResultsANGUILLA, BWI / ACCESSWIRE / November 15, 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 third quarter ended September 30, 2021. All amounts are presented in United States dollars and are in accordance with United States Generally Accepted Accounting Principles.Recent Kidoz Inc. Q3 2021 highlights include:Total Revenue of $2,814,642 - growth of 47% compared to Q3 2020 Total Revenue of $1,919,973 and growth of 29% from revenue of $2,177,505 for the second quarter of 2021.Gross Profit of $1,226,534 - growth of 34% compared to Q3 2020 Gross Profit of $914,657 and growth of 20% from Gross Profit of $1,024,333 for the second quarter of 2021.Adjusted EBITDA of $265,984 compared to an adjusted EBITDA of $16,484 for Q2 2021.Net Loss of ($75,040) compared to a net loss of ($545,077) for Q2 2021.Cash used in operations of $45,247 for the nine months ended September 30, 2021 compared to cash provided by operations of $171,612 in the same period in the prior year.Cash of $1,190,008 and working capital of $3,197,215 as at September 30, 2021.\"Kidoz management is excited to release another quarter of strong revenue and adjusted EBITDA growth,\" commented Eldad Ben Tora, Company Co-CEO. \"The market forces powering our strategy continue to increase in strength as the enormous mobile advertising industry pivots towards contextual targeting which is at the core of Kidoz' technology. Advertisers, on a global basis, are shifting budgets to mobile advertising as television's reach continues its sharp decline. As global data and privacy regulations continue to be enacted and Apple and Google advance the security and privacy of their platforms, Kidoz benefits as our offering is completely aligned with data security and offers privacy to all those who adopt or engage with our products.\"\"The Kidoz system continues to grow in scale and has seen an increased rate of adoption amongst app developers,\" stated Jason Williams, Kidoz Co-CEO. \"Kidoz is the contextual ads market leader with more than double the SDK installs over the next competitive network. As we continue to advance our products we increase the value...