Business
Kidoz Inc. Announces First Quarter Total Revenue of $1,673,685
VANCOUVER, BC / ACCEESSWIRE / May 25, 2023 / Kidoz Inc. (TSXV:KIDZ) (the "Company"), mobile AdTe...
About this update from Kidoz Inc
[{"type":"text","content":"Kidoz Inc. Announces First Quarter Total Revenue of $1,673,685VANCOUVER, BC / ACCEESSWIRE / May 25, 2023 / 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 todayits unaudited condensed interim financial results for the quarter ended March 31, 2023. All amounts are presented in United States dollars and are in accordance with United States Generally Accepted Accounting Principles.Recent Kidoz Inc. Q1 2023 highlights include:Total Revenue of $1,673,685 a decrease of 27% compared to Q1 2022 Total Revenue of $2,287,471Direct Ad Tech Advertising Revenue of $1,538,046 a decrease of 29% compared to Q1 2022 Direct Ad Tech Advertising Revenue of $2,154,854.Programmatic Ad Tech Advertising Revenue of $68,070, an increase of 153% compared to Q1 2022 Programmatic Advertising Revenue of $26,954.Sales and Marketing expenditure of $327,522, an increase of 82% from $180,014 in Q1 2022Non-Capitalized R&D expenditures of $744,33, an increase of 44% from $516,639 in Q1 2022.Net loss after tax of ($1,066,612), compared to a net loss after tax ($731,042) in Q1 2022.Adjusted EBITDA of ($796,915) compared to Adjusted EBITDA of $($427,284) in Q1 2022.Cash of $2,304,757 and working capital of $3,331,745 as at March 31, 2023, compared to cash of $2,363,530 and working capital of $4,147,176 as at December 31, 2022.Cash used in operations in Q1 2023 of ($46,996) compared to Free Cash Flow of $15,881 in the prior year.For full details of the Company's operations and financial results, please refer to the Securities and Exchange Commission website at www.sec.gov or the Kidoz Inc. corporate website at https://investor.kidoz.net or the www.sedar.com website.\"Unfortunately, weakness in the wider advertising market was experienced by Kidoz during Q1 2023,\" stated Jason Williams, Kidoz CEO. \"While this decline was expected and we can see this weakness is isolated to only the first quarter of the year, our performance has suffered as a result. The good news for the quarter is that our programmatic revenues are rising, our cash flow from operations was almost neutral and our gross margins showed improvement increasing to 40% from 36% in Q1 2022.\"\"More important than the temporary revenue decline during the slowest quarter of ...