Business
Kidoz Inc. Record Revenue of US$2,814,239 Continues in Q2 2023
VANCOUVER, BC / ACCESSWIRE / August 23, 2023 / Kidoz Inc. (TSXV:KIDZ) (the "Company"), mobile Ad...
About this update from Kidoz Inc
[{"type":"text","content":"Kidoz Inc. Record Revenue of US$2,814,239 Continues in Q2 2023VANCOUVER, BC / ACCESSWIRE / August 23, 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 June 30, 2023. All amounts are presented in United States dollars and are in accordance with United States Generally Accepted Accounting Principles.Recent Kidoz Inc. Q2 2023 highlights include:Total Revenue of $2,814,239, an increase of 12% compared to Q2 2022 Total Revenue of $2,518,137 and an increase of 68% compared to Q1 2023 Total Revenue of $1,673,685Direct AdTech revenue of $2,495,469 an increase of 2% compared to Q2 2022 Direct AdTech Revenue of $2,458,351 and an increase of 62% compared to Q1 2023 Direct AdTech Revenue of $1,538,046.Programmatic Ad Tech Revenue of $254,776, an increase of 723% compared to Q2 2022 Programmatic Revenue of $30,972 and an increase of 274% compared to Q1 2023 Programmatic Revenue of $68,070.Sales and Marketing expenditure of $306,561, an increase of 22% from $251,788 in Q2 2022 and a decrease of 6% compared to Q1 2023 Sales and Marketing expenditures $327,522.Non-Capitalized R&D expenditures of $755,397, an increase of 17% from $644,054 in Q2 2022 and an increase of 1% compared to Q1 2023 Non-Capitalized R&D expenditures of $744,333.Q2 2023 Gross Profit of $1,239,580, an increase of 28% compared to Q2 2022 Gross Profit of $971,965 and an increase of 85% compared to Q1 2023 Gross Profit of $669,969.Q2 2023 Net Loss of ($509,424) a 29% reduction from a Net Loss of ($721,677) in Q2 2022 and a 52% reduction from a Q1 2023 loss of ($1,066,612).Q2 2023 Adjusted EBITDA loss of ($214,770) a reduction of 46% from a Q2 2022 Adjusted EBITDA loss of ($397,378) and a 73% reduction from a Q1 2023 Adjusted EBITDA loss of ($796,915).Cash of $1,380,740 and working capital of $3,099,985 as at June 30, 2023.Cash used in operations in Q2 2023 of ($912,510) compared to cash used in operations in Q2 2022 of ($337,428).\"Q2 2023 was another quarter of record revenue for Kidoz,\" stated Jason Williams Kidoz CEO. \"Through continued investments in technology and operations, two pillars of the business showed marked improvement and helped to propel...