Business
Kidoz Inc. Revenue Growth Continues in Q2 2022 with Revenue of $2,513,613
ANGUILLA, BWI / ACCESSWIRE / August 15, 2022 / Kidoz Inc. (TSXV:KIDZ) (the "Company"), mobil...
About this update from Kidoz Inc
[{"type":"text","content":"Kidoz Inc. Revenue Growth Continues in Q2 2022 with Revenue of $2,513,613ANGUILLA, BWI / ACCESSWIRE / August 15, 2022 / 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, 2022. All amounts are presented in United States dollars and are in accordance with United States Generally Accepted Accounting Principles.Recent Kidoz Inc. Q2 2022 highlights include:Total Revenue of $2,513,613 compared to Q2 2021 Total Revenue of $2,177,505 and Q1 2022 Total Revenue of $2,283,974AdTech revenue of $2,484,799 compared to Q2 2021 AdTech Revenue of $2,120,500.Q2 2022 Gross Profit of $971,965 compared to Q2 2021 Gross Profit of $1,024,333.Q2 2022 loss of ($721,677) from a loss of ($545,077) in Q2 2021.Q2 2022 Adjusted EBITDA loss of ($386,987) compared to Q1 2022 Adjusted EBITDA loss of ($427,284).Cash of $1,729,653 and working capital of $3,773,961 as at June 30, 2022.\"We're excited to announce another period of strong revenue growth for Kidoz in the second quarter of 2022, despite an extremely slow month of May across the entire industry, where revenues came in lower than anticipated as advertisers made adjustments within the turbulent market environment that exists today.\" said Jason Williams, Kidoz CEO.\"However, all three of our business units including brand, performance, and programmatic are performing well as we position the business for increased scale in the second half of the year. Our proprietary technology platform continues to advance at a rapid pace and we're seeing many new avenues of advertising demand world-wide which will increase our rate of revenue growth,\" continued Williams.\"We have increased our investment in both additional staff and technologies. While these investments significantly affect our first half profitability, we are confident that they will help maintain our rapid annual growth and drive strong returns later in the year and in the future. Kidoz is the market leader for kid safe mobile advertising and the second half of the year, which accounts for the majority of our annual business, is off to a strong start.\"\"While some advertisers are behaving more cautiously in the current uncertain global environmen...