Business
QYOU Media Reports Record Q2 FY 2024 Results
QYOU Media Reports Record Q2 FY 2024 Results Canada NewsWire Company Reports ...
About this update from Qyou Media, Inc.
[{"type":"text","content":"\n\n\n\n QYOU Media Reports Record Q2 FY 2024 Results\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n Company Reports Positive Quarterly Adjusted EBITDA*\n \n\n For the First Time in its History\n \n\n\n\n\n TORONTO\n \n ,\n \n MUMBAI\n \n and\n \n LOS ANGELES\n \n\n ,\n \n\n Aug. 29, 2024\n \n\n /CNW/ - QYOU Media Inc., (TSXV: QYOU) (OTCQB: QYOUF) a company operating in\n \n India\n \n and\n \n the United States\n \n producing and distributing content created by social media stars and digital content creators, is reporting financial results for the quarter ended\n \n June 30, 2024\n \n . Highlights include as follows:\n \n\n\n\n\n\n\n\n\n\n\n Continued Strong Revenue\n \n : The company recorded quarterly revenue of\n \n $8,277,457\n \n , a small margin higher than Q1, however once again setting the highest quarterly revenue mark in corporate history. This was primarily driven by strong results for the QYOU\n \n USA\n \n and Chtrbox India Influencer Marketing business units. Revenue on a YOY basis increased by\n \n $1,703,106\n \n or 12%.\n \n\n\n Positive Adjusted EBITDA*\n \n : For the three months ended\n \n June 30, 2024\n \n compared to the same period prior year, Adjusted EBITDA significantly improved by 122% or\n \n $654,618\n \n to become positive at\n \n $119,321\n \n for the first time in company history. This was driven by QYOU\n \n USA's\n \n strong revenue growth and profitability along with a meaningful reduction of costs all directed towards achieving cash positive operating results.\n \n\n\n Improved Net Loss\n \n : For the three months ended\n \n June 30, 2024\n \n , net loss improved by\n \n $889,509\n \n or 62% compared to the same period prior year, most significantly driven by strong revenue growth augmented by a meaningful reduction of overall operating costs and investments.\n \n\n\n Cash Balance:\n \n The Company concluded the three months ended\n \n June 30, 2024\n \n with cash of\n \n $1,010,556\n \n (\n \n December 31, 2023\n \n -\n \n $736,713\n \n ). Cash used in operati...