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Zoomd Reports 2Q2022 Financial Results. Revenues Increased 45% YOY, Representing the 6th YOY Consecutive Quarter of Growth
Zoomd Reports 2Q2022 Financial Results. Revenues Increased 45% YOY, Representing the 6th ...
About this update from Zoomd Technologies Ltd.
[{"type":"text","content":"\n \n \n \n Zoomd Reports 2Q2022 Financial Results. Revenues Increased 45% YOY, Representing the 6th YOY Consecutive Quarter of Growth\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 Conference call will be held on\n \n August 30, 2022\n \n at\n \n 11AM ET\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Aug. 29, 2022\n \n \n /CNW/ -- Zoomd Technologies Ltd. (TSXV: ZOMD) (OTC: ZMDTF) and its wholly-owned subsidiary Zoomd Ltd. (collectively, \"\n \n Zoomd\n \n \" or the \"\n \n Company\n \n \"), the marketing technology (MarTech) user-acquisition and engagement platform, today reported its financial results for the three months ended\n \n June 2022\n \n . The Company's financial statements and management discussion and analysis (\"\n \n MD&A\n \n \") are available on SEDAR under the Company's profile.\n \n \n \n \n \n \n Key Highlights\n \n \n \n \n 2Q22 revenues increased 45% YOY to\n \n $16.2M\n \n . Strong revenue results were driven primarily by the onboarding of new clients in recent months, growth in spending of existing legacy clients and expansion into growth geographies such as\n \n Latin America\n \n and\n \n Asia\n \n .\n \n \n Achieved positive Adjusted EBITDA of\n \n $1.5M\n \n or 9% of sales during 2Q22.\n \n \n Operating profit was\n \n $20K\n \n for 2Q22 compared to an operating loss of\n \n $621K\n \n in 2Q21, primarily as the result of higher salaries and bonus payments.\n \n \n Achieved positive cash flow from operations of\n \n $2.7M\n \n in 2Q22.\n \n \n Ended 2Q22 with a cash balance of\n \n $5.1M\n \n and no long-term debt.\n \n \n For the first time, the Company is expected to generate an annual recurring revenue (ARR) of\n \n $3M\n \n for 2022.\n \n \n \n \n Management Commentary\n \n \n \n Our current clients are continuing to be satisfied with results that Zoomd brings to their user acquisition efforts, and we have a strong pipeline of new customers. Our platform has been integral in enabling our clients to manage their multiple campaigns on a single s...