Business
Zoomd Technologies Reports First Quarter 2023 Financial Results and Management Update
Zoomd Technologies Reports First Quarter 2023 Financial Results and Management Update C...
About this update from Zoomd Technologies Ltd.
[{"type":"text","content":"\n \n \n \n Zoomd Technologies Reports First Quarter 2023 Financial Results and Management Update\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Conference call will be held on\n \n June 2, 2023\n \n , at\n \n 11AM ET\n \n \n \n \n \n \n VANCOUVER\n \n , BC\n \n ,\n \n \n May 30, 2023\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 March 31, 2023\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. All currency references in this press release are in USD.\n \n \n \n Key Financial Highlights\n \n \n \n \n Achieved strong gross margins of 40% in 1Q23 versus 30% in 1Q22.\n \n \n Achieved positive Adjusted EBITDA of\n \n $0.2M\n \n in 1Q23.\n \n \n Ended 1Q23 with a cash balance of\n \n $2.7M\n \n and no long-term debt.\n \n \n \n \n \n \n \n Management Commentary\n \n \n \n \n Amit Bohensky\n \n , Chairman of Zoomd Technologies, stated, \"During the first quarter of 2023, our business faced ongoing macroeconomic challenges, particularly in the fintech, cryptocurrencies, and e-commerce sectors.\n \n \n Under the guidance of our new CEO, Ido Almany, we are currently undertaking a thorough analysis and evaluation of each business line and supporting operations with the objective of consolidating and significantly streamlining our cost structure. We have identified several areas of inefficiency that are currently under active discussion by management and awaiting subsequent approval from the board. As of the date hereof, a final decision has not been made, and discussions are still currently underway. We anticipate that final decisions on each business line and supporting operations will be made imminently. Once these decisions are finalized and the ...