Business
Zoomd Technologies Reports Second Quarter 2023 Financial Results and Management Update
Zoomd Technologies Reports Second Quarter 2023 Financial Results and Management Update ...
About this update from Zoomd Technologies Ltd.
[{"type":"text","content":"\n \n \n \n Zoomd Technologies Reports Second 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.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 29, 2023\n \n , at\n \n 11AM ET\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Aug. 29, 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 June 30, 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 \n \n \n Financial Highlights\n \n \n \n \n Revenues in 2Q23 were\n \n $8.8M\n \n , and gross profit margin was 36%.\n \n \n The revenue reflects a decline of 46% relative to 2Q22 and an increase of roughly 700 bps in gross profit margin. The driving factors behind these changes are primarily the decline in the\n \n crypto\n \n sector, which carried high revenue volume with lower than average gross profit.\n \n \n Revenues increased 2% relative to 1Q23, and management believes that revenues have begun to reach stabilization.\n \n \n Adjusted EBITDA\n \n [1]\n \n was\n \n $0.4M\n \n in 2Q23.\n \n \n Ended 2Q23 with a cash balance of\n \n $2M\n \n and no long-term debt.\n \n \n \n \n Management Commentary\n \n \n \n Ido Almany, Chief Executive Officer of Zoomd Technologies, stated: \"We are pleased to announce the Q2 results for Zoomd, showcasing our commitment to adaptability and resilience amidst a dynamic business landscape. In this quarter, we have taken strategic actions to optimize our operations, foster efficiency, and concentrate on our core business, setting the stage for sustained growth in the coming quarters.\n \n \n Management is di...