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Zoomd Technologies Reports Third Quarter 2023 Financial Results, Driven by Strong Adjusted EBITDA Growth
Zoomd Technologies Reports Third Quarter 2023 Financial Results, Driven by Strong Adjusted EBITDA...
About this update from Zoomd Technologies Ltd.
[{"type":"text","content":"\n \n \n \n Zoomd Technologies Reports Third Quarter 2023 Financial Results, Driven by Strong Adjusted EBITDA 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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Conference call will be held on\n \n November 30, 2023\n \n , at\n \n 11AM ET\n \n .\n \n \n \n \n \n VANCOUVER, British Columbia\n \n \n ,\n \n \n Nov. 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 and nine month periods ended\n \n September 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 Third Quarter Financial Highlights\n \n \n \n \n Revenues were\n \n $7.1M\n \n , a 27% decline versus 3Q22, primarily due to lower revenues from the\n \n cryptocurrency\n \n sector and Zoomd's decision to discontinue unprofitable activities.\n \n \n Gross Margins increased roughly 900 basis points to 40%, versus 3Q22, reflecting lower revenues from the\n \n cryptocurrency\n \n \n sector, and discontinuation of unprofitable activities which carries lower margins.\n \n \n \n Total operating expenses decreased 36% versus 3Q22 as the Company implements its cost saving initiatives and costs saving measures.\n \n \n Adjusted EBITDA\n \n (\n \n \n 1\n \n \n )\n \n \n increased to\n \n $575,000\n \n or 8% of sales, versus\n \n $15,000\n \n in 3Q22.\n \n \n \n Positive cash flow generated from operating activities for the first time in 5 consecutive quarters.\n \n \n \n (1)\n \n Adjusted EBITDA is a Non-GAAP performance measure. Refer to \"CAUTION REGARDING NON-IFRS FINANCIAL MEASURES\" for further details.\n \n \n \n \n Management Commentary\n \n \n \n \n Amit Bohensky\n \n , Chairman of Zoomd Technologies, stated, \"Duri...