QYOU Media Inc., a company operating in India and the United States producing and distributing content created by social media stars and digital content creators, is reporting financial results for the quarter ended September 30, 2023. Highlights include as follows:
- Records 10th Consecutive Quarterly YOY Revenue Growth: For the three months ended September 30, 2023 revenue was $7,279,874 marking the 10th consecutive quarter of YOY revenue growth.
- Adjusted EBITDA*: For the three months ended September 30, 2023, the Adjusted EBITDA loss increased by 29% compared to the prior quarter ended September 30, 2022 to $910,507 driven primarily by the decrease in US revenue attributable to the actors and writers strike in Q3 2023 combined with larger investment into growth initiatives in the direct to consumer gaming business.
- Improved Net Loss: Net Loss for the three months ended September 30, 2023, decreased and improved by $193,311 or 9%.
- Cash Balance: The Company concluded the period ended September 30, 2023 with cash of $1,701,511 as compared to September 30, 2022 cash of $3,077,769.
QYOU Media CEO and Co-Founder, Curt Marvis commented, “We keep moving the ball forward in what has clearly continued to be a really tough public markets environment, particularly for small and micro cap issuers. In addition, in the US, the actors and writers strike took a larger toll on Q3 revenues than we expected and it will continue to be somewhat of an issue for us in Q4 2023 as the slow recovery from those strikes begins to take hold. We know this is a very temporary and unpredictable setback and the silver lining is that it also spawned a significant and exciting amount of growth for us with new gaming partners like Activision and Ubisoft.
The impact of the strike on the US business was combined with our predetermined move to push forward on our direct to consumer initiatives in India. Our strategic move to launch a Direct-to-Consumer gaming offering in India has, in part, been driven to optimally leverage our massive channel viewership audience alongside our strong in-country influencer marketing capabilities; both requisites of our Direct-to-Consumer business plans.
We remain confident that investors will soon see the impact of these moves in fiscal 2024 and beyond. We are particularly excited about Q GamesMela, our recently launched free and real money gaming app which has shown exciting momentum in the earliest stages of its release. While we continue to exercise as much financial restraint as possible in the face of a lengthy and tough financial environment, we remain more bullish than ever that the type of growth we experienced in 2021 and 2022 will return in 2024 as a result of the work put in this year.”