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QYOU Media reported its highest quarterly revenue in company history for Q1 FY 2024, totaling $8,227,089. This marks a 17% year-over-year increase, driven by strong performance in the U.S. and initial contributions from their direct-to-consumer gaming business in India.
The company's Adjusted EBITDA improved by 36%, up $276,654 compared to the same period last year. Net loss also improved by $146,854, or 10%, mainly due to increased revenue despite higher operating expenses.
QYOU Media's cash balance stood at $1,615,481 by the end of Q1 FY 2024, a significant improvement from $736,713 in the previous year. Cash used in operating activities dropped dramatically, primarily due to better collection of trade receivables.
CEO Curt Marvis highlighted the strong performance and future focus on optimizing business units to drive consistent growth.
QYOU Media (OTCQB: QYOUF) has announced multiple awards and recognitions for its influencer marketing teams in the USA and India for 2024. Significant wins include Digiday Content Marketing Awards for QYOU USA's 'Assassin's Creed Mirage' campaign, ADDYs awards for 'Scream VI', and Telly Awards for 'Mission: Impossible – Dead Reckoning Part One'. Chtrbox India also secured notable awards such as the Indian Television Digital Media Excellence Awards for the 'Disney 100' campaign. These accolades highlight QYOU's effectiveness in producing impactful influencer-driven campaigns for major global brands.
QYOU Media Inc. reports record annual revenue of $27.56 million for FY 2023, in spite of challenges from the US WGA writers and SAG actors strike and a soft global ad market. The company reduced net loss by 14% compared to the prior year. The company anticipates an all-time record revenue for Q1 2024. CEO Curt Marvis acknowledges the challenges faced and expresses confidence in the rebound and future strategies.