TNL Mediagene Reports Full Year 2024 Financial Results, Highlighting Robust Growth, Cost Efficiency and Compelling Future Opportunities
- 35.3% year-over-year revenue growth to $48.5 million
- Strong growth across all business units (41% Media, 34% Technology, 33% Digital Studio)
- 40.2% increase in gross profit to $17.7 million with margin expansion to 36.6%
- Improved Adjusted EBITDA margin from -2.8% to -1.8%
- Large digital footprint with 189 million monthly page views and 45 million monthly unique users
- Strategic expansion through PChome Online partnership and Business Insider Taiwan agreement
- Successful NASDAQ listing completion in December 2024
- Continued negative Adjusted EBITDA of -$0.9 million
- Approximately $5 million in cash charges related to IPO listing expenses
- Non-recurring impairment charges impacting IFRS results
Insights
TNL Mediagene shows robust 35.3% revenue growth and improved margins, with reported losses primarily from one-time listing expenses rather than operational issues.
TNL Mediagene's FY2024 financial results present a compelling growth story despite headline losses. The 35.3% revenue increase to $48.5 million demonstrates strong market traction, with balanced growth across all three business units. Their gross profit jumped 40.2% to $17.7 million, with margins expanding from 35.3% to 36.6%, indicating effective cost management while scaling operations.
While the reported $85 million loss appears concerning, approximately $72 million stems from non-recurring items: $29 million in impairment charges (primarily a $25.5 million goodwill adjustment following their merger) and $43 million in transaction expenses related to their December 2024 NASDAQ listing. The adjusted EBITDA of -$0.9 million (improved from -$1.0 million in FY2023) and adjusted EBITDA margin improvement from -2.8% to -1.8% provide a clearer picture of the underlying operational trajectory.
All three business segments showed impressive growth: Media & Branded Content (+41%), Technology (+34%), and Digital Studio (+33%). This balanced performance demonstrates their effective cross-selling strategy and full-suite product offering. Their continued focus on cost optimization initiatives, including AI-based efficiencies and streamlining headcount, suggests further margin improvements may be achievable in 2025 as they pursue break-even or positive adjusted EBITDA.
The December 2024 NASDAQ listing marks a significant milestone in their corporate evolution and should enhance their access to capital markets, potentially supporting both organic growth and their stated M&A strategy going forward.
TNL Mediagene leverages strategic acquisitions and data capabilities to achieve strong growth across all business units in a challenging digital media landscape.
TNL Mediagene has established a significant digital presence in Asia, with approximately 45 million monthly unique users and a digital footprint of 189 million. In an industry where many players struggle to maintain growth, their performance across all business segments is particularly impressive.
Their strategic acquisition and management of popular digital properties like Gizmodo Japan and Business Insider Japan has fueled the Media & Branded Content segment's 41% growth. This approach of acquiring established brands while maintaining their editorial identity has proven effective in attracting millennial and Gen Z audiences across Japan and Taiwan.
The Technology business unit's 34% growth highlights successful diversification into data-powered products, including retail media networks and affiliate marketing channels. This pivot toward first-party and zero-party data solutions positions them well amid industry-wide privacy changes that have disrupted traditional digital advertising models.
Their expansion into Taiwan with Business Insider Taiwan represents a methodical geographic growth strategy, leveraging their successful Japan operation to capture the broader Mandarin-speaking market. The partnership with PChome Online signals an innovative approach to content commerce that integrates content marketing with affiliate marketing methodologies.
Their co-hosting of the 2025 Generative AI Dual Conference demonstrates forward-thinking positioning at the intersection of media and emerging technologies. As generative AI transforms content creation and distribution economics, TNL Mediagene appears to be proactively exploring implementation strategies rather than reacting defensively like many traditional media companies.
With a diverse client base of over 850 regional and global advertisers, they've created a resilient business model that can weather fluctuations in specific advertiser categories or markets.
The condensed financial information presented in this press release should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2024 included in TNL Mediagene's annual report on Form 20-F filed with the SEC on April 30, 2025, which provides a more complete discussion of its accounting policies and certain other information.
-FY2024 consolidated revenue of
-Media & Branded Content business unit's year-to-year revenue growth of
-Technology business unit's year-to-year revenue growth of
-Digital Studio business unit's year-to-year revenue growth of
-FY2024 gross profit of
-FY2024 gross margin of
-FY2024 adjusted EBITDA (Non-IFRS)1 of -
-FY2024 adjusted EBITDA margin (Non-IFRS)2 of -
-Began trading as a public company on NASDAQ under "TNMG" on December 6, 2024
These presentation slides are available here.
FY2024 Financial Highlights:
Strong Consolidated Revenue Growth in FY2024: TNL Mediagene achieved consolidated revenue of
Strong Business Unit Revenue Growth in FY2024: Media & Branded Content business unit's year-to-year revenue growth was
Gross Profit Growth and Gross Margin Expansion: FY2024 gross profit of
Near Break-Even Adjusted EBITDA and Stable Adjusted EBITDA Margin: Our FY2024 Adjusted EBITDA was negative
Key Traffic & Engagement Metrics: Our average monthly digital footprint3 was approximately 189 million and average monthly unique users4 was approximately 45 million. Metrics of this scale place the company among the largest Asian and international media companies in terms of traffic and engagement.
Completion of NASDAQ Public Listing: TNL Mediagene began trading as a public company on NASDAQ under "TNMG" on December 6, 2024. This represents a key milestone for us since the launch of The News Lens Co., Ltd. in 2013 and the launch of Mediagene Inc. in 1998.
Subsequent Company Highlights Since FY2024 End:
Strengthened Global Expansion With New Board Structure: First-rate international board includes directors with senior operational, advisory and director roles at companies including Yahoo!, Wall Street Journal, NBC Universal, SBI Financial, BCG and Reapra.
Key C-Suite Hires & Additional Personnel: New Chief Human Resources Officer, new Chief Governance Officer among other key hires.
Announced Strategic Partnership with PChome Online: One of
Announced Agreement with Business Insider Taiwan5 : Following successful years-long Business Insider Japan partnership, one of
2025 Initiatives & Outlook:
Continued Emphasis on M&A: TNL Mediagene operates a disciplined and successful M&A roll-up strategy and maintains an active pipeline of potential future M&A opportunities.
Capital Markets Optimization Strategy: Key capital markets initiatives to be announced in 2025.
Cost Optimization Initiatives: Company continues its focus on improving Adjusted EBITDA to achieve break-even/positive Adjusted EBITDA in 2025 through its disciplined cost optimization initiatives, including AI-based savings in content, sales, and data analytics and streamlining headcount.
Co-Hosting the 2025 Generative AI Dual Conference:
Preliminary FY2025 Revenue & EBITDA Guidance: Preliminary FY2025 revenue and Adjusted EBITDA guidance is expected to be provided in a management business update presentation in May 2025.
Management Commentary:
TNL Mediagene's unique business model, built around a portfolio of diverse digital media brands and AI-powered advertising and data analytics solutions, positions it favorably in the rapidly evolving digital media landscape. With a focus on Millennial and Gen Z audiences in
TNL Mediagene is committed to its growth strategy, which includes investing in sophisticated data assets, increasing user engagement across its 25 digital media brands reaching approximately 45 million average monthly unique users*2, consolidating its position in existing media categories, and expanding into new geographies across East and
"2024 was a milestone year for TNL Mediagene as we completed our public listing on NASDAQ after being a private company for 12 years. 2024 was also one of our strongest years on record in terms of operational performance with regard to total group revenue, revenue growth and cost management. All 3 of our business units performed exceptionally well over the year and are now approximately the same size in terms of scale, which we believe is a result of our focus on cross-sell and our efforts to position our products as a full-suite, turn-key solution to our client base. On an IFRS-basis our results were impacted by non-recurring IPO listing expenses and non-recurring impairment charges, as detailed in our notes. Of these charges approximately
Co-Founder & President Motoko Imada said, "We are excited to be a public company on NASDAQ which we feel will provide us with significant benefits and advantages going forward and is also a key part of our long-term strategy for TNL Mediagene. We are very pleased with our new public company board and the caliber of talent we've been able to attract to these roles. Our businesses performed very well in 2024, both on the top line and in terms of cost management. Looking ahead, we've had some exciting recent contract wins, including Business Insider Taiwan, that we are looking forward to rolling out in the coming weeks and months. We'll also be focused on our investor and public communications efforts going forward and plan to be participating in some near-term conferences both in
1 Adjusted EBITDA is a non-IFRS financial measure. See the "Use of Non-IFRS Financial Measures" section of this communication for the definition of this non-IFRS measure and reconciliation to IFRS items.
2 Adjusted EBITDA margin is a non-IFRS financial measure. See the "Use of Non-IFRS Financial Measures" section of this communication for the definition of this non-IFRS measure and reconciliation to IFRS items.
3 Average monthly digital footprint refers to the monthly average of the total number of page and video views across our 25 digital media brands and associated social media platforms, including, among others, YouTube, Tik Tok and Facebook, based on our internal data for the twelve months ended March 31, 2025
4 Average monthly unique users refers to the average monthly unique users of our owned digital media sites and accounts on social media platforms such as YouTube and TikTok based on our internal data for the twelve months ended March 31, 2025
5 The name "Business Insider Taiwan" used in this release is a provisional designation for convenience. The official name will be determined at a later date.
About TNL Mediagene
Headquartered in
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to TNL Mediagene. Forward-looking statements generally relate to future events or TNL Mediagene's future financial or operating performance. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "target," "seek" or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements in this communication include, but are not limited to, statements in the section entitled "2025 Initiatives and Outlook" and "Management Commentary" such as statements about TNL Mediagene's future business plan and growth strategies and statements by TNL Mediagene's CEO and president. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for TNL Mediagene to predict these events or how they may affect TNL Mediagene. In addition, risks and uncertainties are described in TNL Mediagene's filings with the Securities and Exchange Commission. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. TNL Mediagene cannot assure you that the forward-looking statements in this communication will prove to be accurate. There may be additional risks that TNL Mediagene presently does not know or that TNL Mediagene currently does not believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by TNL Mediagene, its directors, officers or employees or any other person. Except as required by applicable law, TNL Mediagene does not have any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date of this communication. You should, therefore, not rely on these forward-looking statements as representing the views of TNL Mediagene as of any date subsequent to the date of this communication.
Use of Non-IFRS Financial Measures
In this press release we have included adjusted EBITDA, a non-IFRS financial measure, which is a key measure used by our management and board of directors in evaluating our operating performance.
Adjusted EBITDA is our preferred metric for profitability because we believe it facilitates operating performance comparisons on a period-to-period basis and excludes items that we do not consider to be indicative of our core operating performance.
Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS. Some of these limitations are:
- although amortization and depreciation are non-cash charges, the assets being amortized and depreciated may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
- adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
- adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; and
- other companies, including our competitors in various industries, may calculate adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure.
We define adjusted EBITDA as profit (loss) for the period excluding (i) non-cash items such as depreciation expenses, amortization expenses, stock-based compensation expenses and impairment loss on intangible assets and (ii) extraordinary items associated with one-time events and transactions, such as one-time transaction-related expenses not eligible for capitalization.
Reconciliation of Non-IFRS Financial Measures:
For the year ended December 31, | ||||||||||
($ in dollars, unless otherwise stated) | 2022 | 2023 | 2024 | |||||||
Loss for the year | $ | (11,394,768) | $ | (1,215,789) | ||||||
Add (less): | ||||||||||
Income tax (benefit) expense | (247,177) | (591,082) | (307,246) | |||||||
Finance costs | 137,029 | 298,958 | 8,167,872 | |||||||
Other gains and losses(1) | 8,174,802 | (5,458,803) | 851,689 | |||||||
Other income | (75,576) | (409,555) | (58,024) | |||||||
Interest Income | (10,994) | (19,340) | (21,773) | |||||||
Operating loss | $ | (3,416,684) | $ | (7,395,611) | ||||||
Add: | ||||||||||
Depreciation expenses | 433,262 | 1,025,783 | 1,139,488 | |||||||
Amortization expenses | 1,058,392 | 1,809,774 | 2,101,080 | |||||||
Stock-based compensation expense | 237,301 | 118,800 | 250,952 | |||||||
Impairment loss on intangible assets(2) | — | 298,424 | 29,026,050 | |||||||
One-time transaction-related expenses(3) | — | 3,144,668 | 42,972,458 | |||||||
Adjusted EBITDA | (1,687,729) | (998,162) | (854,174) | |||||||
Adjusted EBITDA Margin (%) | -8.4 | % | -2.8 | % | -1.8 | % | ||||
(1) | Other gains and losses for the year ended December 31, 2022 comprise an | |||||||||||
(2) | For the year ended December 31, 2023, we incurred approximately | |||||||||||
(3) | For the year ended December 31, 2023, one-time transaction-related expenses comprise the professional service fees related to (i) the merger with Mediagene; and (ii) preparation for our merger (the "Merger") with Blue Ocean Acquisition Corporation ("Blue Ocean") and the listing on the Nasdaq, which were not eligible for capitalization. For the year ended December 31, 2024, one-time transaction-related expenses comprise (i) the professional service fees related to the closing of the Merger and listing on the Nasdaq of | |||||||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/tnl-mediagene-reports-full-year-2024-financial-results-highlighting-robust-growth-cost-efficiency-and-compelling-future-opportunities-302444215.html
SOURCE TNL Mediagene
FAQ
What was TNMG's revenue growth in fiscal year 2024?
When did TNL Mediagene (TNMG) begin trading on NASDAQ?
What is TNL Mediagene's current Adjusted EBITDA and margin?
How many monthly unique users does TNL Mediagene have?
What are TNL Mediagene's key business segments and their growth rates?
