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ViewBix Inc. became Quantum X Labs Inc. after completing its acquisition of Quantum X Labs Ltd. and changing its Nasdaq trading symbol from VBIX to QXL. News about the company centers on its transition from legacy digital advertising activities into an advanced technologies issuer focused on quantum technology.
Recurring developments include quantum algorithms, AI-Quantum Error Correction intellectual property, quantum-based navigation, atomic clocks, quantum sensing and simulation technologies. Company updates also cover portfolio companies such as Nuclear Quantum, CliniQuantum, Quantum Gyro and QuantumQ Security, as well as private placements, common stock and warrant issuances, material agreements and governance changes tied to the company’s repositioning.
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Viewbix reported strong financial results for the fiscal year ended December 31, 2022, with a record revenue of $96.6 million, representing a 114% increase year-over-year. The fourth quarter alone saw revenues reach $30.5 million, up 43%. Operating income surged to $2.7 million compared to $541,000 in 2021. EBITDA rose 123% year-over-year to $5.5 million. Notably, net profit increased to $1.1 million, reflecting a 89% growth from the previous year. Viewbix attributes this growth to its digital content activity and the acquisition of Cortex Media Group, and aims to expand further in the digital advertising market.
Viewbix (OTC: VBIX) has announced the acquisition of an additional 10% stake in Cortex Media Group Ltd., increasing its ownership to 80%. This Subsequent Purchase was valued at approximately $27 million, funded by $2.7 million in cash and a $1.5 million bank loan. Since the Initial Purchase in October 2021, Cortex's valuation has increased due to improved financial results, with Gix Media's revenues growing by 176% to $66.1 million in the first nine months of 2022 compared to 2021. Viewbix's CEO expressed excitement over Cortex's positive trend and plans to expand in the content sector.
Viewbix announced significant financial growth for Q3 2022, marking its first results post-acquisition of Gix Media. Revenues soared to $22.8 million, up 182% year-over-year, leading to an operating income of $427,000, a turnaround from a $111,000 loss in Q3 2021. EBITDA reached $1.2 million, a 268% increase, while net cash from operations doubled to $1.6 million. Despite a GAAP net loss of $30, the non-GAAP net income rose by 56% to $844,000. CEO Amihay Hadad highlighted plans for further growth in ad and mar-tech sectors.