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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Zoomd Technologies Ltd | TSXV:ZOMD | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.065 | 0.06 | 0.08 | 0.065 | 0.065 | 0.065 | 34,000 | 21:00:03 |
Conference call will be held on November 30, 2023, at 11AM ET.
VANCOUVER, British Columbia, Nov. 30, 2023 /CNW/ -- Zoomd Technologies Ltd. (TSXV: ZOMD) (OTC: ZMDTF) and its wholly owned subsidiary Zoomd Ltd. (collectively, "Zoomd" or the "Company"), the marketing technology (MarTech) user-acquisition and engagement platform, today reported its financial results for the three and nine month periods ended September 30, 2023. The Company's financial statements and management discussion and analysis ("MD&A") are available on SEDAR under the Company's profile. All currency references in this press release are in USD.
Third Quarter Financial Highlights
(1) Adjusted EBITDA is a Non-GAAP performance measure. Refer to "CAUTION REGARDING NON-IFRS FINANCIAL MEASURES" for further details.
Management Commentary
Amit Bohensky, Chairman of Zoomd Technologies, stated, "During the third quarter we made tremendous strides in improving our margins and bottom line, growing our Adjusted EBITDA to $575,000 versus $15,000 in last year's period and achieved positive cash flow from operating activities for the first time in 5 consecutive quarters. The acceleration in probability is the direct result of the implementation of our restructuring initiatives and cost saving measures, which we initially disclosed in June. These initiatives were designed to optimize our operations and financial performance. As part of this process, we discontinued various unprofitable areas of our business, resulting in operating expenses decreasing by 36% in the third quarter. We will channel our resources towards activities and solutions that have demonstrated profitability, enabling us to better position ourselves competitively in the current market.
We expanded our gross margins by approximately 900 basis points during the third quarter, largely as the result of our business transitioning away from cryptocurrency customers which carried lower margins. In addition, we discontinued some non-profitable areas of our business. While these items contributed to our revenue decline of 27% in the quarter, gross profit dollars only declined by 8%.
We remain cautious yet optimistic regarding the advertising technology space. Historically, companies tend to cut their advertising budgets during periods of economic uncertainty as a cost-saving measure. However, when the business environment becomes more stable and secure, companies often increase their advertising investment to regain market share."
Third Quarter 2023 Highlights
CONFERENCE CALL
Amit Bohensky, Founder and Chairman, will hold a conference call to discuss the quarter's financial results at 11AM ET on November 30, 2023.
Interested parties can listen via a live webcast, from the link available in the Investors section of Zoomd's website at https://zoomd.com/investors/ or at https://app.webinar.net/xyJNoQ9o8l7
A replay will be available after the call, in the Investors section of the Company's website at https://zoomd.com/investors/ or via https://app.webinar.net/xyJNoQ9o8l7.
ABOUT ZOOMD:
Zoomd (TSXV: ZOMD) (OTC: ZMDTF), founded in 2012 and began trading on the TSX Venture Exchange in September 2019, offers a mobile app user-acquisition platform, integrated with many global digital media outlets, to advertisers. The platform unifies more than 600 media sources into one unified dashboard. Offering advertisers a user acquisition control center for managing all new customer acquisition campaigns using a single platform. By unifying all these media sources onto a single platform, Zoomd saves advertisers significant resources that would otherwise be spent consolidating data sources, thereby maximizing data collection and data insights while minimizing the resources spent on the exercise. Further, Zoomd is a performance-based platform that allows advertisers to advertise to relevant target audiences using a key performance indicator-algorithm that is focused on achieving the advertisers' goals and targets.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTION REGARDING NON-IFRS FINANCIAL MEASURES
This press release refers to "Adjusted EBITDA" which is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS. The Company's presentation of this preliminary financial measure may not be comparable to similarly titled measures used by other companies. This preliminary financial measure is intended to provide additional information to investors concerning the Company's estimated results. Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, as adjusted for share-based payments and one-time non-operating expenses and is a measure of a company's operating performance. Essentially, it's a way to evaluate a company's performance without having to factor in financing decisions, accounting decisions or tax environments.
Management uses this non-IFRS measure as a key metric in the evaluation of the Company's performance and the consolidated financial results. The Company believes Adjusted EBITDA is useful to investors in their assessment of the operating performance and the valuation of the Company. However, non-IFRS financial measures are not prepared in accordance with IFRS, and the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with IFRS. A reconciliation of Adjusted EBITDA and operating profit is available in Zoomd's MD&A located on the Company's profile at www.sedar.com which is incorporated by reference into this press release.
DISCLAIMER IN REGARD TO FORWARD-LOOKING STATEMENTS
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to Zoomd's future outlook, including as a result of the impact of general economic trends, its future ability to successfully continue its growth, its ability to improve profitability, as well as its ability to continue expanding into new geographies and industries. Forward-looking statements are based on our current assumptions, estimates, expectations and projections that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include but are not limited to general business, economic, competitive, technological, legal, privacy matters, political and social uncertainties, the extent and duration of which are uncertain at this time on Zoomd's business and general economic and business conditions and markets. There can be no assurance that any of the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Company Media Contacts:
Amit Bohensky
Chairman
Zoomd
ir@zoomd.com
Website: www.zoomd.com
Investor relations:
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
ZOMD@lythampartners.com
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View original content:https://www.prnewswire.com/news-releases/zoomd-technologies-reports-third-quarter-2023-financial-results-driven-by-strong-adjusted-ebitda-growth-302001923.html
SOURCE Zoomd Technologies Ltd.
Copyright 2023 Canada NewsWire
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