- 1st three quarters of FY2018 revenues grow to $4,835,069, an increase year over year of 68%
DUBLIN, LOS ANGELES and TORONTO, May 30, 2018 /CNW/ - QYOU Media Inc. (TSXV: QYOU OTCQB: QYOUF) ("QYOU Media" or the "Company"), a global media company that curates and packages premium 'best-of-the-web' video for multiscreen distribution has reported financial results for the quarter ended March 31, 2018. All figures appear in Canadian dollars.
Financial Highlights for the Quarter
- For the three months ending March 31, 2018, revenues increased to $1,745,738 compared to revenues of $1,088,593 for the three months ended March 31, 2017, an increase of 60%.
- The adjusted Net Loss increased 18% to $1,095,189 for the three months ended March 31, 2018, as compared to the three months ended March 31, 2017. The change in net loss was due primarily to an increase of non-cash related expenses of $473,030 ($29,837 related to foreign exchange loss and $443,193 related to stock-based compensation).
- Balance of cash and cash equivalents as at March 31, 2018 was $2,447,781 compared to $5,521,590 for March 31, 2017.
QYOU Media's CEO Curt Marvis stated, "Q3 2018 saw the launch of our flagship esports program HEADS UP DAILY, aka HUD, which has now expanded with distribution into 13 territories in Eastern Europe. In addition, our global HUD distribution agreement with partner WPT has already begun to leverage the WPT association with Allied esports and its esports arena locations via recent coverage of the Ninja/Fortnight competition in Las Vegas. Our programming reach continues to grow in India through our launch onto JioTV and globally via our distribution agreement with iflix. These agreements marked a major milestone as we now reach over 300 million consumers around the world with QYOU and HUD branded programming. Driving rapid revenue growth is now the focus for our business as we believe we sit poised to reap the benefits of our content, reaching hundreds of millions of millennials and gen-z consumers worldwide."
Detailed information in QYOU Media's financial statements for the three and nine months ended March 31, 2018 and 2017, the notes to the financial statements and QYOU Media's interim management discussion and analysis and quarterly highlights have been posted to the Company's website and have been filed under QYOU Media Inc.'s profile on SEDAR at www.sedar.com.
About QYOU Media Inc.
QYOU Media Inc. is a fast-growing global media company that curates and packages premium 'best-of-the-web' video for multiscreen distribution. Founded and created by industry veterans from Lionsgate, MTV, and CinemaNow, QYOU's millennial-focused products including linear television networks, genre-based series, mobile apps, and video-on-demand formats reach millions of customers on six continents. Distribution partners include Sinclair Broadcast Group, Vodafone, 21st Century Fox, Liberty Global, Telenor and TATA Sky. More information on QYOU Media can be found at www.theqyou.com.
Non-GAAP Financial Measures
This press release makes reference to certain non-GAAP financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS financial measures by providing further understanding of QYOU Media's results of operations from management's perspective. QYOU Media's definitions of non-GAAP measures used in this press release may not be the same as the definitions for such measures used by other companies in their reporting. Non-GAAP measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of QYOU Media's financial information reported under IFRS. QYOU Media uses non-GAAP financial measures, including "adjusted net loss", to provide investors with supplemental measures of its operating performance and to eliminate items that have less bearing on operating performance or operating conditions, and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. QYOU Media defines "adjusted net loss" as the company net loss, less non-cash related expenses of including stock based compensation, foreign exchange and depreciation.
QYOU Media believes that securities analysts, investors and other interested parties frequently use non-GAAP financial measures in the evaluation of issuers. QYOU Media's management also uses non-GAAP financial measures in order to facilitate operating performance comparisons from period to period.
This press release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including, without limitation, the Company's geographical and distribution expansion, future revenue growth, audience composition for the Company's programming and the future plans of the Company. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, although considered reasonable by management, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Additional risks and uncertainties regarding QYOU Media are described in its publicly available disclosure documents, filed by QYOU Media on SEDAR at www.sedar.com except as updated herein. The forward-looking statements contained in this news release represent QYOU Media's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. Except as required by law, QYOU Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE QYOU Media Inc.
For further information: Holly Searle, Platform Communications for QYOU Media, +44 (0) 207 486, [email protected]; Natasha Roberton, VP Marketing, QYOU Media, +49 152 2254 7680, [email protected]; Jeff Walker, Investor Relations for QYOU Media, +1 403 221 0915, [email protected]