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- Quarterly revenues increase 69% year over year on record quarterly revenue surpassing $1.5M
DUBLIN, Ireland, LOS ANGELES and TORONTO, Nov. 29, 2017 /CNW/ - QYOU Media Inc. (TSXV: QYOU) ("QYOU Media") 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 September 30, 2017. All figures appear in Canadian dollars.
Financial Highlights for the Quarter
- For the quarter ending September 30, 2017, revenues were $1,514,938, compared to revenues of $897,057 for the three months ended September 30, 2016.
- The adjusted Net Loss increased 23% to $923,210 for the period ended September 30, 2017 compared to $751,232 for the same period in 2016 due primarily to increased operating expenses to support revenue growth.
- Balance of cash and cash equivalents was $1,982,841 compared to $1,256,050 for the same period in 2016 and represented a reduction of $600,125 from the previous quarter in 2017.
QYOU Media's CEO Curt Marvis stated, "QYOU continues to build momentum via our strong global partnerships with companies like TATA Sky, Ericsson and Sinclair Broadcast Group. We anticipate a strong finish to 2017 and expect to enter 2018 with great momentum including the launch of HUD, our flagship esports format in January. Our recent launches of localized content in India and Poland has solidified our leadership position in these markets. In addition, our recently completed $5.75 million financing via Clarus Securities has strengthened our balance sheet and provides us growth capital."
Detailed information in QYOU Media's financial statements for the three months ended September 30, 2017 and 2016, 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 $412,843 (stock based compensation of $142,149, foreign exchange of $264,217 and depreciation of $6,477).
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 contains certain forward-looking statements within the meaning of applicable securities laws, including statements regarding QYOU Media's financial outlook, partnerships and new product launches, future financial performance and any growth or expansion of operations. Words such as "expects", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on QYOU Media's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by QYOU Media in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. These projections, expectations, assumptions and analyses are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause actual results, performance, events and achievements to differ materially from those anticipated in these forward-looking statements. Although QYOU Media believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that actual results will be consistent with these forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of numerous factors, including certain risk factors, many of which are beyond QYOU Media's control. Additional risks and uncertainties regarding QYOU Media are described in its publicly-available disclosure documents, filed by QYOU Media on SEDAR (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. 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.
Neither 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.