Zoomd Technologies Reports Second Quarter 2024 Financial Results
Conference call will be held on August
28
, 2024 at
Second Quarter Financial Highlights
- Revenues were
$14M reflecting 58% growth YoY. Gross profit margin was 38%. - Adjusted EBITDA[1] of
$3M , a$2.7M increase compared to Q2.23. - Net income of
$2.2M , reflecting the fifth consecutive quarter of net profit growth. - Ended with a cash balance of
$4.4M and no long-term debt. Cash flow generated from operating activities of$2.3M .
Management Commentary
Second Quarter 2024 Highlights (All Figures in Thousands in USD)
- Although the Company discontinued several operations that no longer aligned with its vision, it succeeded in increasing revenues in Q2.24 by 58% compared to Q2.23. Following these strategic changes, the Company's revenues have grown exponentially each quarter compared to the previous quarter: a 6% increase in Q4.23, a 16% increase in Q1.24 and a 60% increase in Q2.24.
- Gross profit margin was 38% for the three months ended
June 30, 2024 , versus 36% for the same period in 2023. - Research and Development expenses for the three months ended
June 30, 2024 , were$0.8M , a 20% decrease YoY. Selling, General and Administrative expenses for the three months endedJune 30, 2024 , were$2.2M , a 22% decrease YoY. The decrease in expenses is primarily attributed to strategic refocusing measures implemented by the Company's management team aimed at mitigating the impact on the Company's financial health and positioning the Company for sustainable growth. - Adjusted EBITDA in Q2.24 was
$3 million , reflecting an approximately 700% increase compared to Q2.23. This improvement was driven by strategic refocusing measures and revenue growth. - Operating income was
$2.4M in Q2.24, compared to an operating loss of$0.6M in Q2.23. Over the last quarters we had a consistent improvement in the Company's Operating income in each quarter compared to the previous quarter: In Q3.23 operating Loss was reduced by approximately 90% compared to the previous quarter. In Q4.23 we transitioned from an Operating Loss to an Operating Profit. In Q1.24 the Operating Profit continued to increase, and in Q2.24 the Operating Profit increased by approximately 300%, compared to the previous quarter. - Net income was
$2.2M in Q2.24, compared to a net loss of$0.8M in Q2.23, reflecting the fifth consecutive quarter of net profit growth. - Cash flow generated from operating activity for Q2.2024 was
$2.3M . As ofJune 30, 2024 , the Company's cash and cash equivalents amounted to$4.4M , and no long-term debt.
CONFERENCE CALL
Interested parties can listen via a live webcast from the link available in the Investors section of
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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 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
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
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:
Chairman
ir@zoomd.com
Investor relations:
New York | Phoenix
zomd@lythampartners.com
[1] Adjusted EBITDA is a non-IFRS measure. Please see "Caution Regarding Non-IFRS Financial Measures".
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