KIDOZ REPORTS YEAR-OVER YEAR, DOUBLE-DIGIT INCREASE IN 1Q REVENUE ON ADTECH DEMAND
For the quarter ended March 31, it generated total revenue of US$1,557,942 — a 58% spike compared to the prior-year period –with the vast majority coming from AdTech sales
As posted at ProactiveInvestors.com
Kidoz Inc (CVE:KIDZ) (OTCMKTS:KDOZF), a mobile AdTech developer and owner of the market-leading KIDOZ Contextual Ad Network and the Kidoz Publisher SDK, is reporting a strong year-over-year increase in first-quarter revenue.
For the quarter ended March 31, the company said it generated total revenue of US$1,557,942 — a 58% spike compared to the prior-year period.
Much of that increase came from AdTech revenue of US$1,504,300, which jumped 68% year-over-year.
“The increase in total revenue compared to the first quarter of fiscal 2020 is due to the strong demand for kid-safe advertising generated by the introduction of strong regulations worldwide,” said Kidoz in a statement, noting the 1Q figures are unaudited.
In addition, the company said it had cash of $1,611,592 and working capital of $2,951,465 as of March 31.
Other quarterly highlights include:
- 2021 gross profit of $685,041, 54% year-over jump;
- 2021 EBITDA loss of $117,199, an 111% improvement from an EBITDA loss of $246,954 in Q1 2020; and
- 2021 loss of $347,044 from a loss of $403,924 in Q1 2020.
Looking back on the quarter, Kidoz said that brands are increasingly selecting the company as their feature provider for mobile advertising campaigns following the release of the latest Kidoz Publisher SDK and adoption of hundreds of new apps into the Kidoz Ad Network.
“As Q1 is typically the most challenging quarter of the year, with the Kidoz Contextual Ad Network recording revenue growth of 68%, the company is clearly in a phase of rapid growth,” said co-CEO Jason Williams.
“We experienced record Q1 demand from our advertisers in all regions in which we operate and we see no indication that this growth will slow for the foreseeable future. Kidoz has historically recorded only 12% of its yearly revenues in the first quarter, so if this trend continues, we are on pace for an exceptional year. As many strong macro, consumer, and market trends support the Kidoz strategy of mobile products built with pure contextual targeting, free of all invasive data tracking, our solutions are adopted and contribute to our rapid system growth and strong financial performance.”
Eldad Ben Tora, Kidoz’s co-CEO, added: “We continue to invest heavily into our systems and technology to increase our network reach and expand our position as the market leader in mobile contextual advertising.”
Tora noted that the company has several new programmatic advertising products that are coming to market in 2021 that it anticipates will increase its growth rate and ability to fill the billions of impressions exposed monthly to the Kidoz Contextual Network.
“We are enthused by our market position, excited by the trajectory of our technology, and believe that 2021 will be another record year for Kidoz,” Tora said.
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