India and US Business Units Reporting First Ever Positive Adjusted EBITDA
Audited Results For Quarter Ending and Six Months Ending December 31, 2021 Completes Transition to Calendar Based Fiscal Year
TORONTO and MUMBAI, India and LOS ANGELES, May 2, 2022 /CNW/ - QYOU Media Inc., (TSXV: QYOU) (OTCQB: QYOUF) a company operating in India and the United States producing and distributing content created by social media stars and digital content creators, is reporting final audited financial results for the quarter and six months ended December 31, 2021. Highlights include as follows:
QYOU Media Inc. logo (CNW Group/QYOU Media Inc.)
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Record Breaking Quarterly Revenue: For the three months ended December 31, 2021 revenue was $5,585,641 representing a year over year increase of 477% and a quarter over quarter increase of 18%. Revenue includes a negative revenue adjustment of $95,000 from previously published unaudited results related to the timing of revenue recognition.
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477% YOY Quarterly Revenue increase: For the three months ended December 31, 2021 revenue increased 477% compared to the same period in the prior year.
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Operating Business Units Reach Positive Adjusted EBITDA*: For the first time in company history the business units Q India and QYOU USA achieved positive Adjusted EBITDA results. Q India recorded revenues of $3,807,230 and Adjusted EBITDA of $73,389. QYOU USA recorded revenue of $1,778,558 and Adjusted EBITDA was flat.
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Net Loss: Net loss for the quarter is $2,427,210, an increase of 368% driven by an increased loss in non-cash items of 945% due primarily to higher share based compensation expenses. Net loss includes the cash operating loss from operations of $357,651 (Adjusted EBITDA) and non-cash losses from share based compensation, marketing credits and amortization of $2,023,770.
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Cash Balance: Cash balance as of December 31, 2021 was $6,548,890 as compared to $710,394 as of December 31, 2020.
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Fiscal Year Change in 2022: The company provided notice that it determined to change its fiscal year end from June 30 to December 31 to align the Company's year-end with that of comparable media companies, allowing investors to more easily compare quarterly and annual financial results. This change has been completed and is reflected in both the MD&A and Financial notes available on SEDAR at www.sedar.com.
QYOU Media CEO and Co-Founder, Curt Marvis commented, "2021 was the most exciting and important year in the history of the company to date. The foundation was created across our business units in both India and the United States to truly leverage the explosive growth of social video, social commerce and the creator economy. We expect that momentum to continue throughout 2022 as we roll out new channels and advertising initiatives that will drive increasing audience reach and accompanying revenues."
On April 8, 2022, 2,185,000 share options were granted to certain employees, officers and consultants of the Company pursuant to the Company's share option plan. The share options are exercisable at a price $0.21 per share option, vest on a monthly basis for a period of 4 years and expire 5 years from the grant date. Of the total share options granted, 850,000 were issued to related parties. 550,000 RSUs were granted to certain employees, officers and consultants of the Company. One third of RSUs granted vest on each of the first three anniversaries of the date of grant. Of the total RSUs, 100,000 were issued to related parties.