Revenues increase 132% year over year, quarterly revenue up 322% year over year
DUBLIN, IRELAND and LOS ANGELES, CALIFORNIA and TORONTO, ONTARIO (Oct. 27, 2017) – QYOU Media Inc. (TSX VENTURE: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 and year ended June 30, 2017, all figures appear in Canadian dollars.
For the year ending June 30, 2017, revenues were $4,185,067, compared to revenues of $1,800,399 for the twelve months ended June 30, 2016.
For the year ended June 30, 2017, consolidated revenue increased $2,384,668 or 132% due to organic growth of the Corporation’s linear channels.
The adjusted net loss (excluding one-time non-cash charges of $1,166,285 and listing cost expenses of $1,621,456) for the twelve months ended June 30, 2017 was $3,980,576 compared to net loss of $7,822,230 for the twelve months ended June 30, 2016.
The Corporation concluded the twelve months ended June 30, 2017 with cash and cash equivalent of $2,582,966 (June 30, 2016 – $1,802,694).
Financial Highlights for the Quarter
- Revenue of $1,309,780 was up 322% as compared to $310,480 in the same period for 2016.
- Operating Costs of increase from $2,592,050 to $2,686,542 representing a 4% increase over the same period last year.
- An improved Net loss, on an adjusted basis, for the period was $1,376,762 compared to a net loss of $2,281,570 for the comparable quarter in 2016.
- Cash balance as at June 30, 2017 was $2,582,966 compared to a cash balance of $1,802,694.
- The Company completed the previously announced reverse takeover and commenced trading on the TSX Venture Exchange under the symbol “QYOU” on March 31, 2017.
QYOU Media’s CEO Curt Marvis stated, “QYOU has made notable progress in calendar 2017 and continues its global growth on six continents with recent announcements regarding localized programming launches in India and Poland and the continued growth of TBD in the US market. In addition, our recent announcement regarding e-sports programming with global distribution potential has already resonated with partners worldwide. We anticipate continued rapid expansion of our both our distribution footprint and programming slate as we head into 2018.”
Detailed information in QYOU’s F2017 Management Discussion and Analysis and Financial Statements have been posted to the Company’s website and have been filed with SEDAR.
QYOU Media Inc. was operated on a fiscal calendar year end prior to the RTO completed on 3/31/17 with Galleria Opportunities. Following the RTO, the company inherited the company’s yearend. This change is reflected in these results. The company has not made a decision if it will revert to a calendar year end fiscal reporting schedule going forward and previously published guidance remains on a calendar year basis.
QYOU Media also announces the grant of incentive stock options to purchase an aggregate of 450,000 common shares of QYOU Media at an exercise price of $0.50 per share, exercisable until October 26, 2022. The Options were granted to certain directors and consultants of QYOU Media, have vesting periods and are subject to necessary regulatory approvals.
About QYOU Media Inc.
QYOU Media Inc. (TSX VENTURE:QYOU) 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 the company 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 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.
QYOU Media defines “adjusted net loss” as the company net loss, less non-cash related expenses of $1,166,285 (stock based compensation of $785,858, compensation shares of $365,000 and depreciation of $15,427) and listing expenses of $1,621,456 (fair value of net assets of the company acquired by QYOU Media of $1,065,809 and non-recurring transaction cost associated with listing expenses of $555,647).
Investor Relations – for QYOU Media
+ 1 403 221 0915
VP Marketing, QYOU Media
+49 152 2254 7680
This press release contains certain forward-looking statements within the meaning of applicable securities laws, including statements regarding QYOU Media’s financial outlook and 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.