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Bright Mountain Media, Inc Announces First Quarter 2024 Financial Results
Bright Mountain Media, Inc.
Boca Raton, FL, May 14, 2024 (GLOBE NEWSWIRE) — Bright Mountain Media, Inc. (OTCQB: BMTM) (“Bright Mountain” or the “Company”), a global holding company with current investments in digital publishing, advertising technology, consumer insights, and creative media services, today announced its financial results for the first quarter ended March 31, 2024 and 2023.
Matt Drinkwater, CEO of Bright Mountain Media, commented “We are pleased with the continued progress in our financial performance. Having accomplished the work of integrating two new businesses and reducing costs, we are focused on unlocking more synergies, launching new products and business lines, and delivering the vision of an AI-enabled marketing services platform to our customers. An example of these synergies has shown up in our ad tech business via organic top-line growth. This was primarily driven by the acceleration of leveraging the data assets of our market research division. This unique approach in the market is how we will continue to differentiate and create new opportunities in advertising services to increase return on advertising spend for customers across all segments. We remain optimistic that this represents the first of many synergies to come.”
Financial Results for the Three Months Ended March 31, 2024
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Revenue was $12.4 million, an increase of $10.9 million, or 731%, compared to $1.5 million for the same period of 2023, which was driven by the Big Village Acquisition, and was partially offset by macroeconomics factors, coupled with an overall reduction in spending by some customers due to inflationary concerns, which led to lower than normal rates and lower earnings specifically impacting our digital publishing division. |
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Advertising technology revenue was approximately $2.6 million and digital publishing revenue was approximately $434,000. The new offerings we acquired as part of the Big Village Acquisition were consumer insights, creative services, and media services. Consumer insights revenue was approximately $6.7 million, creative services revenue was approximately $2.1 million, and media services revenue was approximately $641,000 during the first quarter of 2024. |
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Cost of revenue was $9.3 million, an increase of $8.3 million, or 860%, compared to $970,000 for the same period in 2023. The increase is a result of new costs associated with our new revenue offerings from the Big Village Acquisition, inclusive of direct salary and labor cost of approximately $1.9 million for employees that work directly on customer projects, and direct project costs of approximately $3.1 million for payments made to third-parties that are directly attributable to completion of projects to allow for revenue recognition, $2.1 million for non-direct project cost and legacy publisher cost of $1.8 million which increased by 270%. The increase in publisher cost is associated with the increase noted in advertising technology revenue of approximately 383%. |
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General and administrative expense was $5.2 million, an increase of 53%, compared to $3.4 million in the same period of 2023. |
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Gross margin was $3.1 million, an increase of 494%, compared to $528,000 in the same period of 2023. |
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Net loss was $4.8 million, an increase of 26%, compared to a $3.8 million net loss in the same period of 2023. |
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Adjusted EBITDA loss was $1.2 million compared to Adjusted EBITDA loss of $2.1 million in the same period of 2023. See the below section on Non-GAAP Financial Measure for a reconciliation of net loss to EBITDA and Adjusted EBITDA. |
About Bright Mountain Media
Story continues
Bright Mountain Media, Inc. (OTCQB: BMTM) unites a diverse portfolio of companies to deliver a full spectrum of advertising, marketing, technology, and media services under one roof—fused together by data-driven insights. Bright Mountain Media’s subsidiaries include Deep Focus Agency, LLC, BV Insights, LLC, CL Media Holdings, LLC, and Bright Mountain, LLC. For more Information, please visit www.brightmountainmedia.com.
Forward-Looking Statements for Bright Mountain Media, Inc.
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties. Such forward-looking statements can be identified by the use of words such as “should,” “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” and “proposes,” and similar words. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to expectations of our ability to successfully integrate acquisitions, and the realization of any expected benefits from such acquisitions. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Bright Mountain Media, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023 and our other filings with the SEC. Bright Mountain Media, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law.
Contact / Investor Relations:
Douglas Baker
Email: corp@otcprgroup.com
Tel: (561) 807-6350
https://otcprgroup.com
BRIGHT MOUNTAIN MEDIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(in thousands, except share and per share data)
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Three Months Ended |
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March 31, 2024 |
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March 31, 2023 |
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Revenue |
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$ |
12,448 |
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$ |
1,498 |
|
|
Cost of revenue |
|
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9,311 |
|
|
|
970 |
|
|
Gross margin |
|
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3,137 |
|
|
|
528 |
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|
General and administrative expenses |
|
|
5,244 |
|
|
|
3,428 |
|
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Loss from operations |
|
|
(2,107 |
) |
|
|
(2,900 |
) |
|
Financing and other (expense) income |
|
|
|
|
|
|
|
|
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Other income |
|
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345 |
|
|
|
278 |
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|
Interest expense – Centre Lane Senior Secured Credit Facility – related party |
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(2,991 |
) |
|
|
(1,163 |
) |
|
Interest expense – Convertible Promissory notes – related party |
|
|
(2 |
) |
|
|
(5 |
) |
|
Other interest expense |
|
|
(11 |
) |
|
|
(6 |
) |
|
Total financing and other (expense), net |
|
|
(2,659 |
) |
|
|
(896 |
) |
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Net loss before income tax |
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(4,766 |
) |
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(3,796 |
) |
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Income tax provision |
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— |
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|
|
— |
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Net loss |
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(4,766 |
) |
|
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(3,796 |
) |
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Foreign currency translation |
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34 |
|
|
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14 |
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Comprehensive loss |
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$ |
(4,732 |
) |
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$ |
(3,782 |
) |
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Net loss per common share: |
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Basic and diluted |
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$ |
(0.03 |
) |
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$ |
(0.03 |
) |
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Weighted average shares outstanding |
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|
|
|
|
|
|
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Basic and diluted |
|
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171,231,775 |
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149,708,905 |
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BRIGHT MOUNTAIN MEDIA, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
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March 31, 2024 |
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December 31, 2023* |
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ASSETS |
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(unaudited) |
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Current Assets |
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Cash and cash equivalents |
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$ |
4,921 |
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$ |
4,001 |
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Accounts receivable, net |
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12,474 |
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|
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14,679 |
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Prepaid expenses and other current assets |
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1,178 |
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|
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1,057 |
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Total Current Assets |
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18,573 |
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19,737 |
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Property and equipment, net |
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161 |
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199 |
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Intangible assets, net |
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14,753 |
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15,234 |
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Goodwill |
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7,785 |
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7,785 |
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Operating lease right-of-use asset |
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290 |
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306 |
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Other assets, non-current |
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158 |
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156 |
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Total Assets |
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$ |
41,720 |
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$ |
43,417 |
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LIABILITIES AND SHAREHOLDERS’ DEFICIT |
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Current Liabilities |
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Accounts payable and accrued expenses |
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$ |
15,807 |
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$ |
17,497 |
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Other current liabilities |
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3,026 |
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3,025 |
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Interest payable – 10% Convertible Promissory Notes – related party |
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41 |
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39 |
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Interest payable – Centre Lane Senior Secured Credit Facility – related party |
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138 |
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|
|
— |
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Deferred revenue |
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6,268 |
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4,569 |
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Note payable – 10% Convertible Promissory Notes, net of discount – related party |
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80 |
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80 |
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Note payable – Centre Lane Senior Secured Credit Facility – related party (current portion) |
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6,471 |
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5,592 |
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Total Current Liabilities |
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31,831 |
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30,802 |
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Other liabilities, non-current |
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286 |
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325 |
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Note payable – Centre Lane Senior Secured Credit Facility, net of discount – related party |
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60,648 |
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58,674 |
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Finance lease liability, non-current |
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37 |
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42 |
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Operating lease liability, non-current |
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234 |
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|
239 |
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Total liabilities |
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93,036 |
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90,082 |
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Shareholders’ deficit |
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Convertible preferred stock, par value $0.01, 20,000,000 shares authorized, no shares issued or outstanding at March 31, 2024 and December 31, 2023 |
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— |
|
|
|
— |
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Common stock, par value $0.01, 324,000,000 shares authorized, 172,382,586 and 172,103,134 issued and 171,032,411 and 171,277,959 outstanding at March 31, 2024 and December 31, 2023, respectively |
|
|
1,724 |
|
|
|
1,721 |
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Treasury stock, at cost; 1,350,175 and 825,175 shares at March 31, 2024 and December 31, 2023, respectively |
|
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(220 |
) |
|
|
(220 |
) |
|
Additional paid-in capital |
|
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101,483 |
|
|
|
101,405 |
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Accumulated deficit |
|
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(154,599 |
) |
|
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(149,833 |
) |
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Accumulated other comprehensive income |
|
|
296 |
|
|
|
262 |
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Total shareholders’ deficit |
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(51,316 |
) |
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(46,665 |
) |
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Total liabilities and shareholders’ deficit |
|
$ |
41,720 |
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|
$ |
43,417 |
|
BRIGHT MOUNTAIN MEDIA, INC.
RECONCILIATION OF NET LOSS TO NON-GAAP EBITDA AND ADJUSTED EBITDA
(in thousands)
Non-GAAP Financial Measure
Non-GAAP results are presented only as a supplement to the financial statements and for use within management’s discussion and analysis based on U.S. generally accepted accounting principles (“GAAP”). The non-GAAP financial information is provided to enhance the reader’s understanding of the Company’s financial performance, but non-GAAP measures should not be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP.
All of the items included in the reconciliation from net loss before taxes to EBITDA and from EBITDA to Adjusted EBITDA are either (i) non-cash items (e.g., depreciation, amortization of purchased intangibles, stock-based compensation, etc.) or (ii) items that management does not consider to be useful in assessing the Company’s ongoing operating performance (e.g., M&A costs, income taxes, gain on sale of investments, loss on disposal of assets, etc.). In the case of the non-cash items, management believes that investors can better assess the Company’s operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect the Company’s ability to generate free cash flow or invest in its business.
We use, and we believe investors benefit from the presentation of, EBITDA and Adjusted EBITDA in evaluating our operating performance because it provides us and our investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our core operations. We believe that EBITDA is useful to investors and other external users of our financial statements in evaluating our operating performance because EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, and depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.
Because not all companies use identical calculations, the Company’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the Company’s performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures.
A reconciliation of net loss before taxes to non-GAAP EBITDA and Adjusted EBITDA is as follows:
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Three Months Ended |
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($ in thousands) |
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March 31, 2024 |
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March 31, 2023 |
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Net loss before tax plus: |
|
$ |
(4,766 |
) |
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$ |
(3,796 |
) |
|
Depreciation expense |
|
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40 |
|
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7 |
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Amortization of intangibles |
|
|
481 |
|
|
|
386 |
|
|
Amortization of debt discount |
|
|
615 |
|
|
|
305 |
|
|
Other interest expense |
|
|
11 |
|
|
|
6 |
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Interest expense – Centre Lane Senior Secured Credit Facility and Convertible Promissory Notes – related party |
|
|
2,378 |
|
|
|
864 |
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|
EBITDA |
|
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(1,241 |
) |
|
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(2,228 |
) |
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Stock compensation expense |
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65 |
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25 |
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Non-restructuring severance expense |
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8 |
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122 |
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Adjusted EBITDA |
|
$ |
(1,168 |
) |
|
$ |
(2,081 |
) |
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.
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Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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