LOS ANGELES and TORONTO, Nov. 29, 2021 /PRNewswire/ - 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, has reported financial results for the quarter ended September 30, 2021. Highlights include as follows:
- Revenue for the three months ended September 30, 2021 was in the range of previously announced guidance at $4,725,463 up from $390,950 over the same period in Q1 FY 2020 representing a YOY increase of 1109% and an increase of 81% over the preceding quarter Q4 FY 2021 ($2,614,899). This revenue growth was primarily driven by increased ad sales in India on the flagship channel, The Q, along with strong performance by the QYOU USA and Chtrbox Influencer Marketing business units.
- Net loss before income taxes was to $2,352,297 as compared to $1,149,333 for the three months ended September 30, 2021 inclusive of non-cash share based compensation of $1,048,816. Net loss also increased as a result of investment into personnel, content and distribution to support growth and expansion in the India business along with the non-cash share based compensation.
- Cash on hand as of September 30, 2021 was $7,769,599 as compared to $9,026,915 at June 30, 2021 representing a decrease of $1,259, 316.
QYOU Media CEO and Co-Founder, Curt Marvis commented, "We are thrilled with the continued strong revenue growth of the business. We are continuing to invest in that growth as we firmly establish ourselves as one of the leading brands for Young India alongside the increased strength of our QYOU USA business. We look forward to generating more momentum and tangible progress in 2022 as we launch new channels, new revenue generating business segments and grow our strength and positioning through strategic opportunities and acquisitions."
The company also disclosed that 1,650,00 Share Options and 1,850,000 Restricted Share Units under standard vesting terms were granted as compensation to certain company executives and board members along with a payment of US$140,000 to veteran US-India M&E executive and entrepreneur, Ken Silverman, in conjunction with his role in introducing and managing the initial investment of Brand Capital/ Times of India into the company in August 2021.
Detailed information regarding QYOU Media's financial statements for the year ended June 30, 2021, the notes to the financial statements and QYOU Media's interim management discussion and analysis and quarterly highlights have been posted to the Company's website and have been filed under QYOU Media Inc.'s profile on SEDAR at www.sedar.com
About QYOU Media
QYOU Media operates in India and the United States producing and distributing content created by social media stars and digital content creators. In India, via our flagship brand, The Q, we curate, produce and distribute premium content including television networks and VOD for cable and satellite television, OTT and mobile platforms. Our India based influencer marketing division, Chtrbox, is India's leading influencer marketing platform connecting brands and social media influencers. In the United States, we create and manage Social Media campaigns featuring influencers for major film studios, game publishers and brands. Founded and created by industry veterans from Lionsgate, MTV, Disney and Sony, QYOU Media's millennial and Gen Z-focused content reaches more than one billion consumers around the world every month. Experience our work at www.qyoumedia.com and www.theq.tv
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Words such as "expects", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein may include, but are not limited to, information concerning the completion of future investments, the approval of the Exchange of the investments, the approval of the Reserve Bank of India of future investments, the expected use of proceeds from the investment, and statements relating to the business and future activities of QYOU. These forward-looking statements are based on QYOU's current projections and expectations about future events and other factors management believes are appropriate. Although QYOU believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that the offering and the closing thereof 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's control. Additional risks and uncertainties regarding QYOU are described in its publicly-available disclosure documents, filed by QYOU on SEDAR (www.sedar.com) except as updated herein. The forward-looking statements contained in this news release represent QYOU'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 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.
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