TORONTO, ON / ACCESSWIRE / November 14, 2023 / Gamelancer Media Corp. (rebranded as Vertiqal Studios Corp.) (TSX:VRTS)(OTCQB:GAMGF)(FRA:P93) (the "Company" or "Vertiqal") - Vertiqal Studios Corp. is pleased to announce its financial results for the third quarter of 2023. This year to date, the Company has exceeded management's expectations, achieving revenue growth of 97% compared to the nine months ended September 30 2022, with total revenues of $3,779,114 CDN year-to-date. For the three months ended September 30, 2023, the Company achieved a 23% revenue growth in comparison to Q3 2022.
Vertiqal Studios' vast social network of 66 digital channels now totals over 45 million followers, creating one of the largest active and growing digital audiences in the 4 English-speaking media markets, being the US, Canada, the UK, and Australia. 67% of Gamelancer's audience resides in the US.
Vertiqal Studios as a public entity is unique in that the company provides market participants exposure to the monetization of digital channel ownership on TikTok, Snapchat, and Instagram. Gamelancer owns one of the largest communities on TikTok globally and is a strategic partner of TikTok, participating in numerous TikTok revenue-share pilot programs.
Vertiqal Studio's has experienced significant year-over-year revenue growth, demonstrating its strong market position and successful business strategies. The company's Q3 revenues have surged by 23% compared to the same period last year.
The company has implemented effective cost management measures, resulting in a significant reduction in expenses. This reduction demonstrates the Company's commitment to efficiency and financial discipline.
To note, Q3 continues to see quarter over quarter revenue growth, specifically within the snapchat stream where the Company saw a 124% increase in snapchat revenue in comparison to Q3 2022. The Company also realized a decrease in total expenses by 41% for the quarter in comparison to Q3 2022. The Company's ability to achieve revenue growth while simultaneously reducing costs is a testament to its strong leadership, strategic decision-making, and commitment to delivering value to its shareholders.
Consolidated Statement of Loss and Comprehensive Loss |
Three months ended September 30, 2023 | Nine months ended September 30, 2023 | ||||||
Revenue |
$ | 1,636,075 | $ | 3,779,114 | ||||
Gross Margin |
878,441 | 2,039,009 | ||||||
Total Expenses |
1,997,985 | 10,749,952 | ||||||
Loss before Income Taxes |
(1,119,544 | ) | (8,710,943 | ) | ||||
Adjusted Normalized EBITDA1
|
(478,020 | ) | (2,517,679 | ) | ||||
In addition to revenue growth and expense reduction, the Company has made substantial progress in improving its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The company's Q3 EBITDA has shown a notable improvement compared to the same period last year, reflecting enhanced profitability and operational efficiency.
"We continue to see our Snapchat channels outperform expectations," said Jon Dwyer, CEO. "Owning and operating digital channels is about producing performative content that connects with our audience every time they watch one of our videos. Reducing costs attributed to production and campaign execution is a cornerstone of our ability to profitably scale. We are laying the building blocks of a new economic modality for digital media."
Looking ahead, the Company continues to see cost savings in Q4 that will allow the Company to achieve a positive Normalized EBITDA. In addition, the Company will continue to invest in expanding its market presence and explore new opportunities to further enhance its financial performance.
To see a full presentation of the Company's Q3 performance, please visit the link below: https://drive.google.com/file/d/1Fn7yw_c4b5W83pT8QspxhiCW03G3fmET/view?usp=sharing
1 Adjusted Normalized EBITDA includes only cash expenses and excludes Penalty on Deferred Consideration.
About Vertiqal Studios Corp.
Vertiqal Studios Corp. is an owned-and-operated digital-channel network and video-production studio. Specializing in the creation of viral videos, Vertiqal produces and distributes 100+ videos daily across 66 owned-and-operated channels, utilizing TV economics to monetize TikTok and Instagram, and revenue-share with OTT platforms such as Snapchat. Vertiqal's strategic focus is producing high-performing organic (not paid) video across our channels in order to continue building our audience of over 43 million followers and subscribers, who generate over 2 billion monthly video views. With a growing owned-and-operated network, Vertiqal cultivates scalable marketing concepts with brands, agencies, and creators, to build full production + distribution brand campaigns for the largest brands in North America, the UK, and Australia on TikTok, Snapchat, and Instagram.
With advanced user data analytics, Vertiqal provides its audience with content relevant to the Gen Z and Millennial respective communities. Vertiqal owns the largest gaming media inventory on TikTok and monetizes across its Snapchat Discover channels in partnership with Snapchat.
Visit us at https://vertiqalstudios.com/ to join our email subscribers list and receive press releases and newsletters directly to your inbox.
Media Contact:
Jon Dwyer, Chairman and Chief Executive Officer
Tel: (416) 627-8868
Email: ir@vertiqalstudios.com
Investor Relations Email: info@vertiqalstudios.com
SOURCE: Vertiqal Studios
View source version on accesswire.com:
https://www.accesswire.com/802912/vertiqal-studios-reports-impressive-q3-revenue-growth-and-cost-reductions
