FY 2021 Q4 YOY Revenue Increases 618% to $2.6 Million and Grows 1154% Over FY 2021 Q3
Revenue Guidance for Quarter Ended Sept 30th$4.7 to $4.8 Million
LOS ANGELES and TORONTO, Oct. 28, 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 and year ended June 30, 2021. Highlights include as follows:
Revenue for the three months ended June 30, 2021 was in the range of previously announced guidance at $2,614,899 up from $364,280 over the same period in Q4 FY 2020 representing a YOY increase of 618% and an increase of 1154% over the preceding quarter Q3 FY 2021 ($208,551). 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 Influencer Marketing business unit.
Revenue for the twelve months ended June 30, 2021 was $4,182,539 up from $2,802,252 over the same period in FY 2020 representing an increase of 49%. This revenue growth occurred primarily in Q4 FY 2021.
Net loss before income taxes increased to $3,041,412 from $1,830,754 for the three months ended June 30, 2021 and to $7,262,212 from $6,547,397 for the 12 months ended June 30, 2021. Net loss increased as a result of investment into personnel, content and distribution to support growth and expansion in the India business along with non-cash share based compensation.
Cash on hand as of June 30, 2021 increased to $9,026,915 from $63,504 on June 30, 2020
Revenue guidance previously announced for the three months ended September 30th (calendar Q3, Fiscal Q1 2022) remains as announced at $4.7 to $4.8 million
QYOU Media CEO and Co-Founder, Curt Marvis commented, "This has been a transformative year for our business. Our revenue growth combined with strong cash reserves has put us in position to invest in critical growth initiatives for the business. We are on track to launch our second channel in January 2022; we have over 30 blue chip ad partners; we are preparing for the prospect of long term growth via social commerce; and we possess a top level management team. In short, we are poised to have 2022 take us further into the mainstream as one of India's fastest growing digital media companies and we could not be more thrilled about the opportunities ahead."
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.
Neither the 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.