Anghami (ANGH) H1 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024 increased to $29.8M from $18.9M year-over-year, but the period saw a comprehensive loss of $27.7M, up from a $12.1M loss in 2023.

• The OSN+ asset acquisition was completed, resulting in the issuance of 36.99M shares and OSN+ becoming the majority shareholder with 55.25% ownership.

• The company continues to operate as a going concern, despite negative cash flow from operations and significant accumulated losses.

Financial highlights

• Revenue rose 58% year-over-year to $29.8M, driven by growth in subscriptions and the OSN+ transaction.

• Gross loss of $8.5M compared to a gross profit of $3.3M in the prior year period.

• Operating loss widened to $26.3M from $9.9M year-over-year.

• Net loss attributable to equity holders was $27.7M, with basic and diluted loss per share of $(0.57) versus $(0.46) last year.

• Cash and cash equivalents at June 30, 2024 were $26.9M, up from $6.2M at year-end 2023, mainly due to the OSN+ transaction.

Outlook and guidance

• Management expects operations and expenditures to be funded by ongoing operations and access to additional funding.

• No events or conditions identified that would cast significant doubt on the ability to continue as a going concern for the next twelve months.