Zoomd Technologies (ZOMD) Q3 2024 earnings summary

Executive summary

• Revenue grew 135% year-over-year to $16.7M in Q3 2024, with consistent sequential increases and nine-month revenue at $39.4M.

• Strategic refocusing since Q2 2023, including ceasing non-core operations and cost reductions, led to improved financial results and internal alignment.

• Focus on core user acquisition, operational efficiency, and customer portfolio diversification across geographies and verticals.

• Award-winning, mobile-first global performance and user acquisition platform serving over 50 countries.

• Strategic focus remains on profitability and operational efficiency over pure revenue growth.

Financial highlights

• Q3 2024 revenue reached $16.7M, up 135% year-over-year and 20% sequentially from Q2 2024; nine-month revenue at $39.4M.

• Adjusted EBITDA grew from $0.6M in Q3 2023 to $3.9M in Q3 2024; over $8M for the first nine months of 2024.

• Net profit of $3.2M in Q3 2024, marking the sixth consecutive quarter of net profit growth.

• Operating profit for Q3 2024 was $3.2M, a ~950% increase year-over-year.

• Cash generated from operating activities totaled $2.7M in Q3 2024, with a cash balance at $6.8M as of September 30, 2024, and no long-term debt.

Outlook and guidance

• Management expects continued growth, leveraging technology and global reach to expand client base and market share.

• Recurring revenues, cash, and cash flow from operations expected to meet future working capital and growth plans.

• Mobile digital ad market projected to grow, with increasing mobile media budgets and app spending.

• Management remains committed to prioritizing profitability and operational efficiency.

• Forward-looking statements caution on risks from economic, competitive, technological, and geopolitical factors.