SRAX Inc. (NASDAQ: SRAX) Reports Stellar 2Q2020 Results, Expects Accelerating Growth in 2020
- SRAX Inc. reported its 2Q2020 results on August 17, 2020
- Company reported revenues of $1.1 million, up 29% YoY with EBITDA rising by 35% YoY
- SRAX has been diligently implementing cost-savings measures, with operating cost reduction of 21% QoQ and 39% YoY
- Company has sought to bolster balance sheet, closing convertible debt offering of $16.1 million during quarter
- SRAX announced its acquisition of nearly $5 million in bookings across Sequire, BIGtoken platforms over the first six weeks of third quarter
SRAX (NASDAQ: SRAX), a digital marketing pioneer focused on providing consumer data management services, recently reported its results for the second quarter ending June 30, 2020. Despite a largely tumultuous quarter marked with widespread lockdowns amidst the COVID-19 virus, SRAX reported revenues up 29% year-over-year accompanied by a significant expansion in gross margins, driving quarterly EBITDA up 35% year-over-year (http://nnw.fm/0Wf4E). The results were a testament to SRAX’s diversified product portfolio, as extraordinary performance by the company’s investor intelligence platform, Sequire was matched by strong growth witnessed within its BIGtoken platform.
In addition to SRAX’s robust revenue and earnings growth, the company has continued making strides in lowering its overall expense profile, which saw operating expenses decline by 21% relative to the same period last year. SRAX has also worked towards bolstering its balance sheet strength by recently announcing the close of a $16.1 million convertible debt offering, putting the company in a strong cash position to accommodate future growth.
Sequire, SRAX’s SAAS investor intelligence platform, was only rebranded as such towards the end of the first quarter but has already garnered great popularity – with over 1 million investors and traders currently on its platform. Separately, the Company also revealed that Sequire had now seen 91 publicly listed companies subscribe to its platform, a remarkable 54% increase relative to the number of corporate subscribers at the end of 2019 – an explosion of growth largely driven by Sequire’s extensive range of services.
The Company’s management illustrated the platform’s potential by outlining one example, where a single corporate subscriber using Sequire has seen their number of individual shareholders skyrocket—from 3,000 to over 360,000 during their tenure on the platform. The trend has now led the Sequire SAAS platform to record six consecutive quarters of growth.
“The growth we experienced this last quarter and through today has been the fastest growth we have encountered as a public company. For the past six weeks we have closed close to $1M per week in business, mostly driven by our Sequire platform,” said SRAX CEO and founder Christopher Miglino. “Public issuers are seeing the benefits of the platform, and our data teams are gaining significant insights from that growth. Sequire now has over 1 million investors and traders, a significant portion of which are from the Robinhood platform.”
The positive growth within the Sequire business has been mirrored by SRAX’s BIGtoken platform, which has seen a number of advertisers sign up to gain access to the verified consumer insights provided by BIGtoken’s over 16.7 million users. SRAX revealed that they witnessed the likes of lottery.com, Singapore’s GroupM and consumer product giant Procter & Gamble sign up as clients over the course of the quarter with corporate advertisers increasingly looking to gain access to verified consumer data, which in turn could help them better reach and serve their audiences.
Impressively, the positive trend seems to have carried on, as Miglino revealed that the company had booked close to $5 million in sales between BIGtoken and Sequire over the first six weeks of the third quarter – a huge outperformance given that the company had earlier forecast $3 million in sales for the entire quarter, a target exceeded over the month of July alone.
For more information, visit the company’s website at www.SRAX.com.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
- SRAX Inc. reported its 2Q2020 results on August 17, 2020
- Company reported revenues of $1.1 million, up 29% YoY with EBITDA rising by 35% YoY
- SRAX has been diligently implementing cost-savings measures, with operating cost reduction of 21% QoQ and 39% YoY
- Company has sought to bolster balance sheet, closing convertible debt offering of $16.1 million during quarter
- SRAX announced its acquisition of nearly $5 million in bookings across Sequire, BIGtoken platforms over the first six weeks of third quarter
SRAX (NASDAQ: SRAX), a digital marketing pioneer focused on providing consumer data management services, recently reported its results for the second quarter ending June 30, 2020. Despite a largely tumultuous quarter marked with widespread lockdowns amidst the COVID-19 virus, SRAX reported revenues up 29% year-over-year accompanied by a significant expansion in gross margins, driving quarterly EBITDA up 35% year-over-year (http://nnw.fm/0Wf4E). The results were a testament to SRAX’s diversified product portfolio, as extraordinary performance by the company’s investor intelligence platform, Sequire was matched by strong growth witnessed within its BIGtoken platform.
In addition to SRAX’s robust revenue and earnings growth, the company has continued making strides in lowering its overall expense profile, which saw operating expenses decline by 21% relative to the same period last year. SRAX has also worked towards bolstering its balance sheet strength by recently announcing the close of a $16.1 million convertible debt offering, putting the company in a strong cash position to accommodate future growth.
Sequire, SRAX’s SAAS investor intelligence platform, was only rebranded as such towards the end of the first quarter but has already garnered great popularity – with over 1 million investors and traders currently on its platform. Separately, the Company also revealed that Sequire had now seen 91 publicly listed companies subscribe to its platform, a remarkable 54% increase relative to the number of corporate subscribers at the end of 2019 – an explosion of growth largely driven by Sequire’s extensive range of services.
The Company’s management illustrated the platform’s potential by outlining one example, where a single corporate subscriber using Sequire has seen their number of individual shareholders skyrocket—from 3,000 to over 360,000 during their tenure on the platform. The trend has now led the Sequire SAAS platform to record six consecutive quarters of growth.
“The growth we experienced this last quarter and through today has been the fastest growth we have encountered as a public company. For the past six weeks we have closed close to $1M per week in business, mostly driven by our Sequire platform,” said SRAX CEO and founder Christopher Miglino. “Public issuers are seeing the benefits of the platform, and our data teams are gaining significant insights from that growth. Sequire now has over 1 million investors and traders, a significant portion of which are from the Robinhood platform.”
The positive growth within the Sequire business has been mirrored by SRAX’s BIGtoken platform, which has seen a number of advertisers sign up to gain access to the verified consumer insights provided by BIGtoken’s over 16.7 million users. SRAX revealed that they witnessed the likes of lottery.com, Singapore’s GroupM and consumer product giant Procter & Gamble sign up as clients over the course of the quarter with corporate advertisers increasingly looking to gain access to verified consumer data, which in turn could help them better reach and serve their audiences.
Impressively, the positive trend seems to have carried on, as Miglino revealed that the company had booked close to $5 million in sales between BIGtoken and Sequire over the first six weeks of the third quarter – a huge outperformance given that the company had earlier forecast $3 million in sales for the entire quarter, a target exceeded over the month of July alone.
For more information, visit the company’s website at www.SRAX.com.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
