$BMTM Bright Mountain Media, Inc Announces Third Quarter 2024 Financial Results
Third quarter revenue decreased to $14.2 million compared to $15.3 million for the third quarter of 2023.
Year to date revenue increased by $10.2 million to $39.6 million compared to $29.4 million for the same period of 2023.
Boca Raton, FL, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Bright Mountain Media, Inc. (OTCQB: BMTM) (“Bright Mountain” or the “Company”), a global marketing service platform with capabilities in digital publishing, advertising technology, consumer insights, creative and media services, today announced its financial results for the third quarter and nine months ended September 30, 2024.
Matt Drinkwater, CEO of Bright Mountain Media, is excited to report our continued financial progress and addition of industry veteran Board Members this past quarter. He states, "We are pleased with our continued positive financial performance focused on our bottom-line. Our third quarter net loss was $3.3 million, a decrease of 84%, compared to a $19.8 million net loss in the same period of 2023, and our Adjusted EBITDA of $804,000 represented an increase of $521,000 from $283,000 during the same period of 2023. Our current focus of maximizing synergies from prior acquisitions, launching innovative products and services, and advancing our vision of becoming an end-to-end marketing services platform is showing up in our financials. We are also proud that we can recruit distinguished industry leaders who will bring significant strategic guidance and unique perspective. We are eager to leverage their collective experience to propel our mission forward."
Financial Results for the Three Months Ended September 30, 2024
• Revenue was $14.2 million, a decrease of $1.1 million or 7%, compared to $15.3 million for the same period of 2023. Revenue in our digital publishing division was significantly impacted by macroeconomic factors, which reduced traffic to our website, coupled with an overall reduction in spending by some customers related to inflationary concerns and reduction in website traffic. This reduction was partially offset by an increase in our advertising technology division which was driven by our ability to leverage our resources to attract top advertisers, which in turn has allowed us to onboard premium publishers. This led to an increase in volume, as well as rates and overall revenue.
Advertising technology revenue was approximately $4.7 million, digital publishing revenue was approximately $500,000, consumer insights revenue was approximately $6.8 million, creative services revenue was approximately $1.6 million, and media services revenue was approximately $590,000 during the third quarter of 2024.
• Cost of revenue was $9.8 million, a decrease of $2.1 million, or 18%, compared to $11.9 million for the same period in 2023. The decrease is mainly a result of decreased direct salaries and labor costs of $1.1 million and a decrease of non-direct project costs of $1.1 million.
Cost of revenue is inclusive of publisher costs of $3.0 million, direct project costs of approximately $3.0 million for payments made to third-parties that are directly attributable to completion of projects to allow for revenue recognition, direct salary and labor costs of approximately $1.5 million for employees that work directly on customer projects, and $1.8 million of non-direct project costs.
• General and administrative expense was $4.4 million, an increase of $293,000, or 7%, compared to $4.1 million in the same period of 2023.
• Gross margin was $4.4 million, an increase of 30%, compared to $3.4 million in the same period of 2023.
• Net loss was $3.3 million, a decrease of 84%, compared to a $19.8 million net loss in the same period of 2023.
• Adjusted EBITDA was $804,000 compared to adjusted EBITDA of $283,000 in the same period of 2023. See the below section on Non-GAAP Financial Measure for a reconciliation of net loss before tax to EBITDA and Adjusted EBITDA.
Financial Results for the Nine Months Ended September 30, 2024
• Revenue was $39.6 million, an increase of $10.2 million, or 35%, compared to $29.4 million for the same period of 2023. For the nine months ended September 30, 2024, revenue includes $27.3 million which represents the impact of the Big Village Acquisition, which was completed in April 2023. This compares to $19.8 million for the same period in 2023. As a result, the acquisition contributed to revenue for six months of the prior period and for the full nine months of the current period and is the main driver of the increase in revenue for the nine months ended September 30, 2024.
Advertising technology revenue was approximately $10.9 million, digital publishing revenue was approximately $1.5 million, consumer insights revenue was approximately $20.1 million, creative services revenue was approximately $5.3 million, and media services revenue was approximately $1.8 million during 2024.
• Cost of revenue was $28.7 million, an increase of $6.6 million, or 30%, compared to $22.1 million for the same period in 2023. For the nine months ended September 30, 2024, cost of revenue includes $20.3 million which represents the impact of the Big Village Acquisition, which was completed in April 2023. This compares to $16.5 million for the same period in 2023. As a result, the acquisition contributed to cost of revenue for six months of the prior period and for the full nine months of the current period and is the main driver of the increase in cost of revenue for the nine months ended September 30, 2024.
Cost of revenue is inclusive of publisher costs of $7.1 million for payments to media providers and website publishers, direct salary and labor cost of approximately $5.6 million for employees that work directly on customer projects, direct project costs of approximately $9.2 million for payments made to third-parties that are directly attributable to completion of projects to allow for revenue recognition, and $5.5 million for non-direct project cost.
• General and administrative expense was $15.0 million, remaining consistent compared to $14.9 million in the same period of 2023.
• Gross margin was $10.9 million, an increase of 49%, compared to $7.3 million in the same period of 2023.
• Net loss was $13.2 million, a decrease of 55% compared to a $29.6 million net loss in the same period of 2023.
• Adjusted EBITDA loss was $1.3 million, compared to adjusted EBITDA loss of $3.6 million in the same period of 2023. See the below section on Non-GAAP Financial Measure for a reconciliation of net loss before tax to EBITDA and Adjusted EBITDA.
Third quarter revenue decreased to $14.2 million compared to $15.3 million for the third quarter of 2023.
Year to date revenue increased by $10.2 million to $39.6 million compared to $29.4 million for the same period of 2023.
Boca Raton, FL, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Bright Mountain Media, Inc. (OTCQB: BMTM) (“Bright Mountain” or the “Company”), a global marketing service platform with capabilities in digital publishing, advertising technology, consumer insights, creative and media services, today announced its financial results for the third quarter and nine months ended September 30, 2024.
Matt Drinkwater, CEO of Bright Mountain Media, is excited to report our continued financial progress and addition of industry veteran Board Members this past quarter. He states, "We are pleased with our continued positive financial performance focused on our bottom-line. Our third quarter net loss was $3.3 million, a decrease of 84%, compared to a $19.8 million net loss in the same period of 2023, and our Adjusted EBITDA of $804,000 represented an increase of $521,000 from $283,000 during the same period of 2023. Our current focus of maximizing synergies from prior acquisitions, launching innovative products and services, and advancing our vision of becoming an end-to-end marketing services platform is showing up in our financials. We are also proud that we can recruit distinguished industry leaders who will bring significant strategic guidance and unique perspective. We are eager to leverage their collective experience to propel our mission forward."
Financial Results for the Three Months Ended September 30, 2024
• Revenue was $14.2 million, a decrease of $1.1 million or 7%, compared to $15.3 million for the same period of 2023. Revenue in our digital publishing division was significantly impacted by macroeconomic factors, which reduced traffic to our website, coupled with an overall reduction in spending by some customers related to inflationary concerns and reduction in website traffic. This reduction was partially offset by an increase in our advertising technology division which was driven by our ability to leverage our resources to attract top advertisers, which in turn has allowed us to onboard premium publishers. This led to an increase in volume, as well as rates and overall revenue.
Advertising technology revenue was approximately $4.7 million, digital publishing revenue was approximately $500,000, consumer insights revenue was approximately $6.8 million, creative services revenue was approximately $1.6 million, and media services revenue was approximately $590,000 during the third quarter of 2024.
• Cost of revenue was $9.8 million, a decrease of $2.1 million, or 18%, compared to $11.9 million for the same period in 2023. The decrease is mainly a result of decreased direct salaries and labor costs of $1.1 million and a decrease of non-direct project costs of $1.1 million.
Cost of revenue is inclusive of publisher costs of $3.0 million, direct project costs of approximately $3.0 million for payments made to third-parties that are directly attributable to completion of projects to allow for revenue recognition, direct salary and labor costs of approximately $1.5 million for employees that work directly on customer projects, and $1.8 million of non-direct project costs.
• General and administrative expense was $4.4 million, an increase of $293,000, or 7%, compared to $4.1 million in the same period of 2023.
• Gross margin was $4.4 million, an increase of 30%, compared to $3.4 million in the same period of 2023.
• Net loss was $3.3 million, a decrease of 84%, compared to a $19.8 million net loss in the same period of 2023.
• Adjusted EBITDA was $804,000 compared to adjusted EBITDA of $283,000 in the same period of 2023. See the below section on Non-GAAP Financial Measure for a reconciliation of net loss before tax to EBITDA and Adjusted EBITDA.
Financial Results for the Nine Months Ended September 30, 2024
• Revenue was $39.6 million, an increase of $10.2 million, or 35%, compared to $29.4 million for the same period of 2023. For the nine months ended September 30, 2024, revenue includes $27.3 million which represents the impact of the Big Village Acquisition, which was completed in April 2023. This compares to $19.8 million for the same period in 2023. As a result, the acquisition contributed to revenue for six months of the prior period and for the full nine months of the current period and is the main driver of the increase in revenue for the nine months ended September 30, 2024.
Advertising technology revenue was approximately $10.9 million, digital publishing revenue was approximately $1.5 million, consumer insights revenue was approximately $20.1 million, creative services revenue was approximately $5.3 million, and media services revenue was approximately $1.8 million during 2024.
• Cost of revenue was $28.7 million, an increase of $6.6 million, or 30%, compared to $22.1 million for the same period in 2023. For the nine months ended September 30, 2024, cost of revenue includes $20.3 million which represents the impact of the Big Village Acquisition, which was completed in April 2023. This compares to $16.5 million for the same period in 2023. As a result, the acquisition contributed to cost of revenue for six months of the prior period and for the full nine months of the current period and is the main driver of the increase in cost of revenue for the nine months ended September 30, 2024.
Cost of revenue is inclusive of publisher costs of $7.1 million for payments to media providers and website publishers, direct salary and labor cost of approximately $5.6 million for employees that work directly on customer projects, direct project costs of approximately $9.2 million for payments made to third-parties that are directly attributable to completion of projects to allow for revenue recognition, and $5.5 million for non-direct project cost.
• General and administrative expense was $15.0 million, remaining consistent compared to $14.9 million in the same period of 2023.
• Gross margin was $10.9 million, an increase of 49%, compared to $7.3 million in the same period of 2023.
• Net loss was $13.2 million, a decrease of 55% compared to a $29.6 million net loss in the same period of 2023.
• Adjusted EBITDA loss was $1.3 million, compared to adjusted EBITDA loss of $3.6 million in the same period of 2023. See the below section on Non-GAAP Financial Measure for a reconciliation of net loss before tax to EBITDA and Adjusted EBITDA.
