$BMTM Bright Mountain Media, Inc Announces Fourth Quarter and Full-Year 2024 Financial Results
https://www.globenewswire.com/news-release/20...sults.html
Fourth quarter revenue increased 13% to $17.1 million compared to the fourth quarter of 2023.
Fourth quarter gross margin increased 1% to $5.5 million compared to the fourth quarter of 2023.
Full-year 2024 revenue increased 27% to $56.7 million, compared to the full-year of 2023.
Full-year 2024 gross margin increased 29% to $16.5 million, compared to the full-year of 2023.
Boca Raton, FL, March 10, 2025 (GLOBE NEWSWIRE) -- Bright Mountain Media, Inc. (OTCQB: BMTM) (“Bright Mountain” or the “Company”), a global holding company with current investments in digital publishing, advertising technology, consumer insights, creative services, and media services, today announced its financial results for the fourth quarter and year ended December 31, 2024.
Matt Drinkwater, the CEO of Bright Mountain Media, is thrilled to share news of our ongoing financial success. He commented, "We are delighted with our steady financial performance. In the fourth quarter, our revenue rose by 13%, and for the entirety of 2024, we saw a revenue increase of 27%, reaching $56.7 million. Additionally, our gross margin for the year climbed 29% to $16.5 million compared to last year.
We are actively leveraging the strong synergies from our previous acquisitions while focusing on launching innovative products and services, and are striving to achieve our ambitious goal of creating a fully integrated marketing services platform."
Financial Results for the Three Months Ended December 31, 2024
Revenue was $17.1 million, an increase of $2.0 million, or 13%, compared to $15.1 million for the same period of 2023. The increase in revenue was primarily from our advertising technology division, and was driven by our ability to leverage our resources to attract top advertisers, which in turn allowed us to onboard premium publishers. This led to an increase in volume, as well as rates and overall revenue. The increase was partially offset by a decline in revenue from our digital publishing division, which 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.
Advertising technology revenue was approximately $7.6 million, digital publishing revenue was approximately $265,000, consumer insights revenue was approximately $6.9 million, creative services revenue was approximately $1.7 million, and media services revenue was approximately $626,000 during the fourth quarter of 2024.
Cost of revenue was $11.6 million, an increase of $1.9 million, or 19%, compared to $9.7 million for the same period in 2023. Cost of revenue is inclusive of: direct salary and labor costs of approximately $1.9 million for employees that work directly on customer projects; direct project costs of approximately $2.5 million for payments made to third-parties that are directly attributable to the completion of projects to allow for revenue recognition, non-direct project costs of approximately $1.2 million, publisher costs of approximately $5.3 million, and sales commissions of approximately $496,000.
General and administrative expense was $6.4 million, a decrease of 16%, compared to $7.6 million in the same period of 2023.
Gross margin was $5.5 million, an increase of 1%, compared to $5.4 million in the same period of 2023.
Net loss was $3.8 million, a decrease of 36%, compared to a $5.9 million net loss in the same period of 2023.
Adjusted EBITDA was $2.0 million compared to Adjusted EBITDA loss of $616,000 in the same period of 2023. See the below section on Non-GAAP Financial Measure for a reconciliation of net loss to EBITDA and Adjusted EBITDA.
Financial Results for the Year Ended December 31, 2024
Revenue was $56.7 million, an increase of $12.1 million or 27%, compared to $44.5 million for the same period of 2023. For the year ended December 31, 2024, revenue includes $36.5 million which represents the impact of the Big Village Acquisition, which was completed in April 2023. This compares to $31.0 million for the same period in 2023. As a result, the acquisition contributed to revenue for nine months of the prior period and for the full twelve months of the current period, and is the main driver of the increase in revenue for the year ended December 31, 2024.
Advertising technology revenue was approximately $18.4 million, digital publishing revenue was approximately $1.7 million, consumer insights revenue was approximately $27.0 million, creative services revenue was approximately $7.1 million, and media services revenue was approximately $2.4 million during 2024.
Cost of revenue was $40.2 million, an increase of $8.5 million, or 27%, compared to $31.8 million for the same period in 2023. For the year ended December 31, 2024, cost of revenue includes $25.9 million which represents the impact of the Big Village Acquisition, which was completed in April 2023. This compares to $24.0 million for the same period in 2023. As a result, the acquisition contributed to cost of revenue for nine months of the prior period and for the full twelve months of the current period, and is the main driver of the increase in cost of revenue for the year ended December 31, 2024.
Cost of revenue is inclusive of: direct salary and labor costs of approximately $7.6 million for employees that work directly on customer projects; direct project costs of approximately $11.7 million for payments made to third-parties that are directly attributable to the completion of projects to allow for revenue recognition, non-direct project costs of approximately $6.6 million, publisher costs of approximately $12.4 million, and sales commissions of approximately $1.2 million.
General and administrative expense was $21.4 million, a decrease of 5%, compared to $22.5 million in the same period of 2023.
The Company performed an assessment of its goodwill and intangibles for the Ad Network, Owned & Operated, and Insights reporting units for the years ended December 31, 2024 and 2023. The assessment of 2023 indicated that the carrying value was in excess of the implied fair value for the Ad Network and Owned & Operated reporting units, resulting in an impairment charge of $14.1 million and $2.9 million for goodwill and intangibles, respectively. There was no such charge for the same period in 2024.
Gross margin was $16.5 million, an increase of 29%, compared to $12.8 million in the same period of 2023.
Net loss was $17.0 million, a decrease of 52%, compared to a $35.6 million net loss in the same period of 2023.
Adjusted EBITDA was $790,000 compared to Adjusted EBITDA loss of $3.9 million in the same period of 2023. See the below section on Non-GAAP Financial Measure for a reconciliation of net loss to EBITDA and Adjusted EBITDA.
https://www.globenewswire.com/news-release/20...sults.html
Fourth quarter revenue increased 13% to $17.1 million compared to the fourth quarter of 2023.
Fourth quarter gross margin increased 1% to $5.5 million compared to the fourth quarter of 2023.
Full-year 2024 revenue increased 27% to $56.7 million, compared to the full-year of 2023.
Full-year 2024 gross margin increased 29% to $16.5 million, compared to the full-year of 2023.
Boca Raton, FL, March 10, 2025 (GLOBE NEWSWIRE) -- Bright Mountain Media, Inc. (OTCQB: BMTM) (“Bright Mountain” or the “Company”), a global holding company with current investments in digital publishing, advertising technology, consumer insights, creative services, and media services, today announced its financial results for the fourth quarter and year ended December 31, 2024.
Matt Drinkwater, the CEO of Bright Mountain Media, is thrilled to share news of our ongoing financial success. He commented, "We are delighted with our steady financial performance. In the fourth quarter, our revenue rose by 13%, and for the entirety of 2024, we saw a revenue increase of 27%, reaching $56.7 million. Additionally, our gross margin for the year climbed 29% to $16.5 million compared to last year.
We are actively leveraging the strong synergies from our previous acquisitions while focusing on launching innovative products and services, and are striving to achieve our ambitious goal of creating a fully integrated marketing services platform."
Financial Results for the Three Months Ended December 31, 2024
Revenue was $17.1 million, an increase of $2.0 million, or 13%, compared to $15.1 million for the same period of 2023. The increase in revenue was primarily from our advertising technology division, and was driven by our ability to leverage our resources to attract top advertisers, which in turn allowed us to onboard premium publishers. This led to an increase in volume, as well as rates and overall revenue. The increase was partially offset by a decline in revenue from our digital publishing division, which 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.
Advertising technology revenue was approximately $7.6 million, digital publishing revenue was approximately $265,000, consumer insights revenue was approximately $6.9 million, creative services revenue was approximately $1.7 million, and media services revenue was approximately $626,000 during the fourth quarter of 2024.
Cost of revenue was $11.6 million, an increase of $1.9 million, or 19%, compared to $9.7 million for the same period in 2023. Cost of revenue is inclusive of: direct salary and labor costs of approximately $1.9 million for employees that work directly on customer projects; direct project costs of approximately $2.5 million for payments made to third-parties that are directly attributable to the completion of projects to allow for revenue recognition, non-direct project costs of approximately $1.2 million, publisher costs of approximately $5.3 million, and sales commissions of approximately $496,000.
General and administrative expense was $6.4 million, a decrease of 16%, compared to $7.6 million in the same period of 2023.
Gross margin was $5.5 million, an increase of 1%, compared to $5.4 million in the same period of 2023.
Net loss was $3.8 million, a decrease of 36%, compared to a $5.9 million net loss in the same period of 2023.
Adjusted EBITDA was $2.0 million compared to Adjusted EBITDA loss of $616,000 in the same period of 2023. See the below section on Non-GAAP Financial Measure for a reconciliation of net loss to EBITDA and Adjusted EBITDA.
Financial Results for the Year Ended December 31, 2024
Revenue was $56.7 million, an increase of $12.1 million or 27%, compared to $44.5 million for the same period of 2023. For the year ended December 31, 2024, revenue includes $36.5 million which represents the impact of the Big Village Acquisition, which was completed in April 2023. This compares to $31.0 million for the same period in 2023. As a result, the acquisition contributed to revenue for nine months of the prior period and for the full twelve months of the current period, and is the main driver of the increase in revenue for the year ended December 31, 2024.
Advertising technology revenue was approximately $18.4 million, digital publishing revenue was approximately $1.7 million, consumer insights revenue was approximately $27.0 million, creative services revenue was approximately $7.1 million, and media services revenue was approximately $2.4 million during 2024.
Cost of revenue was $40.2 million, an increase of $8.5 million, or 27%, compared to $31.8 million for the same period in 2023. For the year ended December 31, 2024, cost of revenue includes $25.9 million which represents the impact of the Big Village Acquisition, which was completed in April 2023. This compares to $24.0 million for the same period in 2023. As a result, the acquisition contributed to cost of revenue for nine months of the prior period and for the full twelve months of the current period, and is the main driver of the increase in cost of revenue for the year ended December 31, 2024.
Cost of revenue is inclusive of: direct salary and labor costs of approximately $7.6 million for employees that work directly on customer projects; direct project costs of approximately $11.7 million for payments made to third-parties that are directly attributable to the completion of projects to allow for revenue recognition, non-direct project costs of approximately $6.6 million, publisher costs of approximately $12.4 million, and sales commissions of approximately $1.2 million.
General and administrative expense was $21.4 million, a decrease of 5%, compared to $22.5 million in the same period of 2023.
The Company performed an assessment of its goodwill and intangibles for the Ad Network, Owned & Operated, and Insights reporting units for the years ended December 31, 2024 and 2023. The assessment of 2023 indicated that the carrying value was in excess of the implied fair value for the Ad Network and Owned & Operated reporting units, resulting in an impairment charge of $14.1 million and $2.9 million for goodwill and intangibles, respectively. There was no such charge for the same period in 2024.
Gross margin was $16.5 million, an increase of 29%, compared to $12.8 million in the same period of 2023.
Net loss was $17.0 million, a decrease of 52%, compared to a $35.6 million net loss in the same period of 2023.
Adjusted EBITDA was $790,000 compared to Adjusted EBITDA loss of $3.9 million in the same period of 2023. See the below section on Non-GAAP Financial Measure for a reconciliation of net loss to EBITDA and Adjusted EBITDA.
