RE: Time to have a look at the stock23 Oct 2024 11:47
Q3 Trading Update
34% revenue growth and EBITDA profit significantly ahead of current market expectations
Audioboom (AIM: BOOM), the leading global podcast company, is pleased to provide a trading update for the quarter ended 30 September 2024.
Financial and operating highlights
· Record Q3 revenue of US$18.8 million, up 34% on Q3 2023 (US$14.0 million)
· Total revenue for the nine months to 30 September of US$52.9 million, up 15% on the same period last year (US$45.8 million), with September representing the second highest month ever for revenue
· Record Q3 adjusted EBITDA(1) profit of US$1.0 million, representing the fourth successive quarter of adjusted EBITDA profitability, driven by the growth in the highest gross margin revenue line, Showcase
· Total adjusted EBITDA(1) profit for the nine months to 30 September of US$1.3 million, up US$3.0 million on the same period last year (US$1.7 million adjusted EBITDA loss)
· Full year adjusted EBITDA expectations raised to US$2.5 million (up from US$1.3 million previously)
· Record quarterly performance from Showcase, our global advertising marketplace. Revenue of US$7.0 million, up 99% on the same period last year (US$3.5 million), reflecting the Company's continued progress in building key, scalable advertising technology. In 2024 Showcase has contributed more than 30% to Group revenue (9 months to September 2023: 23%)
· Record eCPM (average global revenue per 1,000 downloads) in Q3 of US$66.06, up 79% (Q3 2023: US$37.00)
· Average Q3 brand advertiser count of 8,257 (Q3 2023: 7,960)
· Average Q3 global monthly downloads of 96.5 million (Q2 2024: 94.8 million), marking a return to network growth following Apple's iOS17 update which reduced and rebased download reporting materially across the wider podcast industry
· Group cash at 30 September 2024 of US$3.3 million (30 June 2024: US$3.5 million)
· The Company has in excess of US$71 million revenue for 2024 booked
Commercial highlights
· Audioboom maintained fifth position in both the Triton Digital and Edison Research rankers of the top US podcast publishers, closing the gap to fourth place by more than 3.5 million weekly downloads and 0.5 million unique listeners
· Key contracts renewed with leading podcasts in our creator network including Duncan Trussell Family Hour, The Bulwark, Sisters In Law, George Conway Explains It All, Politics War Room and Chilluminati. These shows are downloaded more than 70 million times each year
· Further restructuring of creator contracts in this period has reduced Audioboom's annual minimum guarantee obligations by more than US$1.0 million and improved the Company's gross margin
Stuart Last, CEO of Audioboom, commented:
"I am delighted with Audioboom's performance in Q3 2024, headlined by strong revenue and adjusted EBITDA growth, and underpinned by a robust business model. With our seasonally