Audioboom Grp. Regulatory News (BOOM)

· Q1 revenue of US$17.1 million, up 11% on Q1 2023 (US$15.4 million). The positive momentum of Q4 2023 has continued with the second successive quarter of year-on-year revenue growth Revenue growth has accelerated in this period (Q4 2023: 5% up on Q4 2022) and the Company expects further acceleration in revenue growth rate through upcoming quarters

· March revenue of US$6.7 million represented the highest revenue month for the Company since May 2022

· Q1 adjusted EBITDA(1) profit of US$0.1 million (Q1 2023: US$0.2 million), representing the second successive quarter of adjusted EBITDA profitability. With Q1 historically the seasonal low point for revenue and EBITDA, we expect EBITDA profit to expand in future quarters

· Record Q1 eCPM (average global revenue per 1,000 downloads) of US$52.17, up 27% (Q1 2023: US$41.13)

· Record Q1 average total brand advertiser count of 7,839, up 21% on Q1 2023 (6,498)

· Average Q1 global monthly downloads of 110.0 million, (Q1 2023: 125.2 million, Q4 2023: 110.1 million). Due to Apple's iOS17 update in September 2023, download numbers across the wider podcast industry have decreased by an average of 32%(2). Audioboom's Q1 year-on-year decrease of 12% significantly outperforms the market. We expect the impact of the iOS17 update to create more favourable long-term commercial conditions in the podcast industry due to the increased levels of return-on-investment that more accurate download data will deliver to advertisers

· Further restructuring of creator contracts resulting in more favourable revenue shares and more than US$5 million of Minimum Guarantee obligations being removed

· Group cash of US$3.1 million (31 December 2023: US$3.7 million) with a further US$1.8 million available via an undrawn overdraft

· The Company is confident it will achieve its revenue and adjusted EBITDA goals for 2024, and has made significant progress with contracted revenue of more than US$55 million for the year through advanced advertising bookings - more than US$8 million added since the January 2024 Trading Update

Key Q1 2024 commercial developments

· Record audience reach achieved in January 2024, with more than 38.6 million unique listeners consuming podcasts through the Audioboom platform

· Record revenue from Showcase, our global advertising marketplace, in March 2024 reflects the Company's continued progress in building key advertising technology

· Record advertising inventory levels, with more than 1.1 billion impressions being made available to customers in March 2024, a 10% increase on the previously announced record from October 2023 (1 billion)

· Audioboom climbed the February 2024 Triton Digital podcast ranker for audience reach, and is now the fourth biggest publisher in the US - the world's largest podcast market

· The expansion of Audioboom's executive team, with the hiring of Molly Harvey as Vice President of Brand Sales (formerly of SiriusXM and CBS Radio), and Shaun Wilson as Vice President of UK Sales (formerly of Spotify and Sony Entertainment). These roles will focus on the expansion of Audioboom's brand sales business

· Successful renewal of contracts with top tier podcasts in the Audioboom Creator Network, including The Tim Dillon Show, True Crime Obsessed, I Think Not, Crime Weekly, and Real Ghost Stories. These podcasts contribute more than 90 million downloads to the network on an annual basis

· Further expansion of the Audioboom Creator Network through the signing of new shows including: Pretty X Unfiltered, Soder, BDA with Katherine Schwarzenegger, Omnibus, Do We Know Them? and George Conway Explains It All To Sarah Longwell. These shows are expected to deliver more than 4 million downloads to the network each month