Loop Media Reports 2024 Fiscal Third Quarter Financial Results

Business Wire08-08

BURBANK, Calif., August 07, 2024--(BUSINESS WIRE)--Loop Media, Inc. ("Loop Media" or "our" or the "Company") (NYSE American: LPTV), a leading multichannel streaming CTV platform that provides curated ...

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(\"Loop Media\" or \"our\" or the \"Company\") (NYSE American: LPTV), a leading multichannel streaming CTV platform that provides curated ...</p>\n\n<a href=\"https://finance.yahoo.com/news/loop-media-reports-2024-fiscal-201500426.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Loop Media Reports 2024 Fiscal Third Quarter Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLoop Media Reports 2024 Fiscal Third Quarter Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-08 04:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/loop-media-reports-2024-fiscal-201500426.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BURBANK, Calif., August 07, 2024--(BUSINESS WIRE)--Loop Media, Inc. (\"Loop Media\" or \"our\" or the \"Company\") (NYSE American: LPTV), a leading multichannel streaming CTV platform that provides curated ...</p>\n\n<a href=\"https://finance.yahoo.com/news/loop-media-reports-2024-fiscal-201500426.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CTV","symbol_name":"Innovid","start_time":0,"source_url":"https://finance.yahoo.com/news/loop-media-reports-2024-fiscal-201500426.html","article_id":"2457872621","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/bBqoDXGpR4PGTl3pJ7vhHw--~B/aD03MTI7dz0yMDAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/3e7296d66873df7d7420e2dd5b3aa3ea"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2457872621","pubTimestamp":1723061700,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"BURBANK, Calif., August 07, 2024----Loop Media, Inc.  , a leading multichannel streaming CTV platform that provides curated music videos, sports, news, premium entertainment channels and digital signage for businesses, reports financial and operating results for its 2024 fiscal third quarter ended June 30, 2024.Revenue in Q3 was $4.4 million, compared to $5.7 million.Net loss was $(5.5) million or $ per share, compared to a loss of $(7.9) million or $.As of June 30, 2024, the Company had 30,486 quarterly active units  operating on its Owned and Operated  Platform, compared to 34,898 QAUs as of June 30, 2023.As of June 30, 2024, the Company had approximately 51,000 screens across its Partner Platforms, compared to approximately 37,000 as of June 30, 2023.Gross profit in the 2024 fiscal third quarter was $0.9 million compared to $1.8 million for the same period in fiscal 2023. Gross margin was 20.9% in the 2024 fiscal third quarter compared to 31.8% for the same period in fiscal 2023. Th","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CTV":"Innovid","LPTV":"Loop Media Inc.","BK4108":"电影和娱乐","BK4009":"广告"},"translate_title":"Loop Media报告2024财年第三季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CTV":1,"LPTV":0.9},"content_text":"BURBANK, Calif., August 07, 2024--(BUSINESS WIRE)--Loop Media, Inc. (\"Loop Media\" or \"our\" or the \"Company\") (NYSE American: LPTV), a leading multichannel streaming CTV platform that provides curated music videos, sports, news, premium entertainment channels and digital signage for businesses, reports financial and operating results for its 2024 fiscal third quarter ended June 30, 2024.\n2024 Fiscal Third Quarter (June 30, 2024) Financial Results\nSummary Fiscal Q3 2024 vs. Fiscal Q3 2023\n\nRevenue in Q3 was $4.4 million, compared to $5.7 million.\nNet loss was $(5.5) million or $(0.07) per share, compared to a loss of $(7.9) million or $(0.14).\nAdjusted EBITDA (a non-GAAP financial measure defined below) was $(2.2) million, compared to $(3.7) million.\nGross profit was $0.9 million, compared to $1.8 million.\nGross margin was 20.9%, compared to 31.8%.\nAs of June 30, 2024, the Company had 30,486 quarterly active units (\"QAUs\") operating on its Owned and Operated (\"O&O\") Platform, compared to 34,898 QAUs as of June 30, 2023.\nAs of June 30, 2024, the Company had approximately 51,000 screens across its Partner Platforms, compared to approximately 37,000 as of June 30, 2023.\n\nIn the 2024 fiscal third quarter, revenue decreased approximately 23% to $4.4 million compared to $5.7 million for the same period in fiscal 2023. This decrease was primarily driven by a challenging ad market environment in the second quarter of fiscal year 2024 due to one of the largest ad demand participants changing their terms of business with ad publishers, including us, which resulted in a material negative impact on the Company’s ad demand partner revenue.\nGross profit in the 2024 fiscal third quarter was $0.9 million compared to $1.8 million for the same period in fiscal 2023. Gross margin was 20.9% in the 2024 fiscal third quarter compared to 31.8% for the same period in fiscal 2023. The decrease in margin rate was primarily driven by decreased revenue.\nTotal sales, general, and administrative (\"SG&A\") expenses (excluding stock-based compensation, depreciation and amortization, impairment of goodwill and intangible assets, and restructuring costs) in the 2024 fiscal third quarter were $4.1 million, a decrease of $2.2 million, or 35%, from $6.3 million for the same period in fiscal 2023. This decrease in SG&A expenses was primarily due to reductions in headcount, marketing costs, and professional and administration fees. As a result of the cost-cutting measures that the Company has undertaken in fiscal year 2024, the Company has realized a quarter-on-quarter reduction in SG&A expenses of $1.6 million, or 28%, from $5.7 million in the second quarter ended March 31, 2024, to $4.1 million in the third quarter ended June 30, 2024.\nNet loss in the third quarter of fiscal 2024 was $(5.5) million or $(0.07) per share, compared to a net loss of $(7.9) million or $(0.14) per share for the same period in fiscal 2023.\nAdjusted EBITDA in the third quarter of fiscal 2024 was $(2.2) million compared to $(3.7) million for the same period in fiscal 2023.\nOn June 30, 2024, cash and cash equivalents were $1.5 million compared to $2.2 million on March 31, 2024. The decrease was primarily driven by use of cash from operations. As of June 30, 2024, the Company had total net debt of $6.2 million compared to $6.0 million as of March 31, 2024, a 3% increase.\nFor the third quarter of fiscal 2024, the Company had approximately 81,000 active Loop Players and Partner Screens across the Loop Platform, which included 30,486 QAUs across the Company’s O&O Platform, a decrease of 13% (or 4,412 QAUs) over the 34,898 QAUs for the third quarter of fiscal 2023, and a decrease of 7% (or 2,172 QAUs) over the 32,658 QAUs for the second quarter of fiscal 2024, and approximately 51,000 Partner Screens across the Company’s Partner Platforms at the end of the third quarter of fiscal 2024, an increase of 38% (or approximately 14,000 Partner Screens) over approximately 37,000 Partner Screens at the end of the third quarter of fiscal 2023, and an increase of approximately 2% (or approximately 1,000 Partner Screens) over approximately 50,000 Partner Screens at the end of the second quarter of fiscal 2024.\nContinued Cost-Cutting Initiatives\nDuring the third quarter of fiscal year 2024, the Company continued the cost-cutting review it began earlier in fiscal year 2024, which it believed would provide the framework for making it more competitive in the CTV for business/DOOH industry and would accelerate its potential path to break even and achieve operating profitability. These measures have included: (1) discussions with certain third-party content providers and other licensors with a view to (i) restructuring existing or new license agreements and (ii) eliminating certain fixed fee content licenses, in each case to more closely align payments to content licensors with revenue associated with such content; (2) the development and promotion of lower cost channels to reduce or eliminate third-party content license fees, where possible; and (3) a continued review of existing third-party vendor products and services with a view to eliminating approximately $750,000 in ongoing yearly costs and expenses beginning in the first quarter of fiscal year 2025.\nThese efforts are ongoing and as these initiatives and changes continue to take effect, the Company believes it will see improved margins for the business. There can be no assurances, however, that the Company will be able to effect all changes that it has identified or that any such changes will achieve the desired results.\nJustis Kao, CEO, stated, \"Since my recent appointment as CEO, I have focused my attention on those areas of the business where we can look to increase revenues, leverage the Company’s fixed and variable expenses and improve profitability. As we have already undertaken significant cost-cutting measures, we will continue to streamline our operations and create further cost efficiencies for the remainder of this fiscal year and into the next. We are also continuing to work toward the expansion of our subscription offerings to our out-of-home business clients, including the introduction of a two-tier music video service offering, which will include a \"primary tier\" consisting of fewer than ten music video channels provided under a free ad-based service, and a \"premium tier\" of Loop’s full library of curated music video channels provided under a subscription service. We have also recently announced a non-music subscription offering that includes a number of live channels ranging from live sports events (including The NFL Redzone and The NFL Network) to news and lifestyle offerings which we believe will continue to support the growth opportunities of our business while further enhancing the customer experience for our business venue partners.\"\nConference Call\nThe Company will conduct a conference call today, August 7, 2024, at 5:00 p.m. Eastern Daylight Time to discuss its financial and operating results for its 2024 fiscal third quarter ended June 30, 2024.\nLoop Media's management will host the conference call.\nDate: August 7, 2024Time: 5:00 p.m. Eastern TimeParticipant registration link: Q3 Link\nBelow are the details for those participants who would like to dial in.\nConference ID: 1588215Participant Toll-Free Dial-In Number: 1(800) 715-9871Participant International Dial-In Number: 1(646) 307-1963\nThe conference call will also be available for replay on the investor relations section of the Company's website at https://ir.loop.tv/\nAbout Loop Media, Inc.\nLoop Media, Inc. (\"Loop®\") (NYSE American: LPTV) is a leading connected television (CTV) / streaming / digital out-of-home TV and digital signage platform optimized for businesses, providing music videos, news, sports, and entertainment channels through its Loop® TV service. Loop Media is the leading company in the U.S. licensed to stream music videos to businesses through its proprietary Loop® Player.\nLoop® TV’s digital video content is streamed to millions of viewers in CTV / streaming / digital out of home locations including bars/restaurants, office buildings, retail businesses, college campuses, airports, among many other venues in the United States, Canada, Australia and New Zealand.\nLoop® TV is fueled by one of the largest and most important premium short-form entertainment libraries that includes music videos, movie trailers, branded content, and live performances. Loop Media’s non-music channels cover a wide variety of genres and moods and include movie trailers, sports highlights, lifestyle and travel videos, viral videos, and more. Loop Media’s streaming services generate revenue from programmatic and direct advertising, and subscriptions.\nTo learn more about Loop Media products and applications, please visit us online at Loop.tv\nFollow us on social:\nInstagram: @loopforbusiness\nX (Twitter): @loopforbusiness\nLinkedIn: https://www.linkedin.com/company/loopforbusiness/\nSafe Harbor Statement and Disclaimer\nThis news release includes \"forward-looking statements\" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, Loop Media's expected performance, ability to compete in the highly competitive markets in which it operates, statements regarding Loop Media's ability to develop talent and attract future talent, the success of strategic actions Loop Media is taking, and the impact of strategic transactions. Forward-looking statements give Loop Media’s current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including \"will,\" \"may,\" \"expects,\" \"projects,\" \"anticipates,\" \"plans,\" \"believes,\" \"estimate,\" \"should,\" and certain of the other foregoing statements may be deemed forward-looking statements. Although Loop Media believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. Loop Media takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by Loop Media. Loop Media's Securities and Exchange Commission filings are available at www.sec.gov.\nNon-GAAP Measures\nLoop Media uses non-GAAP financial measures, including Adjusted EBITDA and quarterly active units or QAUs, as supplemental measures of the performance of the Company's business. Use of these financial measures has limitations, and you should not consider them in isolation or use them as substitutes for analysis of Loop Media’s financial results under generally accepted accounting principles in the United States of America (\"U.S. GAAP\").\nWe believe that the presentation of Adjusted EBITDA, provides investors with additional information about our financial results. Adjusted EBITDA is an important supplemental measure used by our board of directors and management to evaluate our operating performance from period-to-period on a consistent basis and as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations.\nAdjusted EBITDA is not measured in accordance with, or an alternative to, measures prepared in accordance with U.S. GAAP. In addition, this non-GAAP financial measure is not based on any comprehensive set of accounting rules or principles. As a non-GAAP financial measure, Adjusted EBITDA has limitations in that it does not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP. In particular:\n\n\n\n\n●\nAdjusted EBITDA does not reflect the amounts we paid in interest expense on our outstanding debt;\n\n\n\n\n\n\n\n\n●\nAdjusted EBITDA does not reflect the amounts we paid in taxes or other components of our tax provision;\n\n\n\n\n\n\n\n\n●\nAdjusted EBITDA does not include depreciation expense from fixed assets;\n\n\n\n\n\n\n\n\n●\nAdjusted EBITDA does not include amortization expense;\n\n\n\n\n\n\n\n\n●\nAdjusted EBITDA does not include the impact of stock-based compensation;\n\n\n\n\n\n\n\n\n●\nAdjusted EBITDA does not include the impact of non-recurring expense;\n\n\n\n\n\n\n\n\n●\nAdjusted EBITDA does not include the impact of restructuring costs;\n\n\n\n\n\n\n\n\n●\nAdjusted EBITDA does not include the impact of the loss on the extinguishment of debt;\n\n\n\n\n\n\n\n\n●\nAdjusted EBITDA does not include the impact of employee retention credits; and\n\n\n\n\n\n\n\n\n●\nAdjusted EBITDA does not include the impact of other income including foreign currency translation adjustments, realized foreign currency gains/losses and unrealized gains/losses.\n\n\n\nBecause of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures including net income (loss) and our financial results presented in accordance with U.S. GAAP. The financial tables below provide a reconciliation of Adjusted EBITDA to the most nearly comparable measure under U.S. GAAP.\nThe Company defines an \"active unit\" as (i) an ad-supported Loop Player (or DOOH location using Loop Media’s ad-supported service through its \"Loop for Business\" application or using a DOOH venue-owned computer screening the Company’s content) that is online, playing content, and has checked into the Loop analytics system at least once in the 90-day period or (ii) a DOOH location customer using the Company’s paid subscription service at any time during the 90-day period. The Company uses quarterly active units, or \"QAUs,\" to refer to the number of such active units during such period.\n\n\n\nLOOP MEDIA, INC.\n\n\nCONDENSED CONSOLIDATED BALANCE SHEETS\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\nJune 30, 2024\n\nSeptember 30, 2023\n\n\nASSETS\n\n(UNAUDITED)\n\n\n\n\nCurrent assets\n\n\n\n\n\n\n\n\nCash\n\n$\n1,546,088\n\n\n$\n3,068,696\n\n\n\nAccounts receivable, net\n\n\n3,541,592\n\n\n\n6,211,815\n\n\n\nPrepaid expenses and other current assets\n\n\n443,045\n\n\n\n987,605\n\n\n\nContent assets - current\n\n\n997,508\n\n\n\n2,218,894\n\n\n\nTotal current assets\n\n\n6,528,233\n\n\n\n12,487,010\n\n\n\nNon-current assets\n\n\n\n\n\n\n\n\nDeposits\n\n\n9,954\n\n\n\n12,054\n\n\n\nContent assets - non current\n\n\n211,661\n\n\n\n448,726\n\n\n\nDeferred costs - non current\n\n\n503,123\n\n\n\n744,408\n\n\n\nProperty and equipment, net\n\n\n2,507,776\n\n\n\n2,711,558\n\n\n\nOperating lease right-of-use assets\n\n\n189,650\n\n\n\n—\n\n\n\nIntangible assets, net\n\n\n393,556\n\n\n\n477,889\n\n\n\nTotal non-current assets\n\n\n3,815,720\n\n\n\n4,394,635\n\n\n\nTotal assets\n\n$\n10,343,953\n\n\n$\n16,881,645\n\n\n\nLIABILITIES AND STOCKHOLDERS’ EQUITY\n\n\n\n\n\n\n\n\nCurrent liabilities\n\n\n\n\n\n\n\n\nAccounts payable\n\n$\n5,501,995\n\n\n$\n4,978,920\n\n\n\nAccrued liabilities\n\n\n1,866,161\n\n\n\n3,546,338\n\n\n\nAccrued royalties and revenue share\n\n\n7,829,892\n\n\n\n4,930,329\n\n\n\nLicense content liabilities - current\n\n\n708,567\n\n\n\n489,157\n\n\n\nEquipment financing liability, current\n\n\n131,348\n\n\n\n—\n\n\n\nDeferred Income\n\n\n26,278\n\n\n\n—\n\n\n\nLease liability, current\n\n\n67,689\n\n\n\n—\n\n\n\nRevolving line of credit - current\n\n\n2,175,456\n\n\n\n2,985,298\n\n\n\nNon-revolving line of credit, current\n\n\n1,000,000\n\n\n\n\n\n\nNon-revolving line of credit - related party, current\n\n\n1,329,750\n\n\n\n2,124,720\n\n\n\nTotal current liabilities\n\n\n20,637,136\n\n\n\n19,054,762\n\n\n\nNon-current liabilities\n\n\n\n\n\n\n\n\nLicense content liabilities - non current\n\n\n129,000\n\n\n\n208,000\n\n\n\nEquipment financing liability, non-current\n\n\n229,846\n\n\n\n—\n\n\n\nLease liability, non-current\n\n\n121,961\n\n\n\n—\n\n\n\nRevolving line of credit - related party, non-current\n\n\n1,679,226\n\n\n\n—\n\n\n\nNon-revolving line of credit, non-current\n\n\n—\n\n\n\n475,523\n\n\n\nNon-revolving line of credit - related party, non-current\n\n\n—\n\n\n\n1,959,693\n\n\n\nTotal non-current liabilities\n\n\n2,160,033\n\n\n\n2,643,216\n\n\n\nTotal liabilities\n\n\n22,797,169\n\n\n\n21,697,978\n\n\n\n\n\n\n\n\n\n \n\n\nCommitments and contingencies\n\n\n—\n\n\n\n—\n\n\n\n\n\n\n\n\n\n \n\n\nStockholders’ equity\n\n\n\n\n\n\n\n\nCommon Stock, $0.0001 par value, 150,000,000 shares authorized, 71,173,736 and 65,620,151 shares issued and outstanding as of March 31, 2024 and September 30, 2023, respectively\n\n\n7,904\n\n\n\n6,562\n\n\n\nAdditional paid in capital\n\n\n134,132,075\n\n\n\n123,462,648\n\n\n\nAccumulated deficit\n\n\n(146,593,195\n)\n\n\n(128,285,543\n)\n\n\nTotal stockholders' equity\n\n\n(12,453,216\n)\n\n\n(4,816,333\n)\n\n\nTotal liabilities and stockholders' equity\n\n$\n10,343,953\n\n\n$\n16,881,645\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nLOOP MEDIA, INC.\n\n\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree months ended June 30,\n\nNine months ended June 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nRevenue\n\n$\n4,350,570\n\n\n$\n5,734,976\n\n\n$\n18,524,289\n\n\n$\n25,954,038\n\n\n\nCost of revenue\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCost of revenue - Advertising and Legacy and other revenue\n\n\n2,641,779\n\n\n\n3,132,568\n\n\n\n11,214,512\n\n\n\n14,767,807\n\n\n\nCost of revenue - depreciation and amortization\n\n\n798,434\n\n\n\n779,165\n\n\n\n2,356,717\n\n\n\n2,091,876\n\n\n\nTotal cost of revenue\n\n\n3,440,213\n\n\n\n3,911,733\n\n\n\n13,571,229\n\n\n\n16,859,683\n\n\n\nGross profit\n\n\n910,357\n\n\n\n1,823,243\n\n\n\n4,953,060\n\n\n\n9,094,355\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nOperating expenses\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSales, general and administrative\n\n\n4,116,186\n\n\n\n6,284,514\n\n\n\n16,022,857\n\n\n\n22,011,961\n\n\n\nStock-based compensation\n\n\n931,571\n\n\n\n2,592,369\n\n\n\n3,371,933\n\n\n\n6,858,983\n\n\n\nDepreciation and amortization\n\n\n422,882\n\n\n\n295,008\n\n\n\n1,217,955\n\n\n\n717,733\n\n\n\nRestructuring costs\n\n\n220,053\n\n\n\n146,672\n\n\n\n220,053\n\n\n\n146,672\n\n\n\nTotal operating expenses\n\n\n5,690,692\n\n\n\n9,318,563\n\n\n\n20,832,798\n\n\n\n29,735,349\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nLoss from operations\n\n\n(4,780,335\n)\n\n\n(7,495,320\n)\n\n\n(15,879,738\n)\n\n\n(20,640,994\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nOther income (expense)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest expense\n\n\n(670,981\n)\n\n\n(962,718\n)\n\n\n(2,402,444\n)\n\n\n(2,889,745\n)\n\n\nEmployee retention credits\n\n\n—\n\n\n\n648,543\n\n\n\n\n\n\n648,543\n\n\n\nLoss on extinguishment of debt\n\n\n\n\n\n\n\n\n(25,424\n)\n\n\n—\n\n\n\nOther expense\n\n\n34\n\n\n\n(65,643\n)\n\n\n289\n\n\n\n(68,267\n)\n\n\nTotal other income (expense)\n\n\n(670,947\n)\n\n\n(379,818\n)\n\n\n(2,427,579\n)\n\n\n(2,309,469\n)\n\n\nLoss before income taxes\n\n\n(5,451,282\n)\n\n\n(7,875,138\n)\n\n\n(18,307,317\n)\n\n\n(22,950,463\n)\n\n\nIncome tax (expense)/benefit\n\n\n(335\n)\n\n\n(394\n)\n\n\n(335\n)\n\n\n(1,624\n)\n\n\nNet loss\n\n$\n(5,451,617\n)\n\n$\n(7,875,532\n)\n\n$\n(18,307,652\n)\n\n$\n(22,952,087\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nBasic and diluted net loss per common share\n\n$\n(0.07\n)\n\n$\n(0.14\n)\n\n$\n(0.26\n)\n\n$\n(0.41\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nWeighted average number of basic and diluted common shares outstanding\n\n\n75,146,980\n\n\n\n56,604,812\n\n\n\n70,966,475\n\n\n\n56,455,743\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nLOOP MEDIA, INC.\n\n\nADJUSTED EBITDA RECONCILIATION\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree months ended June 30,\n\nNine months ended June 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nGAAP net loss\n\n$\n(5,451,617\n)\n\n$\n(7,875,532\n)\n\n$\n(18,307,652\n)\n\n$\n(22,952,087\n)\n\n\nAdjustments to reconcile to Adjusted EBITDA:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest expense\n\n\n670,981\n\n\n\n962,718\n\n\n\n2,402,444\n\n\n\n2,889,745\n\n\n\nDepreciation and amortization expense*\n\n\n1,221,316\n\n\n\n1,074,173\n\n\n\n3,574,672\n\n\n\n2,809,609\n\n\n\nIncome tax expense (benefit)\n\n\n335\n\n\n\n394\n\n\n\n335\n\n\n\n1,624\n\n\n\nStock-based compensation**\n\n\n931,571\n\n\n\n2,592,369\n\n\n\n3,371,933\n\n\n\n6,858,983\n\n\n\nNon-recurring expense\n\n\n159,425\n\n\n\n62,615\n\n\n\n437,838\n\n\n\n62,615\n\n\n\nRestructuring costs\n\n\n220,053\n\n\n\n146,672\n\n\n\n220,053\n\n\n\n146,672\n\n\n\nLoss on extinguishment of debt\n\n\n\n\n\n\n\n\n25,424\n\n\n\n\n\n\nEmployee retention credits\n\n\n\n\n\n(648,543\n)\n\n\n\n\n\n(648,543\n)\n\n\nOther expense\n\n\n(34\n)\n\n\n3,028\n\n\n\n(289\n)\n\n\n5,652\n\n\n\nAdjusted EBITDA\n\n$\n(2,247,970\n)\n\n$\n(3,682,106\n)\n\n$\n(8,275,242\n)\n\n$\n(10,825,730\n)\n\n\n\n\n\n\n* Includes amortization of content assets and for cost of revenue and operating expenses and ATM facility.\n\n\n** Includes options, Restricted Stock Units (\"RSUs\") and warrants.\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240807898882/en/\nContacts\nLoop Media Investor Contact ir@loop.tv\nLoop Media Press Contact Grant Genskegrant@loop.tv","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2457872621"}