Kidoz said it expects its engagement in brand and campaign planning discussions will result in another record full year of revenues and profit.
The mobile AdTech developer said, as of April 2023, it has seen its network activity return to year-over-year gains after an anticipated slowdown in the wider advertising market during the first quarter of 2023.
"While this decline was expected and we can see this weakness is isolated to only the first quarter of the year, our performance has suffered as a result,” said Kidoz CEO Jason Williams in a statement accompanying the company’s 1Q earnings.
“The good news for the quarter is that our programmatic revenues are rising, our cash flow from operations was almost neutral and our gross margins showed improvement increasing to 40% from 36% in 1Q 2022.”
He continued: “More important than the temporary revenue decline during the slowest quarter of the year is the company's continued trajectory in building a leading technology platform and establishing strong commercial relationships with the world's leading brands.”
For the quarter ended March 31, 2023, Kidoz’s programmatic advertising revenue increased 153% year-over-year to $68,070 from $26,954 in 1Q 2022.
Its total revenue was $1,673,685, compared to $2,287,471 in the comparable period last year.
The company reported an adjusted EBITDA loss of $797,000 compared to $427,000 in the year-ago quarter.
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