Shares in Mirriad Advertising PLC (AIM:MIRI, OTCQX:MMDDF) dropped 36% after the company warned of significantly reduced revenue expectations for 2024.
The in-content advertising firm struggled to secure major US contracts, with slower-than-expected progress in traditional markets and a decline in advertiser demand linked to election uncertainty and a shift toward digital ad solutions.
Revenue for the year is now expected to range between £1 million and £2 million, with the upper estimate reliant on finalizing partnerships with global agency groups.
While programmatic advertising efforts are advancing, they are unlikely to contribute significantly this year.
Mirriad has cut annual costs to £8 million from £11.7 million in 2023, and its cash reserves stood at £6 million at the end of October.
The stock was changing hands for 0.18p, down 0.10p, valuing the business at £1.17 million.