Kidoz Inc said it continued to perform well in the second quarter of 2022, reporting total revenue of US$2.513 million, up from US$2.177 million in the same year-ago period, and has reiterated its revenue guidance range of $19 million to $21 million for full-year 2022.
"We're excited to announce another period of strong revenue growth for Kidoz in the second quarter of 2022, despite an extremely slow month of May across the entire industry, where revenues came in lower than anticipated as advertisers made adjustments within the turbulent market environment that exists today," Kidoz CEO Jason Williams said in the results statement.
"However, all three of our business units including brand, performance, and programmatic are performing well as we position the business for increased scale in the second half of the year,” he added.
READ: Kidoz owns the leading COPPA & GDPR compliant mobile advertising network that safely reaches hundreds of millions of kids, teens, and families every month
"We have increased our investment in both additional staff and technologies. While these investments significantly affect our first half profitability, we are confident that they will help maintain our rapid annual growth and drive strong returns later in the year and in the future. Kidoz is the market leader for kid-safe mobile advertising and the second half of the year, which accounts for the majority of our annual business, is off to a strong start," continued Williams.
"While some advertisers are behaving more cautiously in the current uncertain global environment, we have increased our focus on our worldwide diversification strategy, which has resulted in considerable growth in our non-US revenue. We are confident that Kidoz will continue to outperform given our market leadership and unique media offering," he added.
The mobile AdTech developer and owner of the market-leading Kidoz Contextual Ad Network and the Kidoz Publisher SDK said it had cash of $1.729 million and working capital of $3.773 million as of June 30, 2022.
For the three months ended June 30, it made a gross profit of $971,965, compared to $1,024,333 in the year-ago period. Net loss widened to $721,677 from a loss of $545,077 in the 2021 quarter, while adjusted EBITDA loss narrowed to $386,987 from a loss of $427,284 a year earlier.
"Our visibility into revenue and EBITDA going forward is good, therefore, we continue to provide 2022 revenue guidance of $19M to $21M, which represents approximately 60% year-over-year growth, and we expect 2022 Adjusted EBITDA to be positive and maintain our profitable Adjusted EBITDA for the third year in a row," Kidoz CEO Williams concluded.
Contact the author at jon.hopkins@proactiveinvestors.com