QYOU Media Inc. (TSXV: QYOU; OTCQB: QYOUF) ("QYOU Media" or the "Company"), a next generation global media company that curates, packages and distributes premium digital short-form video for multiscreen distribution has reported financial results for the quarter ended March 31, 2019. All figures appear in Canadian dollars.
Financial Highlights for the Quarter
For the three months ending March 31, 2019, revenues were $601,269 as compared to $1,745,738 for the three months ended March 31, 2018, a decrease of $1,144,469 or 65.6%. The decrease in revenue is primarily due to the previously disclosed termination of the programming services agreement with Sinclair Digital Group LLC in September 2018 along with the non-renewal of daily production of Heads Up Daily for SuperChannel as of January of 2019.
For the three months ended March 31, 2019, Operating Expenses decreased by $1,279,767 or 33.2% compared to the three months ended March 31, 2018. For the nine months ended March 31, 2019, Operating Expenses decreased by $2,146,608 or 21.5% compared to the nine months ended March 31, 2018. The decrease for the three months and nine months ended March 31, 2019 is primarily due to cost cutting measures to realign the operations.
For the three months ended March 31, 2019, net loss decreased by $254,876 as compared to the three months ended March 31, 2018, due to decrease in revenue offset by decreases in content and production costs. For the nine months ended March 31, 2019, net loss decreased by $587,193 as compared to the nine months ended March 31, 2018.
Cash used for operating and investing activities during the three and nine months ended March 31, 2019 was $787,594 and $3,614,210, respectively, as compared to $1,840,820 and $5,402,420 for the same periods last year. Reductions in cash used was primarily driven by cost cutting measures and completion of investment in capitalized programming assets.
QYOU Media's CEO, Curt Marvis, stated, "We expect a return to solid revenue growth and we have also implemented focused cost reductions that we believe will result in our monthly operating cash burn rate improving materially."
Detailed information in QYOU Media's financial statements for the quarters ended March 31, 2019 and 2018, the notes to the financial statements and QYOU Media's interim management discussion and analysis and quarterly highlights have been posted to the Company's website and have been filed under QYOU Media's profile on SEDAR at www.sedar.com.