ViewBix Inc(VBIX) - 2023 Q2 - Quarterly Report

Revenue Performance - Revenues for the three months ended June 30, 2023, were $27,154 thousand, an increase of 9.8% compared to $22,902 thousand in the same period last year [100]. - Revenues from Cortex's Content Platform increased to $21,312 thousand, up 25.1% from $17,040 thousand year-over-year, driven by operational growth and increased content in multiple languages [102]. - Revenues from Gix Media's Search Platform slightly decreased to $5,842 thousand, down 0.3% from $5,862 thousand in the prior year [103]. - For the six months ended June 30, 2023, total revenues were $48,016 thousand, an increase of 10.5% from $43,337 thousand in the same period last year [112]. - Cortex's Content Platform revenues for the six months reached $37,064 thousand, up 17.9% from $31,439 thousand year-over-year, attributed to increased reader traffic and content expansion [113]. - Gix Media's Search Platform revenues decreased to $10,952 thousand, down 7.9% from $11,898 thousand, due to reduced search referrals from strategic partners [114]. Expenses - Traffic-acquisition costs rose to $24,050 thousand, an increase of 22.4% compared to $19,650 thousand during the same period last year [104]. - General and administrative expenses increased to $688 thousand, up 108.5% from $329 thousand year-over-year, primarily due to increased salaries and professional services following the Reorganization Transaction [107]. - Traffic-acquisition and related costs increased to $42,031 thousand for the six months ended June 30, 2023, up $4,766 thousand from $37,265 thousand in the same period last year [115]. - Research and development expenses decreased to $1,513 thousand for the six months ended June 30, 2023, down from $1,641 thousand during the same period last year [116]. - Selling and marketing expenses rose to $1,438 thousand for the six months ended June 30, 2023, an increase of $213 thousand compared to $1,225 thousand in the prior year [117]. - General and administrative expenses increased to $1,392 thousand for the six months ended June 30, 2023, up $516 thousand from $876 thousand in the same period last year [118]. - Depreciation and amortization expenses increased to $1,468 thousand for the six months ended June 30, 2023, compared to $1,315 thousand during the same period last year [119]. Financial Performance - Net financial expenses decreased to $246 thousand, down 66.5% from $736 thousand in the same period last year, mainly due to reduced financial expenses related to currency exchange rates [110]. - Net financial expenses decreased to $431 thousand for the six months ended June 30, 2023, down from $1,073 thousand in the prior year [121]. - Income tax expenses were $87 thousand, compared to a tax benefit of $23 thousand in the prior year, reflecting a shift from previous tax benefits recorded by Gix Media [111]. - Income tax expenses increased to $171 thousand for the six months ended June 30, 2023, compared to $8 thousand during the same period last year [122]. Assets and Liabilities - Current assets as of June 30, 2023, totaled $26,283 thousand, including $3,304 thousand in cash and cash equivalents [123]. - Current liabilities as of June 30, 2023, amounted to $26,592 thousand, with $17,345 thousand in accounts payable [125]. Cash Flow - Positive cash flow from operating activities for the six months ended June 30, 2023, was $1,015 thousand, resulting from a net loss of $428 thousand and $1,402 thousand from positive adjustments [131].