Innovid (US:CTV)2024-05-07 11:34Financial Performance - Q1 2024 revenue reached $36.7 million, reflecting a 21% year-over-year growth[2] - Q1 2024 net loss improved to $6.2 million from $8.6 million in Q1 2023[2] - Adjusted EBITDA for Q1 2024 was $4.4 million, representing a 12% Adjusted EBITDA margin, up from $0.1 million in Q1 2023[2] - Operating cash flow for Q1 2024 was $4.7 million, compared to $0.4 million in the same period of 2023[2] - Free cash flow for Q1 2024 was $2.0 million, an increase of $4.8 million compared to a use of $2.8 million in Q1 2023[2] - Revenue for the three months ended March 31, 2024, was $36,738 million, an increase of 20.5% compared to $30,485 million for the same period in 2023[32] - Operating loss improved to $(3,100) million for Q1 2024, compared to $(8,214) million in Q1 2023, reflecting a reduction of 62.3%[32] - Net loss for the three months ended March 31, 2024, was $(6,234) million, down from $(8,563) million in the same period last year, representing a 27.1% improvement[32] Guidance and Projections - Q2 2024 revenue guidance is projected between $37.5 million and $39.5 million, indicating year-over-year growth of 9% to 14%[4] - Full-year 2024 revenue guidance raised to a range of $156 million to $163 million, representing annual growth of 12% to 17%[4] - Full-year 2024 Adjusted EBITDA guidance increased to a range of $24 million to $29 million, up from the previous range of $22 million to $28 million[4] Assets and Liabilities - Total current assets decreased to $79,487 million as of March 31, 2024, from $101,620 million as of December 31, 2023, a decline of 21.8%[31] - Total liabilities decreased to $43,107 million as of March 31, 2024, from $50,658 million as of December 31, 2023, a reduction of 15.0%[31] - Cash and cash equivalents at the end of the period were $32,008 million, down from $45,416 million at the end of Q1 2023, a decrease of 29.5%[41] - Total stockholders' equity as of March 31, 2024, was $193,917 million, a slight decrease from $195,990 million as of December 31, 2023[31] Research and Development - Research and development expenses for Q1 2024 were $6,321 million, a decrease of 11.2% from $7,117 million in Q1 2023[32] Initiatives - Launched the Harmony initiative to optimize CTV advertising, enhancing efficiency and transparency[3] - Introduced Harmony Direct, aimed at streamlining the supply path for non-biddable guaranteed media[3] Share Information - The company reported a weighted-average number of shares used in computing net loss per share of 143,861,609 for Q1 2024, an increase from 141,194,179 in Q1 2023[40] Cash Flow - The company experienced a net cash provided by operating activities of $4,652 million for Q1 2024, compared to $368 million for the same period in 2023, indicating a significant improvement[41]