Loop Media (US:LPTV)2024-12-10 23:48Financial Data and Key Metrics Changes - For the fiscal year 2024, revenue was $22.3 million, down from $31.6 million in fiscal 2023, representing a decrease of approximately 29.3% [18] - In the fiscal fourth quarter, revenue was $3.7 million compared to $5.7 million in the same period last year, a decline of 35% [18] - Gross profit for the fiscal year 2024 was $6.0 million, down from $10.7 million in fiscal 2023, with a gross margin rate of 26.9% compared to 33.7% in the previous year [19] - The net loss improved to $24.5 million or $0.33 per share in fiscal 2024, compared to a net loss of $32 million or $0.56 per share in fiscal 2023 [24] Business Line Data and Key Metrics Changes - Active Loop Players and Partner Screens totaled approximately 77,000, with 27,811 QAUs on the owned platform, a decrease of 25% year-over-year [21] - Partner Platform screens increased by about 7,000 or 17% compared to the fourth quarter of fiscal 2023 [21] - SG&A expenses were reduced to $20.6 million in fiscal 2024 from $29.4 million in fiscal 2023, reflecting a 30% year-over-year decrease [22] Market Data and Key Metrics Changes - The company has shifted its distribution strategy internally, which has contributed to overall expense reduction [9] - The advertising industry is adapting to the CTV for out-of-home market, with participation from major players like Google and Microsoft [13] Company Strategy and Development Direction - The company is focused on achieving cash flow positivity and maximizing shareholder returns through cost optimization and operational efficiency [6][8] - Strategic measures include reducing third-party vendor costs, restructuring unprofitable contracts, and workforce reductions [7] - Future priorities include enhancing the functionality of Loop Players and increasing distribution to improve the bottom line [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the measures taken to improve operational efficiency and reduce cash burn, which will help the company reach breakeven [25] - The company acknowledges the challenges in revenue but highlights improvements in net loss and adjusted EBITDA as indicators of effective cost management [24] Other Important Information - Cash and cash equivalents were $0.8 million as of September 30, 2024, down from $3.1 million a year earlier [26] - The company raised an additional $5 million post fiscal year-end and is working on securing a more favorable ABL facility [26] Summary of Q&A Session - There was no Q&A session following the management remarks [29]