Loop Media Inc. ( (LPTV) ) has released its Q4 earnings. Here is a breakdown of the information Loop Media Inc. presented to its investors.
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Loop Media, Inc. is a multichannel streaming connected television platform specializing in curated content such as music videos, sports highlights, and digital signage for businesses, operating across the digital out-of-home sector in various locations worldwide.
In its latest earning report for the fiscal year 2024, Loop Media disclosed a challenging year with a notable decline in revenue and gross profit, primarily attributed to a downturn in digital advertising and a difficult ad market environment. Despite this, the company managed to narrow its net loss significantly compared to the previous year, indicating efforts to improve its financial performance.
Key financial metrics for the fiscal year 2024 included a 30% drop in revenue to $22.3 million and a decrease in gross profit to $6.0 million. The company also reported a net loss of $24.5 million, an improvement from the previous year’s $32.0 million loss. For the fourth quarter specifically, revenue fell by 35% to $3.7 million, but the net loss improved to $6.2 million from $9.0 million, reflecting successful cost management efforts. Loop Media also reduced its operating expenses significantly by cutting payroll and marketing costs.
Looking ahead, Loop Media’s management is focused on achieving a cash flow positive position and enhancing its technological infrastructure to improve ad services and functionality. The company is optimistic about its strategic measures, including software upgrades and a streamlined business model, which are expected to support its goal of increased distribution and a stronger bottom line in the coming fiscal year.
