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illumin Reports Second Quarter 2024 Financial Results

In This Article:

illumin
illumin

Total Second Quarter Revenue of $29.2 Million
illumin Self-Service Revenue up 61% YoY and Represents 30% of Total Revenue
Adjusted EBITDA Improvement of 11% YoY

(All monetary figures are expressed in Canadian dollars unless otherwise stated)

TORONTO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- illumin Holdings Inc. (TSX: ILLM) (OTCQB: ILLMF) (“illumin” or “Company”), a journey advertising technology company that empowers marketers to make smarter decisions about communicating with online consumers, today announced its financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Highlights

  • Second quarter 2024 revenue was $29.2 million compared to $33.2 million in Q2 2023, reflecting a decline in managed service revenue and programmatic revenue, primarily in Latin America.

  • illumin self-serve revenue was $8.8 million in the quarter, up 61% year-over-year and represented 30% of total revenue compared to 16% in Q2 2023. This growth was driven largely by new customer relationships.

  • The Company onboarded 33 net new illumin self-serve clients during the quarter, resulting from sales initiatives targeting higher-spend customers.

  • Second quarter 2024 gross margin was 48%, which was consistent with Q2 2023 and a mild improvement from Q1 FY 2024.

  • Net revenue, or gross profit (revenue less media-related costs), for the second quarter ended June 30, 2024 was $14.0 million, compared to $15.9 million in Q2 2023, reflecting lower sales.

  • Adjusted EBITDA was $0.5 million, an increase of 11% compared to the same period in 2023 despite the decline in revenue, which was primarily attributable to lower operating costs.

  • Q2 2024 net loss was $1.0 million, compared to a net loss of $5.6 million in Q2 2023. This improvement was mainly due to lower operating costs, a net foreign exchange gain versus a loss in Q2 2023, and lower income taxes.

  • On November 13, 2023, the Company commenced a new normal course issuer bid (“NCIB”) to purchase for cancellation up to 4,330,226 of its outstanding common shares. During the three and six months ended June 30, 2024, the Company purchased and cancelled 1,342,344 and 2,490,686 of its common shares under the NCIB at an average price of $1.64 and $1.65 per share, totaling $2.2 million and $4.1 million, respectively.

  • In June 2024, the Company upgraded the trading of its common shares from the OTC Pink Market to the OTCQB Venture Market (the "OTCQB") in the United States, which is intended to provide shareholders and investors with improved accessibility, liquidity, and transparency on the Company.