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illumin Reports Third Quarter 2024 Financial Results

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illumin
illumin

Record Third Quarter Revenue of $36.3 Million up 23% YoY
Self-Service Revenue rose 64% to $8.4 Million
200% Adjusted EBITDA Improvement YoY

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

TORONTO, Nov. 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 third quarter ended September 30, 2024.

Third Quarter 2024 Highlights

  • Third quarter 2024 revenue was $36.3 million, up 23% compared to $29.6 million in Q3 2023, driven by increases in self-service revenue, exchange services component of our programmatic revenue, and growth in our managed services revenue.

  • Self-service revenue rose 64% year-over-year to $8.4 million for the quarter, representing 23% of total revenue compared to 17% in Q3 2023. This growth was largely due to new relationships to the Company.

  • The Company onboarded 29 net new self-service clients during the quarter with a focus on higher-spending customers.

  • Programmatic revenue grew by 39% to $10.1 million largely due to improvements in our exchange services business.

  • Managed-service revenue grew by 3% to $17.8 million.

  • Gross margin in the quarter was 47%, consistent with Q3 2023.

  • Net revenue, or gross profit (revenue less media-related costs), was $17.2 million, compared to $13.9 million in Q3 2023, reflecting higher sales.

  • Adjusted EBITDA increased 200% year-over-year to $1.9 million, mainly from higher revenue.

  • Q3 2024 net loss was $1.1 million, compared to a profit of $0.8 million in Q3 2023. This was mainly due to a net foreign exchange loss versus a gain in Q3 2023 and higher income tax expense.

  • 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 nine month periods ended September 30, 2024, the Company purchased 819,698 and 3,310,384 of its common shares under the NCIB at an average price of $1.59 and $1.64 per share, totaling $1.3 million and $5.4 million, respectively.

  • Cash and cash equivalents were virtually unchanged from prior quarter at $51.4 million as the positive cash generated from operations offset the share repurchases.

Simon Cairns, illumin’s Chief Executive Officer, commented, “Once again we saw strong growth in self-service revenue during the third quarter, which rose 64% year-over-year mainly from new customers who see the illumin platform’s immense value with its open web visibility and unique campaign insights. Importantly, this quarter also marked notable growth in our programmatic segment due to inbound opportunities and furthermore the resumption of managed service growth – for the first time since fourth quarter 2022 - as more customers are starting to use both managed service and self-service products. All of this drove record total company third quarter revenue.”