Audioboom Group (BOOM) H1 2024 earnings summary

Executive summary

• H1 2024 revenue reached $34.1M, up 7% year-over-year, marking the third consecutive quarter of growth after an ad market recession.

• Adjusted EBITDA for H1 2024 was $0.3M, with Q2 showing acceleration and the third straight quarter of positive adjusted EBITDA.

• Showcase, the ad-tech marketplace, delivered record H1 revenue of $9.3M, up 37% year-over-year, now contributing 27% of group revenue.

• Despite iOS17 headwinds, revenue growth and monetisation improved, with record eCPM over $60 in Q2.

• Board is exploring strategic options, including a potential US public listing, to unlock shareholder value.

Financial highlights

• H1 2024 revenue: $34.1M (H1 2023: $31.8M); adjusted EBITDA: $0.3M (flat year-over-year).

• Showcase ad product delivered record E-CPM of $60.09 in Q2 2024, up 38% vs Q2 2023, and accounted for 27% of group revenue.

• Loss before tax narrowed to $1.3M from $10.6M in H1 2023, reflecting improved operational performance.

• Cash at June 30, 2024: $3.5M, with an undrawn $1.9M overdraft facility.

• Q2 2024 opex remained stable at $2.8M, with staff and commission costs up 11% year-over-year due to higher revenue and salary increases.

Outlook and guidance

• Further improvement in revenue growth rate expected in H2 2024.

• Over $65M in 2024 advertising bookings already secured, providing strong visibility for the remainder of the year.

• Strong Q4 revenue anticipated, driven by US elections and sports seasons.

• No further material impact from iOS17 expected, but download numbers will continue to limit upside.

• Board believes the company is undervalued and is actively considering a US listing.