illumin (ILLM) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 revenue of CAD 36.3 million, up 23% year-over-year, driven by strong growth in Illumin Self-Serve and programmatic revenue.

• Illumin Self-Serve revenue rose 64% year-over-year to CAD 8.4 million, representing 23% of total revenue, with 29 new client onboardings.

• Adjusted EBITDA increased 200% year-over-year to CAD 1.9 million, reflecting operational leverage and revenue growth.

• Net loss for Q3 2024 was CAD 1.1 million, compared to a profit of CAD 800,000 in Q3 2023, mainly due to foreign exchange losses and higher tax expense.

• Managed Services returned to year-over-year growth for the first time in over a year.

Financial highlights

• Gross profit for Q3 2024 was CAD 17.2 million, up from CAD 13.9 million in Q3 2023.

• Gross margin remained steady at 47% year-over-year.

• Cash and cash equivalents at quarter-end: CAD 51.4 million, virtually unchanged from the prior quarter.

• Operating expenses were CAD 18 million, up from CAD 16.8 million, due to higher technology and administrative costs.

• Basic and diluted EPS was $(0.02) for Q3 2024, down from $0.01 in Q3 2023.

Outlook and guidance

• Expecting solid Q4 revenue growth, supported by recent organizational and sales team changes.

• Long-term focus remains on sustainable revenue growth, expanding managed and self-service offerings, and prudent cost management.