VANCOUVER, Aug. 15, 2018 /CNW/ – Good Life Networks Inc. (“GLN“, or the “Company“) (TSXV: GOOD) (FSE: 4G5), a programmatic advertising technology company, today announced that second-quarter revenue increased 123% to $3,435,835 from the same quarter last year, and reported net income of $252,712, compared to a net loss of $353,632 in the same quarter last year.
“Our year over year revenue growth for the second quarter was exceptional and further supports our projected revenue and earnings objectives for the full fiscal year,” said Jesse Dylan, GLN President, and CEO. “I’m proud of what the team has accomplished to date as they continue to execute on our strategy for long-term, sustainable growth.”
Financial Highlights:
- Revenue for the three months ending June 30th, 2018 was $3,435,835, a 123% increase from $1,538,995 reported for the same period 2017.
- Gross profit for the three months ending June 30th, 2018 increased to $1,591,016 from $612,530
- Gross margins for the three months ending June 30th, 2018 increased to 46.3% from 38.4%.
- Adjusted EBITDA for the three months ended June 30, 2018, was approximately $306,000 compared to an adjusted EBITDA loss of approximately $164,000 recorded for the Second Quarter 2017.
- Revenue was $4,757,974 for the six months ended June 30th, 2018, a 197% increase from $1,599,864 reported for the six months ended June 30th, 2017
- Gross profit for the six months increased to $2,039,286 from $614,500.
- Gross margins for the six months ending June 30th, 2018 increased to 42.8% from 38.4%.
BUSINESS UPDATE
During the second quarter GLN achieved the following milestones:
- Announced listing on the Frankfurt Stock Exchange under the trading symbol 4G5.
- Entered an agreement with First Coin Capital to assist in the detailed analysis and planning of the GLN accounts receivable (AR) Blockchain application, which aims to vastly increase the speed of the vendor/buyer payments cycle in the digital advertising ecosystem, which currently takes up to 180 days, unnecessarily tying up billions of dollars of working capital across the industry.
- Released audited financials for 2017, achieving $9.7 million in revenue and record $1.7 million in EBITDA.
- Announced entering a binding letter of intent (LOI) to acquire all the issued and outstanding shares of Impression X, Inc., a leading connected television (“CTV”) advertising technology company. The CTV ad revenues are expected to reach $31.5 billion in 2018, up 275% from 2015 according to the Interactive Advertising Bureau.
Subsequent to Second Quarter
- GLN announced a commercial partnership under NDA with the digital advertising arm of a Fortune 500 U.S. based telecommunications company.
- GLN and Impression X have agreed to extend the LOI deadline and are confident the two parties are close to a Definitive Agreement.
- GLN’s technology integrates at the server level with both publishers and advertisers and is on target to complete approximately 30 integrations during 2018. GLN will only announce integrations that are deemed to be meaningful to revenue growth. GLN has executed 18 integrations as of the date of this release.
The Company’s condensed consolidated interim financial statements as at and for the three months ended June 30th, 2018 and related management’s discussion and analysis can be found on the Company’s SEDAR profile at www.sedar.com. All figures are expressed in Canadian dollars unless otherwise stated.
The GLN Story
GLN harnesses the power of artificial intelligence to improve marketing return on investments for advertisers. GLN is a patent pending machine learning programmatic video advertising technology company that does not collect PII (Personal Identifiable Information). GLN serves millions of online video ads daily 3 times faster than IAB (Interactive Advertising Bureau) standards through multiple server to server integrations with both publishers and advertisers. GLN is headquartered in Vancouver, Canada and with offices in the US and UK.
By 2020, MAGNA, the research arm of media buying firm IPG Mediabrands, expects digital ads to make up 50 percent of all ad spending, expected to reach $237 billion this year.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Additional information identifying risks and uncertainties is contained in GLN’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE Good Life Networks Inc.
For further information: Jessy Dylan, CEO, [email protected]