Kidoz Inc. Reports Financial Setbacks but Sees Growth in Programmatic Revenue in 2023

Kidoz Inc., a leader in mobile AdTech, has officially released its financial outcomes for the year ending December 31, 2023. According to the announcement, the company faced a overall decline in revenues, with total revenue reaching $13,326,824, marking a 12% decrease from the previous fiscal year. Despite this general downturn, specific sectors such as Programmatic Ad Tech Advertising displayed significant growth.

The report highlighted a 239% increase in Programmatic Ad Tech Advertising Revenue, a sharp contrast to the broader revenue reductions. The company also saw an increase in sales and marketing expenditures, along with a rise in non-capitalized R&D spending, reflecting ongoing investments in technology and market expansion efforts. Additionally, there was a notable increase in net loss after tax from the previous year and a decrease in free cash flow.

CEO Jason Williams commented on the influence of the post-pandemic market normalization and expressed optimism about the effectiveness of newly developed technologies and the potential growth from programmatic advertising. Despite the challenges in 2023, including reduced cash reserves and working capital, Kidoz anticipates a return to growth in 2024 driven by their strategic investments into new markets and technological advancements.