Kidoz Inc. Reports Revenue Growth in Q1 2024

Kidoz Inc. (TSXV:KIDZ), the mobile AdTech developer, has announced its unaudited financial results for Q1 2024. During this period, the company reported a total revenue of $1,793,071, marking a 7% increase from Q1 2023’s $1,673,685. Key contributors included a 10% rise in Direct Ad Tech Advertising Revenue to $1,695,140.

Programmatic Ad Tech Advertising Revenue reached $78,715, reflecting a 16% increase. Sales and marketing expenditure remained stable at $327,523, while R&D expenditures rose by 19% to $889,440. Kidoz reported a net loss after tax of $719,583, a 33% improvement from the previous year's loss. Adjusted EBITDA showed a loss of $543,289, better than the $796,915 in Q1 2023.

Cash reserves stood at $874,981 with a working capital of $2,698,684 as of March 31, 2024. Free cash flow for Q1 2024 was negative at $599,096 compared to a negative $46,996 in the prior year.

Kidoz continues to lead the market in mobile advertising targeting kids and families, adapting its strategy to changing market conditions. CEO Jason Williams highlighted the company’s resilience and strategic investments as key to anticipated growth throughout 2024.