The following is a summary of the Loop Media, Inc. (LPTV) Q2 2024 Earnings Call Transcript:
Financial Performance:
Loop Media reported a decrease in Q2 2024 revenue to $4 million, a 26% decrease from Q2 2023.
The company's gross profit margin dropped to 10.4% in Q2 2024 from 29.4% in Q2 2023.
The net loss for Q2 2024 was $7.6 million (or $0.11 per share), smaller than the $9.8 million ($0.17 per share) loss of Q2 2023.
As of March 2024, Loop Media's cash and cash equivalents were down to $2.2 million from $3.8 million in December 2023.
Business Progress:
Loop Media has around 83,000 active Loop Players and partner screens across their network as of March 2024.
Significant organizational changes have been implemented to increase competitiveness and speed up the journey to breakeven and operating profitability.
The focus is on increasing the distribution footprint in selected advertising markets and more appealing out-of-home locations.
The company expects a challenging ad market environment due to changes in business terms by one of the major ad demand contributors.
The new CEO plans to improve the profitability and increase the revenues.
More details: Loop Media IR
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