TSX Venture Tech Stock (TSXV: ZOMD) (OTC: ZMDTF) Soars On Second Quarter Earnings

(MENAFN- Investor Ideas) Investorideas , a go-to platform for big investing ideas, including Stocks reports on trading for Zoomd Technologies Ltd. (TSXV: ZOMD ) (OTC: ZMDTF), providing an innovative mobile app user-acquisition platform that integrates with numerous global digital media outlets.

The stock makes the TSXV top percentage gainer today on news, currently trading at $0.3650, up 0.2050, gaining 128.1250% on volume of just under 1.9 Million shares as of this report. The stock had a day's high of $0.40.

Today Zoomd and its wholly-owned subsidiary Zoomd Ltd. (collectively, "Zoomd" or the "Company"), the marketing technology (MarTech) user-acquisition and engagement platform, today reported its financial results for the three and six months periods ended June 30, 2024. The Company's financial statements and management discussion and analysis ("MD&A") are available on SEDAR+ under the Company's profile.

Second Quarter Financial Highlights

Revenues were $14M reflecting 58% growth YoY. Gross profit margin was 38%.

Adjusted EBITDA [1] of $3M, a $2.7M increase compared to Q2.23.

Net income of $2.2M, reflecting the fifth consecutive quarter of net profit growth.

Ended with a cash balance of $4.4M and no long-term debt. Cash flow generated from operating activities of $2.3M.

Management Commentary

Ido Almany, CEO of Zoomd Technologies stated, "Over the past year, the strategic decisions we have made have directly contributed to our strong financial performance, fueling our continued growth and consistent improvements across all aspects of profitability. For instance, new clients acquired in recent quarters now represent over 10% of our total Q2.24 revenue. Furthermore, our operating profit has improved quarter over quarter, while total operating costs as a percentage of revenue decreased to 21% in Q2.24, a 50% reduction compared to the same quarter last year. Additionally, our net profit has shown steady improvement for five consecutive quarters. These results demonstrate our ability to execute our strategy effectively and adapt to market conditions, ensuring sustained growth and profitability as we move forward."

Amit Bohensky, Chairman of Zoomd Technologies added "These strong financial results are a testament to our team's dedication and the effectiveness of our focused strategy. As we move forward, we remain committed to driving innovation and maintaining the highest standards of excellence. We're excited to explore new opportunities that will further strengthen our market position and ensure long-term success."

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