In Q3-2019, Kidoz Inc. beat our expectations and generated $1.27 million in revenues, up 55% QoQ, and 3,004% YoY.
As a result of the Kidoz Ltd. acquisition in March, revenues in the first nine months of 2019 were $2.40 million, up from just $90k in the first nine months of 2018.
Monthly Active Users (MAU) on the KIDOZ network crossed 100 million across 3,500+ apps.
Approximately 92% of the revenues in Q3-2019 came from ad revenues (71% in Q2-2019).
Management is focused on ramping up ad revenues, and is transitioning to an ad-focused business model rather than focusing on generating gaming / content revenues.As per PwC, the global kids (under 13 years) digital ad market is expected to grow by approximately 22% p.a. from 2018 ($0.9 billion) to 2021 ($1.7 billion).
Kidoz reported gross margins of 41% in Q3-2019, up from 30% in Q2-2019.
Operating costs (excluding stock based compensation) in Q3-2019 were $0.64 million, down 10% QoQ.
As a result of higher revenues and lower costs, EBITDA improved from -$0.46 million in Q2-2019, to -$0.12 million in Q3-2019.
At the end of Q3-2019, the company had $0.81 million in cash, $2.11 million in working capital, with no debt.
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