Key Highlights
- As a result of the acquisition completed in Q1-2019, Kidoz generated revenues of $0.82 million in Q2-2019, up from just $24k in Q2-2018. Approximately 71% of revenues in Q2-2019 came from ads.
- We believe the company has a significant early mover advantage in the kids’ digital ad market, considering that it has over 1,500 kids’ gaming / learning apps, and videos on its network, that are also compliant with U.S. and European digital privacy laws for kids. Its network has 50 million monthly users, and hundreds of brands advertise on the network.
- PwC estimates that the global kids’ (under 13 years) digital ad market will grow by approximately 22% p.a. from 2018 ($0.9 billion) to 2021 ($1.7 billion).
- Kidoz’ EBITDA in Q2-2019 was -$0.46 million versus -$1.18 million in Q2-2018, and -$0.61 million in Q1-2019. Its net loss in Q2-2019 was $0.40 million (EPS: -$0.00) versus $0.99 million (EPS: -$0.02) in Q2-2018, and $0.83 million (EPS: -$0.01) in Q1-2019.
- The company has a sound balance sheet with $1.05 million in cash, $2.05 million in working capital, and no debt at the end of Q2-2019.
- As Q2 revenues were lower than expectations, we have lowered our near-term revenue and EPS forecasts.
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