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Loop Media Inc (LPTV-2.44%). has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports a decrease in revenue to $3,730,723 from $10,171,256 in the same quarter the previous year, attributed to a slowdown in digital advertising spend and changes in terms by a major ad demand participant.
Cost of revenue decreased to $2,298,327 from $6,546,717, reflecting lower variable costs due to decreased revenue, offset by fixed and minimum fee licensing costs.
The company reported a gross profit of $1,432,396, down from $3,624,539 in the previous year. The gross profit margin increased slightly to 38.4% from 35.6% due to a higher contribution from the O&O Platforms business.
Operating expenses fell to $4,912,074 from $7,881,077, driven by reductions in payroll, marketing, professional fees, and administrative expenses.
Net loss for the quarter was $4,540,221, compared to $5,285,402 in the previous year. The company continues to focus on cost-saving measures and strategic alternatives to improve financial performance.
Loop Media had approximately 83,000 active Loop Players and Partner Screens as of December 31, 2024, with a decrease in quarterly active units to 23,225 from 27,811 in the prior quarter.
The filing details various debt agreements, including revolving and non-revolving lines of credit, convertible notes, and other debt instruments, with a focus on managing liquidity and capital resources.
Loop Media continues to explore options for raising additional capital and maximizing shareholder value, while also implementing measures to reduce operating costs and improve efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Loop Media Inc quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.