AG真人官方

Bright Mountain Media, Inc Announces Third Quarter 2024 Financial Results

• Third quarter revenue decreased to $14.2 million compared to $15.3 million for the third quarter of 2023.
• Year to date revenue increased by $10.2 million to $39.6 million compared to $29.4 million for the same period of 2023.

Boca Raton, FL, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Bright Mountain Media, Inc. (OTCQB: BMTM) (鈥淏right Mountain鈥� or the 鈥淐ompany鈥�), a global marketing service platform with capabilities in digital publishing, advertising technology, consumer insights, creative and media services, today announced its financial results for the third quarter and nine months ended September听30, 2024.

Matt Drinkwater, CEO of Bright Mountain Media, is excited to report our continued financial progress and addition of industry veteran Board Members this past quarter. He states, "We are pleased with our continued positive financial performance focused on our bottom-line. Our third quarter net loss was $3.3 million, a decrease of 84%, compared to a $19.8 million net loss in the same period of 2023, and our Adjusted EBITDA of $804,000 represented an increase of $521,000 from $283,000 during the same period of 2023. Our current focus of maximizing synergies from prior acquisitions, launching innovative products and services, and advancing our vision of becoming an end-to-end marketing services platform is showing up in our financials. We are also proud that we can recruit distinguished industry leaders who will bring significant strategic guidance and unique perspective. We are eager to leverage their collective experience to propel our mission forward."

Financial Results for the Three Months Ended September听30, 2024

Financial Results for the Nine Months Ended September听30, 2024

About Bright Mountain Media

Bright Mountain unites a diverse portfolio of companies to deliver a full spectrum of advertising, marketing, technology, and media services under one roof鈥攆used together by data-driven insights. Bright Mountain鈥檚 subsidiaries brands include Big Village, Deep Focus, Wild Sky Media, and BrightStream. For more information, please visit .

Forward-Looking Statements for Bright Mountain Media, Inc.

This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties. Such forward-looking statements can be identified by the use of words such as 鈥渟hould,鈥� 鈥渕ay,鈥� 鈥渋ntends,鈥� 鈥渁nticipates,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥減rojects,鈥� 鈥渇orecasts,鈥� 鈥渆xpects,鈥� 鈥減lans,鈥� and 鈥減roposes,鈥� and similar words. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to how the experience of the Company's board will enhance its strategic direction and trajectory. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading 鈥淩isk Factors鈥� in Bright Mountain鈥檚 Annual Report on Form 10-K for the year ended December听31, 2023 and our other filings with the SEC. Bright Mountain does not undertake any duty to update any forward-looking statements except as may be required by law.

Contact / Investor Relations:
Douglas Baker
Email:
Tel: (561) 807-6350

BRIGHT MOUNTAIN MEDIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(in thousands, except share and per share data)

BRIGHT MOUNTAIN MEDIA, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)

* Derived from audited consolidated financial statements.

BRIGHT MOUNTAIN MEDIA, INC.
RECONCILIATION OF NET LOSS TO NON-GAAP EBITDA AND ADJUSTED EBITDA
(in thousands)

Non-GAAP Financial Measure

Non-GAAP results are presented only as a supplement to the financial statements and for use within management's discussion and analysis based on U.S. generally accepted accounting principles ("GAAP"). The non-GAAP financial information is provided to enhance the reader's understanding of the Company's financial performance, but non-GAAP measures should not be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP.

All of the items included in the reconciliation from net loss before taxes to EBITDA and from EBITDA to Adjusted EBITDA are either (i) non-cash items (e.g., depreciation, amortization of purchased intangibles, stock-based compensation, etc.) or (ii) items that management does not consider to be useful in assessing the Company's ongoing operating performance (e.g., M&A costs, income taxes, gain on sale of investments, loss on disposal of assets, etc.). In the case of the non-cash items, management believes that investors can better assess the Company's operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect the Company's ability to generate free cash flow or invest in its business.

We use, and we believe investors benefit from the presentation of, EBITDA and Adjusted EBITDA in evaluating our operating performance because it provides us and our investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our core operations. We believe that EBITDA is useful to investors and other external users of our financial statements in evaluating our operating performance because EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, and depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.

Because not all companies use identical calculations, the Company's presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the Company's performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures.

A reconciliation of net loss before taxes to non-GAAP EBITDA and Adjusted EBITDA is as follows: