Record Third Quarter Revenue of $36.3 Million up 23% YoYSelf-Service Revenue rose 64% to $8.4 Million200% Adjusted EBITDA Improvement YoY (All monetary figures are expressed in Canadian dollars unless otherwise stated) TORONTO, Nov. 08, 2024 (GLOBE NEWSWIRE) — illumin Holdings Inc. (TSX: ILLM) (OTCQB: ILLMF) (“illumin” or “Company”), a journey advertising technology company that empowers […]

illumin Reports Third Quarter 2024 Financial Results

Record Third Quarter Revenue of $36.3 Million up 23% YoYSelf-Service Revenue rose 64% to $8.4 Million200% Adjusted EBITDA Improvement YoY (All monetary figures are expressed in Canadian dollars unless otherwise stated) TORONTO, Nov. 08, 2024 (GLOBE NEWSWIRE) — illumin Holdings Inc. (TSX: ILLM) (OTCQB: ILLMF) (“illumin” or “Company”), a journey advertising technology company that empowers […]

Third quarter 2024 revenue was $36.3 million, up 23% compared to $29.6 million in Q3 2023, driven by increases in self-service revenue, exchange services component of our programmatic revenue, and growth in our managed services revenue.

Self-service revenue rose 64% year-over-year to $8.4 million for the quarter, representing 23% of total revenue compared to 17% in Q3 2023. This growth was largely due to new relationships to the Company.

The Company onboarded 29 net new self-service clients during the quarter with a focus on higher-spending customers.

Programmatic revenue grew by 39% to $10.1 million largely due to improvements in our exchange services business.

Managed-service revenue grew by 3% to $17.8 million.

Gross margin in the quarter was 47%, consistent with Q3 2023.

Net revenue, or gross profit (revenue less media-related costs), was $17.2 million, compared to $13.9 million in Q3 2023, reflecting higher sales.

Adjusted EBITDA increased 200% year-over-year to $1.9 million, mainly from higher revenue.

Q3 2024 net loss was $1.1 million, compared to a profit of $0.8 million in Q3 2023. This was mainly due to a net foreign exchange loss versus a gain in Q3 2023 and higher income tax expense.

On November 13, 2023, the Company commenced a new normal course issuer bid (“NCIB”) to purchase for cancellation up to 4,330,226 of its outstanding common shares. During the three and nine month periods ended September 30, 2024, the Company purchased 819,698 and 3,310,384 of its common shares under the NCIB at an average price of $1.59 and $1.64 per share, totaling $1.3 million and $5.4 million, respectively.

Cash and cash equivalents were virtually unchanged from prior quarter at $51.4 million as the positive cash generated from operations offset the share repurchases.