Trading Update
Upgraded adjusted EBITDA to at least US$3.1m, ahead of US$2.8m market expectations, driven by strong Showcase growth.
vs expectations: ahead
- Adjusted EBITDA (expected FY24) at least US$3.1m (prior US$2.8m market expectation)
- Revenue (expected FY24) at least US$73m
- Showcase revenue growth (November 2024) up 53% on November 2023
- Brand advertiser count (November 2024) 10,165 (prior 6,157 in November 2023)
- eCPM (November 2024) US$75.60 (prior US$54.75 in November 2023)
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Audioboom (AIM: BOOM), the leading global podcast company, is pleased to announce that it has continued its strong momentum during the fourth quarter of 2024 and the Board now expects that Audioboom will generate an increased adjusted EBITDA(1) profit of at least US$3.1 million, significantly surpassing the recently upgraded market expectation of US$2.8 million.
This performance has been driven by delivering excellent KPI growth in November 2024:
- Continued strong revenue growth from Showcase - our scalable, higher gross margin, tech-based advertising marketplace - up 53% on November 2023
- Record monthly brand advertiser count of 10,165, up 65% on November 2023 (6,157), as more brands utilise Showcase for scalable, targeted campaign delivery
- eCPM (average global revenue per 1,000 downloads) of US$75.60, up 38% on November 2023 (US$54.75), as pricing and demand levels across the platform continue to grow
The podcast industry has evolved materially over the past 12 months, largely driven by Apple's iOS17 update in late 2023 which depleted inventory levels and impacted the Company's potential revenue by an estimated US$15 million across 2024. As a result, the Company has focussed on growing its highest gross margin product, Showcase, which has improved the gross profit recognised. Due to the ongoing success of this approach, we expect to grow revenue to at least US$73 million this year, with significantly higher adjusted EBITDA profit than initially forecast.
The Company continues to perform very well, and we anticipate revenue growth for 2025 will be at least in line with the forecasted industry growth of 10%. Importantly, however, Audioboom's higher quality revenue is expected to generate significantly higher adjusted EBITDA profit in 2025.
Stuart Last, CEO of Audioboom, commented: "I am very pleased to see a third upgrade to our expectations this year, with Audioboom set to deliver at least US$3.1 million of adjusted EBITDA profit. Our platform is delivering higher-quality revenue and extracting more value than ever before, and I look forward to updating you further on our performance this year in January 2025."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.