Audioboom Group PLC (AIM: BOOM) is on track to achieve its highest-ever revenue in 2024, following a robust performance at the end of 2023.
CEO Stuart Last shared his enthusiasm about the company’s progress, stating, “The final quarter of 2023 marked a significant turnaround, as we shifted back into growth. Our Q4 revenue exceeded US$19 million, the most since Q2 2022, showcasing the strides we’ve made throughout the year.
“The advertising sector’s renewed optimism, evidenced by substantial budget commitments during the upfront booking season, has been a key driver. This has enabled us to secure over US$47 million in revenue for 2024 through early bookings.”
The leading global podcast company witnessed a resurgence in revenue growth in Q4, reaching US$19.2 million. This represents a 37% increase from the previous quarter and a 5% year-over-year growth.
The company also reported a return to profitability in the fourth quarter, with an adjusted EBITDA of approximately US$0.2 million, a significant improvement from a US$1.9 million loss in the prior quarter.
Audioboom’s cash generation in the quarter was robust at US$3.7 million, an increase of US$0.7 million since 30 September.
However, total revenue for 2023 was US$65.0 million, a decrease from US$74.9 million in the previous year.
Notably, the company achieved a record eCPM (average revenue per 1,000 downloads) of US$58.82 in the quarter, up 59% from the previous quarter and 6% year-over-year.
