Zoomd Technologies Ltd, or "Zoomd," revealed the company's financial results for the first quarter ending on March 31, 2022. Zoomd is a marketing company that has also seen growth in its iGaming and gaming sectors.
First-quarter revenues increased 140% year-over-year to $16.2m due to the onboarding of recent clients along with the growth from existing clients. The company also expanded into Latin America, Asia and North America.
Operating profit was $0.9M for Q1 of 2022 compared to an operating loss of $0.6M in the same quarter in the prior year. This profit is said to be the result of higher revenue for the quarter ending on March 31.
Ofer Eitan, Zoomd's CEO said: "We are very pleased with the continued robust pace of our business, as we see strong demand for our user-acquisition activities from both new and existing clients."
Eitan continued: "While we are happy with our current pace of growth, we believe that our ability to execute in various verticals, geos, plus different business models while we make our platforms accessible for self-serve use, can bring us to the next level even further than expected."
Expenses in the research and development sector for the first quarter of 2022 saw a 17% increase year-over-year. Part of this increase could be the result of the company developing its iGaming and gaming sectors.
As of March 31, 2022, the Company's cash and cash equivalents amounted to $5m and no debt.
The company also acquired all assets of Albert Technologies Ltd. and Albert Technologies' Inc in a cash and share deal on March 28, 2022.
Zoomd achieved a positive Adjusted EBITDA of $1.9m during Q1 of 2022 along with increasing "large customer" numbers by 200% year-over-year.
