OverActive Media Reports a Narrower Loss and Higher Revenue for First Quarter
OverActive Media (OAM.V) after trade Wednesday said it first-quarter loss narrowed on higher revenue, "reflecting a higher-margin commercial mix and a leaner cost base".The company lost $2.5 million in the quarter ended March 31, compared with a loss of $3.7 million a year ago. OverActive Media said the decrease was driven by better gross profit, lower operating costs, and share-based compensation, partially offset by higher finance costs and other expenses.Revenue rose to $5.4 million from $5 million in the year-ago quarter. The 7% year-over-year growth was led by stronger business operations, including higher sponsorship, partnership, agency services, content production, and live event activity. This offset weaker team operations revenue, which reflected the timing of revenue recognition and the company's exit from the VALORANT Champions Tour league."This was a strong start to the year," Chief Executive Adam Adamou said, adding "our higher-margin commercial business is carrying more of the company, our cost base is leaner, and the gap to profitability is closing. We are executing the plan we set out, and the numbers are showing it."The company's shares closed unchanged at $0.195 on the TSX Venture Exchange.
