GAIA, INC (GAIA): auditor change — Gaia restates 2022-2023 financials; Q4 revenue $20.7M, net loss $(1.8)M

GAIA, INC

2022 and Q1–Q3 2023 financials restated due to errors in cash flow (media library, line of credit), equity method (Telomeron), and noncontrolling interest (BioWell).
Q4 2023 revenue $20.7M (+6% YoY); net loss $(1.8)M or $(0.08)/share.
Operating cash flow improved $2.1M in Q4; free cash flow positive $1.0M vs. negative $(0.7M) last year.
Member count 806k (up from 759k); targeting 838k by Q1 2024 and 15% revenue growth in 2024.
Company expects at least one material weakness in internal controls; prior audit report not to be relied upon.

item 2.02 item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

GAIA, INC reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Armanino LLP

Exact text from the filing

the audited and unaudited consolidated financial statements for each of the Non-Reliance Periods, and the related audit report of the Company’s previous independent registered public accounting firm, Armanino LLP, should no longer be relied upon

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GAIA, INC reported the quarter ended December 31, 2023 results: revenue $20.7 million, net income $(1.8) million, EPS $(0.08) per share. Guidance reaffirmed.

Period: the quarter ended December 31, 2023
Revenue: $20.7 million
Net income: $(1.8) million
EPS: $(0.08) per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Revenues for the fourth quarter 2023 increased 6% to $20.7 million from $19.6 million in the fourth quarter of 2022

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GAIA, INC reported the year ended December 31, 2023 results: revenue $80.4 million, net income $(5.6) million, EPS $(0.27) per share. Guidance reaffirmed.

Period: the year ended December 31, 2023
Revenue: $80.4 million
Net income: $(5.6) million
EPS: $(0.27) per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Revenue for the year was $80.4 million as compared to $82.0 million in 2022

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53 auditor changes filed in the last 30 days. Browse all auditor changes →

GAIA, INC filing history →

Source: SEC EDGAR

accession 0001140361-24-015659

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