Zedge revises Q3 FY2021 results upward $0.5M on tax benefit; files 10-Q/A

Zedge, Inc.

Net income increased by $0.5M; diluted EPS revised from $0.13 to $0.17 for Q3 ended April 30, 2021.
Revision relates to release of a valuation allowance on deferred tax assets; no impact on full-year FY2021 results.
Company identified a material weakness in disclosure controls over evaluation of deferred tax asset valuation allowance.
Material weakness outsourced to outside accounting firm since fiscal 2018; remediation underway.
Select Q4 FY2021 revenue grew 93% to $5.2M; full-year revenue up 106.6% to $19.6M (previously reported on Oct 27).

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