Bright Mountain Media Q1 revenue down 57% to $1.5M; net loss widens to $3.8M; Big Village acquisition adds $50M revenue

Bright Mountain Media, Inc.

2023-Q1 EPS reported -$0.03 revenue$1,498,000

Revenue $1.5M, down 57% YoY from $3.5M; gross margin $528K, down 70%.
Net loss $3.8M compared to $2.1M loss in Q1 2022 (increase of 79%).
Adjusted EBITDA loss $2.1M vs $1.6M loss in prior-year period.
Acquisition of Big Village Insights & Agency divisions expected to add ~$50M annualized revenue and be accretive to adjusted EBITDA.
CEO Drinkwater cites transformation; integration of Big Village's proprietary data underway.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Bright Mountain Media, Inc. reported first quarter and Three Months Ended March 31, 2023 results: revenue $1.5 million, net income $3.8 million net loss.

Period: first quarter and Three Months Ended March 31, 2023
Revenue: $1.5 million
Net income: $3.8 million net loss
Result: reported results

Exact text from the filing

use this acquisition as a springboard to accelerating growth and maximizing value to shareholders.” 1 Financial Results for the Three Months Ended March 31, 2023 • Revenue was $1.5 million, a decrease of $2.0 million or 57% compared to $3.5 million for the same period of 2022. • Gross margin was $528,000, a reduction of 70%, compared to $1.7 million in the same

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Source: SEC EDGAR

accession 0001628280-23-017702

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