Good Life Increases Second Quarter Revenue Year Over Year by 123%

Good Life Networks (TSX:GOOD), a programmatic advertising company announced that second quarter revenue increased 123 percent to CS$3.4 million as compared to CS$1.5 million for the same period in 2017.

Further, the company said that it had a net income of CS$252, 712 as compared to a net loss of CS$353,632 in the same period last year.

As quoted in the press release:

“Our year over year revenue growth for the second quarter was exceptional and further supports our projected revenue and earnings objectives for the full fiscal year,” said Jesse Dylan, GLN President and CEO. “I’m proud of what the team has accomplished to date as they continue to execute on our strategy for long-term, sustainable growth.”

Financial Highlights:

• Revenue for the three months ending June 30th, 2018 was $3,435,835, a 123% increase from $1,538,995 reported for the same period 2017.

• Gross profit for the three months ending June 30th, 2018 increased to $1,591,016 from $612,530

• Gross margins for the three months ending June 30th, 2018 increased to 46.3% from 38.4%.

• Adjusted EBITDA for the three months ended June 30, 2018 was approximately $306,000 compared to an adjusted EBITDA loss of approximately $164,000 recorded for the Second Quarter 2017.

• Revenue was $4,757,974 for the six months ended June 30^th, 2018, a 197% increase from $1,599,864 reported for the six months ended June 30^th, 2017

• Gross profit for the six months increased to $2,039,286 from $614,500.

• Gross margins for the six months ending June 30^th, 2018 increased to 42.8% from 38.4%.

• BUSINESS UPDATE
  During the second quarter GLN achieved the following milestones:
  • Announced listing on the Frankfurt Stock Exchange under the trading symbol 4G5.
  • Entered an agreement with First Coin Capital to assist in the detailed analysis and planning of the GLN accounts receivable (AR) Blockchain application, which aims to vastly increase the speed of the vendor/buyer payments cycle in the digital advertising ecosystem, which currently takes up to 180 days, unnecessarily tying up billions of dollars of working capital across the industry.
  • Released audited financials for 2017, achieving $9.7 million in revenue and record $1.7 million in EBITDA.
  • Announced entering a binding letter of intent (LOI) to acquire all the issued and outstanding shares of Impression X, Inc., a leading connected television (“CTV”) advertising technology company. The CTV ad revenues are expected to reach $31.5 billion in 2018, up 275% from 2015 according to the Interactive Advertising Bureau.

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