Global podcast company (HQ in Sweden) reported second-quarter financials this morning. Sales growth and content enlargement resulted in net loss — not an uncommon financial scenario for digital audio platforms.
Here are the key financials as reported by Acast (SEK is the Swedish Krona; 1 Krona = 11 cents in U.S. currency).
- Strong net sales growth of 130% compared to Q2 2020
- Net sales amounted to SEK 226,635 thousand (98,454)
- The gross margin was stable at 37% (37%)
- A material improvement of the Adj. EBITDA margin to -21% (-45%) after eliminating mostly IPO related costs
- Adjusted EBITDA of SEK -46,638 thousand (-44,301)
- The operating loss was impacted by IPO related costs and was SEK -84,951 thousand (-51,439)
- The net loss for the period amounted to SEK -179,743 thousand (-58,858) which was impacted by the accounting treatment of the repayment of a quasi-equity instrument as part of the IPO
- Listens reached 880M (701M) and ARPL improved significantly to SEK 0.26 (0.14)
The company reports 31,000 shows on the platform, and calls out a few significant signings: The Young Turks, Jocke & Jonna, and Irish Times.
Also reported by CEO Ross Adams: The platform served 880-million plays in Q2. Average revene per listener (ARPL) nearly doubled from the previous year. Net sales growth was +130% year-over-year. See his entire statement and all key metrics HERE.
Acast completed a Nasdaq IPO on the Nasdaq First North Premier Growth Market, as we reported in June.