Kidoz Inc. Announces Revenue of US$2,479,175 in Q2 2024

Kidoz Inc. reported its unaudited financial results for the second quarter of 2024, recording a total revenue of $2,479,175. This marks a 38% increase compared to Q1 2024. The revenue surge is primarily driven by Direct Ad Tech Advertising revenue, which grew by 38% to $2,335,283, and Programmatic Ad Tech Advertising revenue, which increased by 56% to $123,074.

Despite the revenue growth, Kidoz posted a net loss after tax of ($385,650), a 46% improvement from Q1 2024. The company's Adjusted EBITDA stood at ($236,815), an enhancement compared to the previous quarter. However, cash reserves dropped to $729,829 with a working capital of $2,461,257 as of June 30, 2024.

Kidoz CEO Jason Williams attributed the revenue growth to increased investments by advertisers targeting Generation Alpha. The company expects continued strong performance in H2 2024 with significant opportunities in reaching this technically savvy demographic.