– Company achieves positive EBITDA for first time in history
TORONTO, Jan. 11, 2018 /PRNewswire/ – theScore, Inc. (TSX Venture: SCR) (“theScore”) today announced the financial results for the three months ended November 30, 2017 in accordance with International Financial Reporting Standards (“IFRS”).
In Q1 F2018 the Company achieved the first EBITDA positive quarter in its history. EBITDA was $0.5M, versus a loss of $0.4M for the same period the previous year.
“After previously forecasting that we would be EBITDA positive in F2018, we are very pleased to get this fiscal year off to a strong start, something which puts a solid foundation in place for the rest of the year,” said John Levy, CEO and Founder of theScore.
The Company achieved revenue of $8.4M for Q1 F2018 versus $8.5M for the same period the previous year. Increased US programmatic revenue and Canadian direct sales revenue was offset by lower direct sales in the US.
Average monthly active users of theScore app* for Q1 F2018 were 4.3M versus 4.4M for the same period the previous year, while average monthly app sessions-per-user were 103 versus 102 for Q1 F2017.
theScore app on iOS showed positive momentum this quarter, breaking new single-month user records in both October and November. For Q1 F2018, monthly active users of theScore app on iPhone and iPad were up by 6% for the same period the previous year. Monthly active users of theScore app on Android were down by 11% over the previous year.
“Following the launch of our newly designed flagship app at the end of Q4, we’ve seen some extremely encouraging growth on our iOS platforms, twice breaking records for users in a single month in Q1,” said Mr. Levy. “While the change in Android users is reflective of trends we’ve seen with other apps in the free sports category in Google Play over the past year, we believe a combination of product and marketing initiatives will enable us to tackle this platform-specific challenge head-on by improving both user acquisition and retention.
“Our priority now is building on this momentum through the continued improvement of our offering through ongoing experimentation and maintaining our regular bi-weekly release cycles to get updates into the hands of sports fans as quickly as possible.”
theScore’s esports team also reinforced its focus on the creation of original video content during Q1 F2018, doubling-down on the production