CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31 March 31 2025 2024 Net revenue $26,708,032 $17,023,777 Cost of revenue 5,620,941 2,099,042 Gross profit 21,087,091 14,924,735 Operating expenses: Marketing costs 17,512,994 13,102,644 Compensation 3,599,321 3,224,859 General and administrative 1,744,563 688,510 Total operating expenses 22,856,878 17,016,013 Operating loss (1,769,787) (2,091,278)Interest expense, net 27,929 20,380 Other income (540,571) - Income tax expense 2,676 - Net loss $ (1,259,821) $ (2,111,658)Other comprehensive income: Unrealized gain (loss) on marketable securities - - Comprehensive income (loss) $ (1,259,821) $ (2,111,658) Net loss per share, basic and diluted ($0.01) ($0.02)Weighted average shares outstanding: Basic 142,719,274 138,789,669 Diluted 142,719,274 138,789,669 INUVO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31 December 31 2025 2024 Assets Cash and cash equivalent $2,561,993 $2,459,245 Accounts receivable, net 12,022,440 12,545,771 Prepaid expenses and other current assets 738,995 639,805 Total current assets 15,323,428 15,644,821 Property and equipment, net 1,793,966 1,792,903 Goodwill 9,853,342 9,853,342 Intangible assets, net of accumulated amortization 3,777,499 3,897,875 Other assets 943,956 1,006,990 Total assets $31,692,191 $32,195,931 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $7,257,005 $8,422,351 Accrued expenses and other current liabilities 10,221,581 9,463,537 Total current liabilities 17,478,586 17,885,888 Long-term liabilities 766,891 835,271 Total stockholders' equity 13,446,714 13,474,772 Total liabilities and stockholders' equity $31,692,191 $32,195,931 RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA(unaudited) Three Months Ended March 31 March 31 2025 2024 Net loss $ (1,259,821) $ (2,111,658)Interest expense, net 27,929 20,380 Income tax expense 2,676 - Depreciation and amortization 568,042 673,203 EBITDA (661,174) (1,418,075)Stock-based compensation 304,284 396,312 Non recurring items: Employee Benefit 335,000 - Adjusted EBITDA $ (21,890) $ (1,021,763) Reconciliation of Net Loss to EBITDA and Adjusted EBITDA We present EBITDA and Adjusted EBITDA as a supplemental measure of our performance.
Howe added, "Our Platform product is benefiting from technology and service enhancements initiated in late 2023, while Agencies & Brands are thriving with enhanced capabilities that enable marketers to quickly identify and target virtually any audience they can conceive, in minutes.” Financial Results for the First Quarter Ended March 31,2025 Net revenue for the first quarter of 2025 totaled $26.7 million, compared to $17.0 million for the same period last year.
Adjusted EBITDA [see reconciliation table below] was near break-even at a loss of approximately $22 thousand in the first quarter of 2025 compared to a loss of approximately $1.0 million for the same period last year.
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