- EarthLabs Inc. (TSXV: SPOT; OTCQX: SPOFF; FSE: 8EK0) announces significant growth in advertising and subscription revenues for Q4 and Fiscal Year 2024.
- Advertising revenue surged by 172.1% in Q4 and 176.9% for the full year compared to 2023, reaching $6,108,765.
- Despite a net comprehensive loss, the company is focusing on strategic investments and cost-cutting measures to drive future growth.
EarthLabs Inc. reported consolidated financial results for the fourth quarter and fiscal year ended December 31, 2024, showcasing notable improvements in key revenue streams. The company achieved a robust 172.1% increase in advertising revenue in Q4 2024, totaling $1,843,012, up from $677,279 in the same period of 2023. For the entire fiscal year, advertising revenue soared to $6,108,765, representing a 176.9% increase from the previous year.
Subscription revenue also experienced significant growth, with a 39.9% increase in Q4, bringing in $322,338, compared to $230,391 year-over-year. This upward trend extended throughout 2024, with annual subscription revenue reaching $1,237,035, a 41.3% rise from 2023 figures.
However, EarthLabs faced challenges with net investment losses amounting to $3,667,473 in Q4 2024, compared to $1,263,270 in Q4 2023. The company reported a comprehensive net loss of $4,959,177 for the quarter, a reduction from the net loss of $11,220,627 in the same period the previous year. For the fiscal year, net losses stood at $6,187,284 versus $16,623,683 in 2023.
In response to these results, Denis Laviolette, Executive Chairman and CEO, emphasized the company's strategic direction through targeted cost-cutting measures and investments in promising mining sector companies. EarthLabs ended 2024 with total cash, cash equivalents, and investments amounting to $39,234,437, a slight decrease from $42,943,109 at the end of 2023.
The company remains optimistic about the opportunities ahead, strengthened by a $3.45 million deferred revenue, signaling strong client confidence in their services despite macroeconomic headwinds.
