Operating loss for Q3 2022 was $0.4m, compared to operating income of $1m in Q3 2021. Adjusted EBITDA for the period was $2.7m in Q3 2022, down 17% from the prior-year period.
As of 30 September 2022, cash and cash equivalents were $14.0m, compared to $2.5m as of 30 June 2022.
Including the results of Wedge Traffic, the affiliate Playmaker acquired in October, pro forma Q3 revenue was $10.1m. You can read an interview with Playmaker regarding this acquisition in the upcoming December edition of Trafficology.
“We are very proud to announce another strong quarter of revenue growth and profitability,” said Playmaker CEO Jordan Gnat. “Our vertical focus on sports, continued momentum of direct sales, organic audience growth, differentiated content, and diversified revenue streams, are serving us very well.
“Our acquisition of Wedge Traffic in October was a bullseye. We identified the need to add meaningful affiliate revenue and now we have the team and the business that can deliver that at scale. We remain on track, continue to deliver strong results, and we are looking forward to Q4 and the FIFA World Cup.”
Playmaker noted several operation highlights for the third quarter of 2022, including record engagement metrics across its owned and operated web properties, reaching a monthly high of 95 million users and generating 715 million sessions in the quarter.
These figures represent year-on-year increases of 30% and 55% respectively.
Playmaker CFO Mike Cooke commented: “We remained sharply focused on profitability during Q3. Our operating segments produced $2.3m of adjusted EBITDA in the quarter on an IFRS basis and $2.7m on a pro forma basis. Our organic growth remains strong, as shown by the 20% growth in pro forma revenue compared to Q3 2021.
“Meanwhile, the $20m convertible debt facility that we closed during Q3 provides significant additional capital to continue pursuing acquisitive growth opportunities as they arise. As we look ahead to Q4 and beyond, we are excited to continue building on the momentum we have generated in the first nine months of 2022.”