Wed, Aug 14, 7:58 PM (153 days ago)
Bright Mountain Media, Inc. reported a net loss of $5.2 million for Q2 2024, a decrease from $6.1 million in Q2 2023, with total revenue rising 3% to $13.0 million. Year-to-date, revenue surged by 80% to $25.5 million, primarily due to the Big Village acquisition. However, gross margin fell to 26% from 33% year-over-year. Cost of revenue increased significantly, driven by higher publisher costs and direct project expenses. General and administrative expenses decreased by 35% in Q2 2024, reflecting staff reductions and decreased professional fees. Interest expenses rose 54% due to the Centre Lane Senior Secured Credit Facility, which now totals $74.6 million. The company faces substantial liquidity challenges, with a working capital deficit of $13.3 million and cash reserves of $2.7 million as of June 30, 2024. Management is exploring strategic alternatives to address these challenges, including debt refinancing and equity capital raising, amid ongoing operational uncertainties. The company continues to operate under a going concern basis, highlighting significant risks to financial stability.