Audioboom Reports Record Adjusted EBITDA Profit

Audioboom (LON: BOOM) shares fell Monday morning after the company updated the market on its performance in the fourth quarter, revealing a rise in 2022 and a record adjusted EBITDA profit.

Audioboom's annual adjusted EBITDA profit increased 16% year-over-year to approximately $3.6 million.

Meanwhile, its fourth-quarter revenue came in at $18.4 million, up 14% on Q3 2022's $16.2 million. However, it was below the $20.5 million reported in Q4 2021, although 2022 revenue of approximately $75.5 million represents a 25% increase on the $60.3 million reported in 2021.

The company said its average Q4 total brand advertiser count was 5,944, up 4% on Q3, while it has contracted revenue of more than $44 million for 2023 through advance advertising bookings despite the current uncertainty in the advertising market.

“Despite the continued uncertainty in the advertising market, we have made positive progress, having secured more than US$44 million in advance advertising bookings for 2023,” the company said.

Even so, Audioboom confirmed that across 2023 it will restructure its sales organisation, to ensure it remains competitive at the top end of the podcast industry.

“2022 was a year of significant cash generation, record adjusted EBITDA profit, and 25% revenue growth for Audioboom. On paper a very successful period, but ultimately our performance was restricted by global economic headwinds which negatively impacted the wider advertising market,” said Stuart Last, CEO of Audioboom. “Within the podcast industry, our revenue growth once again outpaced our competitors, and for the fifth straight year we gained market share. We are now the fourth largest publisher in the US – a true leader in podcasting.”

Audioboom shares are down over 3% at the time of writing.