Bright Mountain Media (OTC: BMTM) Announces Strong Quarterly and Yearly Results
This morning investors may consider looking into Bright Mountain Media Inc (OTC: BMTM) a bit more closely in light of the latest financial results that were announced by the company yesterday. The company announced its financial results for the fourth fiscal quarter and the full fiscal year 2024, both of which ended on December 31, 2024.
The Performance
The company delivered fourth fiscal quarter revenues of $17.1 million, which worked out to an improvement of 13% from the prior year quarter. In the full fiscal year, the revenues went up to $56.7 million, an increase of 27% from the full fiscal year of 2023. The fourth quarter gross margins went up 1% to $5.5 million compared to the prior year quarter, while in the full fiscal year the gross margins hit $16.5 million, which was a 29% improvement from the previous fiscal year.
Further Information
In the news release, Bright Mountain Media also announced that there was widespread excitement within the company owing to the continued financial success. It was also noted that the company was working on the existing strong synergies thanks to the latest acquisitions on offering a range of new products and services.
Key Quote
Matt Drinkwater, the CEO of Bright Mountain Media, is thrilled to share news of our ongoing financial success. He commented, “We are delighted with our steady financial performance. In the fourth quarter, our revenue rose by 13%, and for the entirety of 2024, we saw a revenue increase of 27%, reaching $56.7 million. Additionally, our gross margin for the year climbed 29% to $16.5 million compared to last year.
