Nexxen International Ltd. (NASDAQ: NEXN) shares jump Thursday, as the advertising technology platform with deep expertise in data and advanced TV announced today its financial results for the three months ended June 30, 2024.
The company reported record Q2 Contribution ex-TAC of $83.1 million, up 4% year-over-year; Record Q2 programmatic revenue of $78.6 million, up 3% year-over-year. Record Q2 CTV revenue of $28.2 million, up 14% year-over-year
CTV revenue reflected 36% of programmatic revenue, up from 32% in Q2 2023
Programmatic revenue reflected 89% of revenue, compared to 91% in Q2 2023
Adjusted EBITDA of $26.8 million, up 27% year-over-year, representing a 32% Adjusted EBITDA Margin on a Contribution ex-TAC basis (30% on a revenue basis), compared to 26% (25% on a revenue basis) in Q2 2023
Video revenue reflected 74% of programmatic revenue, up from 71% in Q2 2023; $151.9 million net cash as of June 30, 2024, alongside $90 million undrawn on the Company’s revolving credit facility
Said CEO Ofer Druker, “In the second quarter we generated record Q2 Contribution ex-TAC, programmatic revenue and CTV revenue while increasing Adjusted EBITDA by 27% year-over-year, benefitting from increased momentum post-rebrand, better sales execution, scaling CTV partnerships and improved market conditions.”
NEXN shares captured 46 cents, or 6.2%, to $7.85.
