- Yangaroo (TSXV:YOO) has reported a big earnings bump for the first quarter of 2020
- Revenue was up C$739,613 on the year before
- EBITDA was also up $724,911 from the previous year
- The company put the boost in sales down to COVID-19 and the US 2020 election race ramping up
- Yangaroo (YOO) is up 5 per cent at $0.115 per share, with a market cap of $6.9 million
Yangaroo (TSXV:YOO) has posted an increase in first quarter revenue for this year, on the back of work from home protocols across North America.
The tech company provides media management and distribution services, along with internal workflow software.
That software has been in high demand in the first quarter, as businesses look for ways of managing employees during shelter in place orders and lockdowns.
Consolidated revenue for the company’s first quarter totalled C$2,372,767, up from $1,633,154 the year before.
The company’s EBITDA for the quarter was $560,042, up from a $164,869 normalised EBITDA loss the year before.
Yangaroo put the increases in revenue down to increased advertising division revenue, “resulting from organic growth initiatives” along with an active political primary campaign season in the United States.
Yangaroo’s CEO, Gary Moss, said that prior to the “challenging times” coronavirus had brought to the world, the company was performing exceedingly well.
“This reflects the extraordinary impact of political advertising leading up to the 2020 US Presidential election, and as such is transitory spending that is unlikely to be sustained and will not be replicated annually.
“Excluding political campaign activity, however, our customers increased usage of our platform resulted in revenue growth in excess of 20 per cent year over year,” he added.
The company maintains a bank balance of some $2,723,000, significant for a company of Yangaroo’s size.
Yangaroo (YOO) is up 5 per cent to $0.115 per share at 9:44am EDT.
