AiAdvertising Reports Second Quarter 2023 Financial Results
10.23.2023
1H 2023 Revenue up 34% to $3.8 Million Driven by Platform Licensing and Digital Marketing
SAN ANTONIO, Texas, October 20, 2023–(BUSINESS WIRE)–AiAdvertising, Inc. (OTC: AIAD), a next-generation AdTech company focused on harnessing the power of artificial intelligence (AI) and machine learning (ML) for today’s marketing leaders, has reported its financial and operational results for the second quarter ended June 30, 2023.
Key Second Quarter and Subsequent 2023 Highlights and Business Update
- Revenue for Q2 2023 was $1.6 million, down slightly from $1.6 million in Q2 2022
- Revenue for the six months ended June 30, 2023, and 2022 was $3.8 million and $2.8, respectively, an increase of 34%.
- Platform License revenues for the quarter ended June 30, 2023, decreased by 31% to $0.2 million.
- Digital Marketing revenues for the quarter ended June 30, 2023, increased by 22% to $1.2 million.
- Net Loss for the quarter ended June 30, 2023 decreased by 8% to ($1.8) million.
- Net Loss for the six months ended June 30 2023 decreased by 41% to ($2.7) million.
- Net Cash used in the six months ended June 30, 2023 was $3.3 million, compared to cash used of $2.9 million a year ago.
- Received a $5.0 million equity investment to fuel the next phase of growth, including further development of AiAdvertising’s Campaign Performance Platform and to create a new focus area serving customers valuing founding American principles.
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