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engage:BDR has strongest first quarter and March to date since ASX listing

March quarter total revenue was A$5.3 million an increase of 247% on the Q1 2019 total, representing year-over-year growth of 147%.

engage:BDR Ltd - engage:BDR has strongest first quarter and March to date since ASX listing
Revenue during March grew 18% on the previous month to A$2.02 million

engage:BDR Ltd (ASX:EN1) continues to grow revenue with the March quarter total of A$5.3 million being the company’s strongest since ASX listing and 247% greater than the corresponding period of 2019.

The month of March was also EN1’s strongest to date with revenue growing 18% on the previous month to A$2.02 million, which was 211% higher than March 2019.

As evidenced by EN1’s previous results, the advertising industry traditionally expects 65-70% of its revenues in the second half of the year.

In 2019 the July to December period delivered 66% of the company’s total annual revenue.

Seasonal revenue

Management expects 2020 to produce similar revenue seasonality, as experienced in 2019 and all prior years, which provides EN1 with confidence for a strong 2020 performance despite the COVID-19 uncertainty.

Due to around 85% of the US population being in lockdown, many brands have temporarily reduced their marketing budgets, as consumers cannot transact with them at the moment.

As a result, the ad exchange did not see demand ramp-up as usual in the last days of the quarter and this is not just specific to EN1.

April forecast

With April representing the start of a new quarter, typically demand is lighter in the first three weeks of the first month.

The AdCel executive team, however, expects revenue to increase 25% in April, due to new NetZero publishers going live and maintaining consistent, uninterrupted international demand.

EN1 management does not have an indication or statistically relevant data on what to expect in the current quarter.

New opportunities

In light of significant interest rate reductions, EN1’s 2019 audited financial results and the US government’s US$2.2 trillion stimulus program, management has applied for several new financing opportunities, none of which involve equity.

Management is working with a large tier-1 Australian bank in the application process (3-4% APR). Additionally, EN1 qualifies and has applied for US SBA loans under the CARES Act, with UMB Bank US (2-3%).

Quick facts: engage:BDR Ltd

Price: 0.0065 AUD

Market: ASX
Market Cap: $11.2 m

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