Wednesday, October 25, 2023
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Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Upside surprise. Q3 revenue of $20.6 million, which increased 30.0% year over year, was better than our $18.9 million estimate and reflected strong revenue growth in its Europe operations (+35.5%) and North America (+27.4%). Q3 adj. EBITDA beat expectations, $3.9 million versus our $3.1 million estimate.
Margin improvement. Adj. EBITDA margins were 18.7%, up significantly from the year earlier margins of 7.1%, reflecting the improved revenue performance and the company’s diligence on keeping costs low and its earlier significant cuts in its infrastructure footprint.
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