Thursday, April 20, 2023
Michael Kupinski, Director of Research – Digital, Media & Technology Analyst, Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Revenue restatement. Certain invoices were not sent in a timely manner and roughly $1.4 million in revenue was not captured in its preliminary 2022 full year results. As such, full year revenue was $89.4 million rather than $88.0 million, as previously reported, and adj. EBITDA was $10.1 million rather than $8.8 million.
Favorable operating momentum. The restatement positively impacted 2022 results and, importantly, management re-iterated full year 2023 guidance of revenue between $118 million to $122 million.
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