Bright Mountain Media Reports Record Third Quarter 2020 Financial Results

Source: Bright Mountain Media, Inc. 11/25/2020

Bright Mountain Media, Inc. (OTCQB: BMTM), an end-to-end digital media and advertising services platform, has provided its financial results for the third quarter ended September 30, 2020.

Management Commentary

“The third quarter of 2020 was highlighted by our continued revenue growth - a testament to the successful execution of our rollup strategy - with the goal of creating an industry leading digital media and advertising services platform,” said Kip Speyer, Chairman and Chief Executive Officer of Bright Mountain Media. “We continue to integrate Wild Sky Media post-acquisition and have been satisfied with the immense contributions their team has made to the broader organization thus far, expanding our reach into exciting new demographics through a diverse website portfolio.

“We are also exploring further potential acquisitions in what is shaping up to be a buyers market. Bright Mountain maintains a robust pipeline of potential acquisition candidates, though we will remain highly selective to ensure any target is accretive, reasonably valued and complementary to our core business.

“2020 has been a year of growth for Bright Mountain Media and I look forward to what 2021 holds. With a robust acquisition pipeline, a growing core business and a potential uplisting on the horizon – we are well positioned to create sustainable value for our shareholders over the long-term,” concluded Speyer.

Third Quarter 2020 Financial Summary

• Total revenue for the third quarter of 2020 grew 132% to $4.9 million, compared to revenue of $2.1 million in the same year-ago quarter. The increase in revenue was largely due to the acquisition of Wild Sky Media, in spite of the negative influence of COVID-19 on the digital advertising market.

• Selling, general and administrative expenses for the third quarter of 2020 were $5.5 million, compared to $2.7 million in the same year-ago quarter. The increase in selling, general and administrative expenses was due to the acquisitions of MediaHouse and Wild Sky which are not reflected in the prior period expenses

• Net loss for the third quarter of 2020 was $56.6 million, compared to a net loss of $2.0 million in the same year-ago quarter. The increase in net loss was primarily non-cash, related to the impairment of goodwill from previous acquisitions.

• Cash, cash equivalents and short-term deposits increased to $1.1 million as of September 30, 2020, compared with $1.0 million as of December 31, 2019.

• Cash used in operations for the second quarter of 2020 was $2.1 million, compared with cash used in operations of $0.4 million in the same year-ago quarter.
  

About Bright Mountain Media

Bright Mountain Media, Inc. (OTCQB: BMTM) is an end-to-end digital media and advertising services platform, efficiently connecting brands with targeted consumer demographics. Through the removal of middlemen in the advertising services process, Bright Mountain Media efficiently connects brands with targeted consumer demographics while maximizing revenue to publishers. Bright Mountain Media’s assets include Bright Mountain, LLC, MediaHouse (f/k/a NDN), Oceanside (f/k/a S&W Media), and Wild Sky Media including 24 owned and/or managed websites and 15 CTV apps. For more information, please visit www.brightmountainmedia.com.