Internet advertising company SRAX (NASDAQ: SRAX) today reported its first quarter 2017 financial results. Among the highlights, the company recorded quarterly revenue of $5.3 million with gross profit of $2 million. SRAX reported a net loss of $2 million for the three-month period, compared to a loss of $2.4 million in the first quarter of 2016. “Over the past year, we have expanded our offering, creating new high growth revenue streams like SRAX Reach, and established a leaner infrastructure,” Christopher Miglino, CEO and chairman of SRAX, stated in the news release. “While not evident in our first quarter financial results due to our buy-side legacy business, we expect these strategic measures to generate growth and operating efficiencies beginning in the second quarter and increasing in the third quarter, as the legacy issues dissipate.” In line with these projections, SRAX management reaffirmed its 2017 guidance, forecasting revenue of between $45 million and $50 million for the fiscal year with Adjusted EBITDA guidance between $2 million and $5 million as a result of strategic cost management efforts.
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SRAX is an Internet advertising company that provides tools to automate the digital advertising market. The company’s real-time bidding (RTB) management platform for brands and publishers, also named SRAX, enables brands to launch, distribute, track and optimize social and digital media and consumer engagement campaigns. SRAXmd is a health care-focused programmatic RTB exchange that allows pharma brands and publishers of medical content to create custom exchanges that invite specific advertisers to bid on inventory on their sites. The SRAX Social tool is a social media platform and complete management tool that allows brands to launch, distribute, track and optimize social and digital media and consumer engagement campaigns. SRAX APP is a recently launched platform that allows publishers and content owners to launch native mobile applications through our SRAX platform. For more information, please visit www.srax.com
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