Kidoz Inc. Announces Strong Growth in Q1 2022 with Revenue of $2,283,974 (up 47% over Q1 2021)

ANGUILLA, BWI / ACCESSWIRE / May 16, 2022 / Kidoz Inc. (TSXV:KIDZ) (the "Company"), mobile AdTech developer and owner of the market leading Kidoz Contextual Ad Network (www.kidoz.net) and the Kidoz Publisher SDK, announced today its unaudited financial results for the first quarter ended March 31, 2022. All amounts are presented in United States dollars and are in accordance with United States Generally Accepted Accounting Principles.

Recent Kidoz Inc. Q1 2022 highlights include:

• Total Revenue of $2,283,974 - growth of 47% compared to Q1 2021 Total Revenue of $1,557,942.
• AdTech revenue of $2,178,311 - growth of 45% compared to Q1 2021 AdTech Revenue $1,504,300.
• Q1 2022 Gross Profit of $830,895 - growth of 21% compared to Q1 2021 Gross Profit of $685,041.
• Q1 2022 Adjusted EBITDA loss of ($427,284) compared to Adjusted EBITDA loss of ($128,191) in Q1 2021.
• Q1 2022 loss of ($731,042) from a loss of ($347,044) in Q1 2021.
• Cash provided by operations of $15,881 compare to cash provided by operations of $393,060 in Q1 2021.
• Cash of $2,080,470 and working capital of $4,099,272 as at March 31, 2022.

"We're pleased with the first quarter of 2022," said Jason Williams, Kidoz CEO. "Our revenue grew greater than 40% compared to Q1 2021. This was driven by a substantial increase in volume through our leading kids-safe ad network. Meanwhile, we continue to invest in software development, marketing, and operations staff to raise our profile and enhance the technical and operational foundation of our new Performance and Programmatic growth initiatives," said Williams.

"While these investments were a slight drag on our profitability in the first quarter, we are confident that these investments will help maintain our rapid growth and return to profitability later on in the year.

Our visibility into revenue and EBITDA going forward is good, therefore, we are prepared to communicate 2022 revenue guidance of $19M to $21M, which represents approximately 60% year over year growth, and we expect 2022 Adjusted EBITDA to be positive and maintain our profitable Adjusted EBITDA for the third year in a row."

"The Company is building in an incredible way," said Eldad Ben Tora, President and GM EMEA. "We have become a leader in safe mobile advertising and the variety of opportunities in this area are immense as mobile continues to grow and become the dominant entertainment medium. Hundreds of millions of kids are consuming mobile content on a daily basis, and Kidoz helps to ensure their experience is safe, data-free and compliant while being performant for the mobile platforms. We are expanding our technology through as many platforms and channels as are available to reach and engage audiences globally. We believe 2022 will be another great year for Kidoz."