Network Media Group Reports Q3 2024 Financial Results Amid Challenging Production Landscape

VANCOUVER, BC, Oct. 30, 2024 /CNW/ – Network Media Group Inc. NTE NETWF (“Network” or “the Company”) today shared its financial results for the third quarter ended August 31, 2024 (“Q3 2024”). The results show revenues of $2,836,100, a decline from $2,638,225 in 2023. In contrast, the Company faced a net loss of $769,399, compared to a net income of $805,701 the previous year. The Adjusted EBITDA loss was $579,161, down from an income of $1,100,301 in 2023, while the Company has a backlog of $10.7M. On a per-share basis, the loss was $0.04, compared to earnings of $0.05 in 2023.

Network President Curtis White noted, “Q3 was an active quarter for the studio with several projects in various stages of production. However, we faced extended delivery timelines on multiple films. The financial results reflect an increase in service production work, with many proprietary productions set to deliver during Q4 and into early 2025. Our sales team is actively engaging potential financiers and commissioners about a strong slate of intellectual property. We are focused on forging strategic partnerships, growing our production backlog, and positioning the Company for long-term growth and profitability.”

Key metrics for Network for the nine months ended Q3 2024 include:

Contracted future revenues of $10.7M, with $5.9M expected in the next six months and $4.8M beyond that;
Revenues of $7,971,885, up from $5,732,555 in 2023;
A net loss of $2,130,143, or $0.12 per share, in contrast to a net loss of $601,537, or $0.03 per share, in 2023;
An Adjusted EBITDA loss of $1,272,247, or $0.07 per share, compared to Adjusted EBITDA income of $274,210, or $0.02 per share, in 2023.

During this quarter, Network continued both pre-production and production on:

Seven feature-length documentaries;
A new four-part documentary series.

About Network Media Group / Network Entertainment
Network Media Group is the parent company of Network Entertainment Inc. Network Entertainment is a creative boutique specializing in film, television, and digital content production. The company develops, finances, and produces award-winning programming for various platforms worldwide.

The premium content produced under the Network brand features world-class casts and intricate storytelling that resonates with both audiences and critics, leading to awards and high ratings. Additionally, Network NFT Studios collaborates with IP owners and artists to create and monetize digital collectibles within the web3 universe.

For further information about Network Entertainment Inc., please visit www.networkentertainment.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider assumes responsibility for the adequacy or accuracy of this release.

Cautionary Statement on Forward-looking Information Forward-looking statements in this news release are subject to risks and uncertainties. These statements are based on management’s current beliefs and expectations, which may not materialize. Events occurring after the date of this release may lead to actual results that differ materially from current expectations.

SOURCE Network Media Group Inc.

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