Conference call will be held on April 24, 2024 at 11AM ET VANCOUVER, BC, April 24, 2024 /PRNewswire/ -- Zoomd Technologies Ltd. (TSXV:ZOMD) (OTC:ZMDTF) and its wholly-owned subsidiary Zoomd Ltd. (collectively, "Zoomd" or the "Company"), the marketing technology (MarTech) user-acquisition and engagement platform, today reported its financial results for the three months and full year ended December 31, 2023. The Company's financial statements and management discussion and analysis ("MD&A") are available on SEDAR+ under the Company's profile. Key Financial Highlights Revenues in FY2023 were $32.1M, a 39% decline versus FY2022, primarily due to lower revenues from the cryptocurrency sector and Zoomd's decision to discontinue unprofitable activities. Gross margins increased by 6% for the same period. Mid-year improvements were made to address market trends. These actions lead to positive operating income in Q4.23, for the first time in the last 5 quarters. Ended FY2023 with a cash balance of $2.6M, net cash generated from operating activities of $0.4M, and no long-term debt. Management Commentary Ido Almany, CEO of the Company stated, "In response to market trends challenges, the Company's management team undertook at the end of the first half of 2023 a series of strategic actions aimed at mitigating the impact on the Company's financial health and positioning the Company for sustainable growth, including a decision to cease operations in certain business lines and refocus Company's efforts and own technology on core user acquisition activities. Additionally, the management team successfully implemented substantial cost-reduction measures across various areas of the Company, aiming to streamline operations and improve efficiency. We have already begun to see the fruits of our actions in the second half of 2023 with an improvement of $1.1M in terms of adjusted EBITDA comparing the first with the second half of the 2023 fiscal year. Moreover, these actions led to positive operating income, for the first time in 5 quarters. Additionally, the Company achieved a crucial financial milestone by transitioning from cash-burning to cash generating from operational activities in the second half of the year. The joint work of the management team and the board and the successful execution of the restructuring plan previously announced, lays the stable foundation to build upon. We are confident in our ability to continue delivering results for our current and future clients." Amit Bohensky, Chairman of Zoomd Technologies added "The hard work and collaboration between the management team and the board are showing through the numbers of the 2023 financial statement.I stay confidant and optimistic in our team work. We are thankful to our supportive investors and delighted to share  this journey with them." Fourth Quarter 2023 Highlights (All Figures in Thousands in USD) Revenues for the three months ended December 31, 2023 were $7.5 million, a 30% decline relative to Q4.22. Revenues continued to be negatively affected by the global economic slowdown, in particular in the areas of cryptocurrencies. We continue to diversify our business by increasing our exposure to sectors such as E-commerce, iGaming and transportation. Furthermore, ...