Bidstack shares dipped 1.1% to 3.3p in late morning trading on Monday, after the firm reported a surge in revenue to £2 million in HY1 2022 against £820,000 in HY1 the last year.
The in-game brand activation platform announced a gross margin improvement to 39.9% from 34.5% in the previous year.
Bidstack confirmed a period-end cash balance of £3.6 million compared to £695,000 year-on-year.
However, the gaming advertiser reported a pre-tax loss of £3.6 million, remaining essentially flat year-on-year.
The company also mentioned a selection of operational highlights, including an inventory of games with 110 titles against 30 in HY1 2021, with over 100 million monthly active users.
The group highlighted its ad-quality platform PubGuard had secured a minimum two-year licence agreement with Azerion, providing exclusive representation in reselling the platform’s brand safety technology while using the software across its series of companies.
Meanwhile, Bidstack announced its new ad-format “reward video” launched over the financial term, which grew the breadth of monetisation solutions available to developers and publishers, alongside “in-game” and “in-menu.”
Bidstack reported a strong outlook for HY2 2022, including accelerated revenues from its Azerion media sales partnership, a robust product pipeline and a slate of new products scheduled for launch in the coming term.
“As I mentioned in our trading update on 6 July 2022, the first six months of FY22 has seen the Company put in place further foundations for longer term growth, as our Group revenues begin to accelerate,” said Bidstack CEO James Draper.
“Our two-year agreement with Azerion began in March and, after an initial integration and on-boarding phase, is now progressing in line with management’s expectations. As previously mentioned, Azerion is giving Bidstack’s media segment and gaming advertising network a greatly increased representation across markets new to the Group.”
“We are all very aware of the uncertainty caused by the challenging global economic climate. However, we remain confident that the video game sector will remain strong and that demand for monetisation through advertising-spend will continue to increase, from game developers and publishers.”