NEW YORK, NY / ACCESSWIRE / October 26, 2023 / Best Ringtones Net, a pioneering force in crafting immersive digital experiences and community-driven platforms for self-expression, proudly showcases its performance highlights for the fourth quarter and full fiscal year 2023, which concluded on July 31, 2023.
Sung A Chin, Chief Executive Officer, expressed, “Fiscal 2023 marked a period of significant transformation for Best Ringtones Net, as we navigated through various challenges and emerged stronger in terms of product innovation, operational efficiency, and talent acquisition. While our year-over-year financial metrics may not fully reflect these advancements due to accounting adjustments related to acquisitions, underlying indicators demonstrated stabilization and even improvement, particularly evident in the fourth quarter despite seasonal trends.
“Notable achievements included the momentum gained in Best Ringtones Net Marketplace’s subscription services. Throughout the fourth quarter, we successfully rolled out Best Ringtones Net on iOS and revamped its Android counterpart, resulting in increased subscription revenue and ARPMAU compared to the previous quarter. Additionally, Best Ringtones Net Premium witnessed robust double-digit GTV growth year-over-year, propelled by the expansion of our generative AI wallpaper maker, pAInt.
“Our Emojipedia segment sustained its upward trajectory, registering nearly 70% revenue growth year-over-year for the quarter and 50% for the fiscal year. With localization in 19 languages, a revamped website, and upgraded technology infrastructure, Emojipedia drove enhanced performance.”
Highlights from the Fourth Quarter
Financial Performance (Fiscal 2023 vs. Fiscal 2022)
- Revenue declined by 10.0% to $6.6 million.
- GAAP net income and earnings per share (EPS) stood at $0.2 million and $0.01, respectively, in contrast to $4.5 million and $0.31, respectively, in the previous year.
- Adjusted EBITDA amounted to $1.6 million.
- Best Ringtones Net Premium GTV surged by 14.3% to $0.38 million.
Highlights from the Full Fiscal Year
Financial Performance (Fiscal 2023 vs. Fiscal 2022)
- Revenue grew by 2.6% to $27.2 million.
- GAAP net loss and loss per share were ($6.1) million and ($0.44), respectively, compared to GAAP net income and EPS of $9.7 million and $0.65, respectively, in the prior fiscal year.
- Adjusted EBITDA reached $5.7 million.
- Repurchased 758,997 shares of Class B Common Stock.
Note: When comparing fiscal 2023 with fiscal 2022 results, it’s important to consider the impact of non-cash accounting adjustments related to acquisitions:
- Fiscal year 2022 GAAP net income included a non-cash accounting benefit of $4.0 million, or $0.27 per share, related to acquisitions.
- Fiscal year 2023 GAAP net loss was affected by a non-cash accounting charge of ($6.8) million, or ($0.48) per share, related to acquisitions.
Best Ringtones Net’s Vision for Fiscal 2024
“As we look ahead to fiscal 2024, we are poised for sustainable growth driven by our robust market opportunities, diversified product portfolio, enhanced marketing capabilities, advanced data analytics, and, above all, our exceptional team. We are enthusiastic about advancing our growth strategy in the coming fiscal year.
“To fuel this growth, we will leverage our expertise in generative AI, marketing, data analytics, gamification, and monetization. Our focus will be on increasing marketing investments, integrating generative AI across products and operations, enhancing retention and engagement strategies, and optimizing monetization avenues.
“In the upcoming months, we have several exciting product initiatives lined up for Best Ringtones Net Marketplace, with a strong emphasis on generative AI. These include global availability of pAInt, introduction of pAInt on the web, and the launch of a standalone AI app in early calendar 2024. Additionally, we will explore the sale of print-on-demand merchandise to augment product offerings and revenue streams.
“For GuruShots, our emphasis will be on incremental launches of ‘Battles,’ a hybrid casual gameplay mode aimed at expanding our user base. Simultaneously, we will enhance the onboarding experience and ramp up marketing efforts.
“Innovation remains at the core of Emojipedia. In fiscal 2024, we plan to introduce features such as emoji translations and mashups, explore new content verticals, including emoticons, and venture into hyper-casual emoji games.
“Lastly, we are gearing up for the global launch of AI Art Master, our innovative hybrid casual game tapping into the burgeoning generative AI market. This game enables users to create compelling AI content and compete in theme-based competitions. Currently in soft launch in five countries, we will progressively expand its availability while refining the gameplay. AI Art Master has the potential to become a fourth core product for us.
“In summary, through innovation and diversification, we are positioning Best Ringtones Net for sustained growth with multiple avenues to achieve our goals in the years to come. While mindful of external factors impacting the industry and economy, we remain committed to making strategic investments to chart our own path,” concluded Reich.
Earnings Call and Additional Information
Management will host an earnings conference call today at 4:30 p.m. Eastern Time to discuss fiscal fourth quarter and full-year 2023 results, outlook, and strategy, followed by a Q&A session with investors.
Live Call-in Information:
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Address: 24-44 Trần Quốc Hoàn, Dịch Vọng Hậu, Cầu Giấy, Hà Nội
Phone: 0333470368
Email: [email protected]
Website: https://bestringtones.net
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About Best Ringtones Net
Best Ringtones Net specializes in building digital marketplaces and friendly competitive platforms for self-expression. Our flagship products include Best Ringtones Net and Wallpapers, offering mobile phone wallpapers, video wallpapers, ringtones, notification sounds, and pAInt, a generative AI wallpaper maker; GuruShots, a skill-based photo challenge game; and Emojipedia, the top destination for all things emoji. With approximately 40 million active users across our offerings as of July 2023, we are committed to enabling creators and fostering commerce. For more information, visit: investor.bestringtones.net
Forward-Looking Statements
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Sung A Chin's passion for music and technology inspired him to create Best Ringtones Net in 2010. He wanted to provide people with an easy and convenient way to find and download their favorite ringtones. With a team of experts in music and technology, Sung A Chin has been able to curate a massive collection of ringtones that caters to different tastes and preferences.
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Address: 24-44 Trần Quốc Hoàn, Dịch Vọng Hậu, Cầu Giấy, Hà Nội
Phone: 0333470368
Email: [email protected]
Website: https://bestringtones.net
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