Bright Mountain Media, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance in revenue and profitability compared to the previous fiscal period. The company generated total revenue of $14.2 million for the third quarter of 2024, a decrease of 7% from $15.3 million in the same quarter of 2023. However, for the nine months ended September 30, 2024, revenue increased by 35% to $39.6 million, up from $29.4 million in the prior year. This growth was primarily driven by the Big Village Acquisition, which contributed approximately $27.3 million in revenue for the nine-month period.

The gross margin for the third quarter improved to $4.4 million, a 30% increase from $3.4 million in the same quarter of 2023. For the nine months, gross margin rose to $10.9 million from $7.3 million, reflecting a gross margin percentage increase to 28% from 25%. The company reported a net loss of $3.3 million for the third quarter of 2024, significantly reduced from a net loss of $19.8 million in the same period of 2023. For the nine months, the net loss was $13.2 million, down from $29.6 million year-over-year.

Bright Mountain Media's total assets decreased to $37.98 million as of September 30, 2024, from $43.42 million at the end of 2023. Current assets also fell to $15.8 million, while current liabilities decreased to $28.7 million, resulting in a working capital deficit of approximately $13 million. The company's shareholders' deficit worsened to $(59.6 million) from $(46.7 million) at the end of 2023.

Strategically, the company completed the acquisition of two business units from Big Village in April 2023, funded through a senior secured credit facility from Centre Lane Partners. This acquisition has been pivotal in driving revenue growth, particularly in the advertising technology and consumer insights segments. However, the company is currently exploring restructuring and refinancing options due to ongoing liquidity concerns, as its cash balance decreased to $2.5 million from $4 million at the end of 2023.

Operationally, Bright Mountain Media has faced challenges, including a reduction in headcount from 188 employees in 2023 to 141 in 2024, which contributed to a decrease in personnel costs. The company also reported increased professional fees, primarily due to legal expenses related to ongoing litigation. Despite these challenges, the company is focused on enhancing its financial management systems and internal controls, particularly following the integration of Big Village's operations.