Loop Media, Inc. (PNK:LPTV) Q2 2024 Earnings Call Transcript May 3, 2024
Loop Media, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good afternoon, everyone, and thank you for participating in today’s conference call to discuss Loop Media’s Financial Results for the 2024 Fiscal Second Quarter Ended March 31, 2024. Joining us today are Loop’s Interim CEO, Justis Kao; Former CEO and Co-Founder, Mr. Jon Niermann; and the company’s CFO, Mr. Neil Watanabe. By now, everyone should have access to the 2024 fiscal second quarter earnings press release, which the company issued earlier today at approximately 4:05 p.m. Eastern Time. The release is available in the Investor Relations section of Loop’s website at www.loop.tv. In addition, this call will also be available for webcast replay on the company’s website. Following management remarks, there will not be a Q&A session.
Certain comments made on this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company’s filings with the SEC. Do not place undue reliance on any forward-looking statements, which are being made only as of this date of this call except as required by law. The company undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements.
The company’s presentation also includes certain non-GAAP financial measures, including adjusted EBITDA as supplemental measures of performance of our business. All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You’ll find reconciliation charts and other important information in the earnings press release and Form 8-K furnished to the SEC. I would now like to turn the call over to Mr. Jon Niermann.
Jon Niermann: Thank you, and good afternoon, everyone. On March 18th, we announced significant changes to our organization that we believe will provide the framework to making the company more competitive in the CTV for business, digital out-of-home industry. The Chairman of the Board and members of the management team determined that executing operational changes is prudent to accelerate the company’s potential path to breakeven and operating profitability. As part of those changes, after co-founding the company and serving as its CEO for the first 10 years, I have stepped down as CEO to focus my time and attention on revenue generation and other outward-facing areas. I’m excited to hand the CEO reins over to the next generation of leadership for Loop, Justis Kao.
Justis has been an invaluable and well-respected member of our team from the beginning. Along with other organizational changes affecting several parts of our company, we also announced the departure of our Chief Revenue Officer and our Chief Operating Officer, both of whom have since exited the company. The timing is right for changes at this level. We are very fortunate to have a team of talented and experienced executives who helped us grow from a couple of million dollars in revenue to over $30 million in a fairly short period of time. Different people are often required for different phases of a company’s evolution. As we move into the next phase of our evolution, we believe it is time for the leadership and operation change as mentioned above and in our public filings.
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