- SRAX Inc. reported its 2Q2020 results on August 17, 2020
- Company reported revenues of $1.1 million, up 29% YoY with EBITDA rising by 35% YoY
- SRAX has been diligently implementing cost-savings measures, with operating cost reduction of 21% QoQ and 39% YoY
- Company has sought to bolster balance sheet, closing convertible debt offering of $16.1 million during quarter
- SRAX announced its acquisition of nearly $5 million in bookings across Sequire, BIGtoken platforms over the first six weeks of third quarter
SRAX (NASDAQ: SRAX), a digital marketing pioneer focused on providing consumer data management services, recently reported its results for the second quarter ending June 30, 2020. Despite a largely tumultuous quarter marked with widespread lockdowns amidst the COVID-19 virus, SRAX reported revenues up 29% year-over-year accompanied by a significant expansion in gross margins, driving quarterly EBITDA up 35% year-over-year (http://nnw.fm/0Wf4E). The results were a testament to SRAX’s diversified product portfolio, as extraordinary performance by the company’s investor intelligence platform, Sequire was matched by strong growth witnessed within its BIGtoken platform.
In addition to SRAX’s robust revenue and earnings growth, the company has continued making strides in lowering its overall expense profile, which saw operating expenses decline by 21% relative to the same period last year. SRAX has also worked towards bolstering its balance sheet strength by recently announcing the…
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://nnw.fm/SRAX
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