- SRAX reports strong FY2019 results, with continuing product revenues showing 19% year-over-year increase
- While the company saw clients defer their marketing spends in Q1 2020, this translated into strong start to Q2
- SRAX announces rebrand of its investor intelligence platform, online IR forum enjoying sharp increase in subscribers amid highly volatile markets
SRAX Inc. (NASDAQ: SRAX), a digital marketing pioneer focused on providing consumer data management services, reported its results for the fiscal year ending December 31, 2019 as well as the first quarter ending March 31, 2020. During a largely tenuous time for the industry, SRAX reported strong FY2019 annual results with revenues rising by 3% year-over-year while continuing product revenue growth (excluding discontinued services) increased 19% (http://nnw.fm/Mhbw4). The robust results are a testament to SRAX’s dynamic product portfolio, as clients leverage the company’s various platforms to gain insights into rapidly evolving consumer mindsets.
The company was equally nimble in responding to the onset of the global pandemic in the first quarter. As of March, SRAX had implemented cost-saving measures resulting in the elimination of over $3 million in annualized expenses while simultaneously identifying a further $600,000 in cost cuts to be implemented in the coming months. Separately, the company entered into a debt financing agreement with…
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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