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• Sabio reported preliminary Q4 financial results that came in ahead of our expectations on revenue and were in line on adjusted EBITDA.
• Revenue of $18.0-18.2M compared to our estimate of $16.4M while adjusted EBITDA is expected to be $2.6-2.8M vs. our estimate of $2.7M.
• Sabio recently announced that App Science’s household graph has reached 80M households (previously 55M).
• We recently initiated coverage on SBIO, read the report here.
This morning, Sabio Holdings Inc. (SBIO:TSXV, SABOF:OTC) reported preliminary Q4 and 2024 financial results that beat our expectations on revenue. The beat was driven by continued growth in ad-supported streaming. Additionally, last week, SBIO announced that App Science’s household graph has reached 80M (previously 55M), providing its clients with a larger base of viewers to tap into. We encourage investors to read our initiation report on Sabio here. We are maintaining our BUY rating and C$0.90/share target price on Sabio Holdings.
Preliminary Q4 Financial Results
• Revenue in the range of $18.0-18.2M (+42% YoY) vs. our estimate of $16.4M. The strong growth was led by ad-supported streaming that continues to grow at a double-digit rate, after normalizing for political revenue. Political revenue was between $2.4M and $2.5M.
• Gross margin between 59% and 61% compared to our estimate of 62%.
• Adjusted EBITDA between $2.6M and $2.8M (15% margin, 31% YoY growth) compared to our expectation of $2.7M, led by SBIO’s leaner cost structure.
• Sabio ended the quarter with $3.3M in cash vs. $2.9M in Q3/24. SBIO also ended Q4 with just $5.2M on its revolving credit facility.
Preliminary 2024 Financial Results
• Full-year revenue in the range of $49.3-49.5M (+37% YoY) with a gross margin of ~60%. Sabio remains focused on expanding into fast-growing international markets and a new programmatic offering.
• Full-year adjusted EBITDA of $3.6-3.8M, representing adjusted EBITDA margins of 7-8% and compared to ($1.8M) in 2023.
• Customer retention rates of 85% for the year.
SBIO: Preliminary Q4 Financials; Best Quarter in Company History
What you need to know:• Sabio reported preliminary Q4 financial results that came in ahead of our expectations on revenue and were in line on adjusted EBITDA.
• Revenue of $18.0-18.2M compared to our estimate of $16.4M while adjusted EBITDA is expected to be $2.6-2.8M vs. our estimate of $2.7M.
• Sabio recently announced that App Science’s household graph has reached 80M households (previously 55M).
• We recently initiated coverage on SBIO, read the report here.
This morning, Sabio Holdings Inc. (SBIO:TSXV, SABOF:OTC) reported preliminary Q4 and 2024 financial results that beat our expectations on revenue. The beat was driven by continued growth in ad-supported streaming. Additionally, last week, SBIO announced that App Science’s household graph has reached 80M (previously 55M), providing its clients with a larger base of viewers to tap into. We encourage investors to read our initiation report on Sabio here. We are maintaining our BUY rating and C$0.90/share target price on Sabio Holdings.
Preliminary Q4 Financial Results
• Revenue in the range of $18.0-18.2M (+42% YoY) vs. our estimate of $16.4M. The strong growth was led by ad-supported streaming that continues to grow at a double-digit rate, after normalizing for political revenue. Political revenue was between $2.4M and $2.5M.
• Gross margin between 59% and 61% compared to our estimate of 62%.
• Adjusted EBITDA between $2.6M and $2.8M (15% margin, 31% YoY growth) compared to our expectation of $2.7M, led by SBIO’s leaner cost structure.
• Sabio ended the quarter with $3.3M in cash vs. $2.9M in Q3/24. SBIO also ended Q4 with just $5.2M on its revolving credit facility.
Preliminary 2024 Financial Results
• Full-year revenue in the range of $49.3-49.5M (+37% YoY) with a gross margin of ~60%. Sabio remains focused on expanding into fast-growing international markets and a new programmatic offering.
• Full-year adjusted EBITDA of $3.6-3.8M, representing adjusted EBITDA margins of 7-8% and compared to ($1.8M) in 2023.
• Customer retention rates of 85% for the year.
Underlying
Sabio Holdings, Inc. (SBIO)
Provider
Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Nicholas Cortellucci, CFA
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