Lottery.com (NASDAQ: LTRY), a leading technology company that is transforming how, where and when the lottery is played, is reporting its first quarter 2022 financial results for the period ended March 31, 2022. Highlights of the report include Q1 revenue of $21.2 million, an increase of $15.7 million from the same period the previous year, as well as gross profit totaling $18 million, up $15.5 million from first quarter 2021. The report stated that the company experience Q1 2022 net loss of $15.8 million and adjusted EBITDA of $7.7 million. In addition, the report noted an update on key initiatives for the company, including expanded B2C marketing campaigns being launched that resulted in notable increases in app downloads, new LotteryLink affiliates joining the company and the launch of Project Nexus, which is designed to improve scalability, security and ability to implement product improvements. “I’m pleased with our first quarter results and the team’s continued focus on our core business and generating strong adjusted EBITDA,” said Lottery.com cofounder and CEO Tony DiMatteo in the press release. “Once again, LotteryLink has demonstrated its ability to contribute to our top and bottom line growth and expand our user base with limited advertising spend. In our B2C business, our focus on market testing and securing permission to advertise on large digital media platforms has solidified our foundation to launch accretive user acquisition campaigns over the balance of the year. So far in the second quarter, our B2C campaigns have been positive with solid increases in app downloads versus the prior year period while achieving relatively low customer acquisition costs. LotteryLink’s promotional programs have generated new users and created interest from additional national consumer brands looking to utilize LotteryLink for their marketing campaigns. Additionally, we have launched phase 1 of Project Nexus. We believe that these positive developments, combined with our strong balance sheet, position us well for future growth.”
To view the full press release, visit https://ibn.fm/9IYym
About Lottery.com
Lottery.com is a leading technology company that is transforming how, where and when lottery is played. Its engaging mobile and online platforms enable players located in the United States and internationally to remotely purchase legally sanctioned lottery games. Fans and subscribers look to Lottery.com for compelling, real-time results on more than 800 lottery games from more than 40 countries. Commercial partners and affiliates can also utilize LotteryLink to provide Lottery.com products to their customers. Additionally through WinTogether.org, Lottery.com is fundamentally changing how nonprofit donors are incentivized to action by gamifying charitable giving. In all that it does, Lottery.com’s mission remains the same: an uncompromising passion to innovate, grow a new demographic of enthusiasts, deliver responsible and trusted solutions, and promote community and philanthropic initiatives. To learn more about the company, visit www.Lottery.com.
NOTE TO INVESTORS: The latest news and updates relating to Lottery are available in the company’s newsroom at https://ibn.fm/Lottery
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