Millennial Media, Inc. MM +1.18% , the independent leader in mobile advertising, today announced financial results for the first quarter of 2012.
"Our first quarter performance exceeded expectations with strong year over year revenue growth, as well as expansion in the numbers of unique users and apps on the Millennial Media platform," stated Paul Palmieri, Co-Founder, President and CEO of Millennial Media.
Financial Year
Palmieri added, "We're excited that we became a public company during the first quarter, which significantly increased our market awareness and resources to execute our long-term growth strategy and investments. We are aggressively investing given we are still in the early stages of a large and rapidly growing mobile advertising market. As a market leader, we believe Millennial Media is well-positioned to drive the business model of the worldwide app economy."
Budget Deficit
Q1'12 Financial Results and Business Highlights
Total Revenue: For the first quarter of 2012, total revenue was $32.9 million, a 53% year-over-year increase from total revenue of $21.5 million for the first quarter of 2011.
Gross Margin: For the first quarter of 2012, gross margin improved to 39.5%, compared to 36.9% for the first quarter of 2011.
Net Loss: For the first quarter of 2012, net loss was $(4.0) million, compared to $(23,000) for the first quarter of 2011.
Adjusted EBITDA: For the first quarter of 2012, adjusted EBITDA, a non-GAAP financial measure, which we define as earnings before interest, taxes, depreciation and amortization, and non-cash stock-based compensation, was $(2.4) million, compared to $0.2 million for the first quarter of 2011.
Net Loss per Share: For the first quarter of 2012, on a GAAP basis, basic and diluted net loss per share was $(0.32), compared to basic and diluted net loss per share of $(0.08) for the first quarter of 2011. Pro forma net loss per share for the first quarter of 2012, which assumes the conversion of our outstanding shares of preferred stock into common stock as of January 1, 2012 and the conversion of an outstanding warrant to purchase preferred stock into a warrant to purchase common stock as of January 1, 2012, was $(0.05).
Other Business Metrics: As of March 31, 2012, we had 300 million monthly unique users worldwide, including approximately 140 million unique users in the United States alone. More than 30,000 apps were enabled by their developers to operate on our platform as of March 31, 2012.
Outlook
Based on information as of May 14, 2012, we expect total revenue for the second quarter of 2012 to be in the range of $37 million to $38 million and adjusted EBITDA, which excludes stock-based compensation, to be between $(3.2) million and $(3.5) million. For the full year 2012, we expect revenue to be in the range of $173 million to $176 million and adjusted EBITDA, which excludes stock-based compensation, to be between $(3.0) million and $(4.0) million.
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