VS MEDIA Announces Fiscal Year 2023 Financial Results

Core Insights - VS Media Holdings Limited reported a full year revenue of $7.99 million for fiscal year 2023, a decrease from$9.03 million in the previous year [3][4] - The company experienced a 12.7% year-over-year growth in campaign-based marketing services revenue, reaching $4.40 million, with a significant 105.7$1.64 million, down from $2.28 million in 2022, resulting in a gross margin of 20.5$6.59 million, compared to a net loss of $3.52 million in the prior year, primarily due to one-time expenses related to listing [3][4] - Operating cash flow improved to$7.24 million from $2.05 million in the previous year [3] Strategic Initiatives - The company announced a share repurchase program, authorizing the purchase of up to 500,000 Class A Ordinary Shares, effective for one year [6][7] - Recent strategic investments include a partnership with MeeshQ, a creative venture studio, aimed at connecting talents with local brands in Asia Pacific [9] - VS Media also launched a VS Lounge in collaboration with The Pinkfong Company and King Parrot Group, showcasing its ability to engage with top-tier content creators [10] Market Outlook - The company anticipates recovery in its business activities in 2024, particularly in social commerce, which was temporarily suspended in 2023 [5][2] - The management is optimistic about the impact of strategic partnerships and new market entries on revenue growth [2][5] - The expansion into Macau is expected to enhance the company's presence in the Asian market, leveraging its expertise in digital marketing [11]