Troika Media Shares Gain After Naming New CFO

Troika Media Group, Inc TRKA appointed Erica Naidrich as the CFO, effective immediately.
Christopher Broderick, previously CFO and COO, will remain as COO.
Before joining Troika Media Group, Naidrich served as VP of Accounting and Controller for Madison Square Garden Entertainment Corp MSGE.
Troika recently reported third-quarter FY22 revenue growth of 307% year-on-year to $15.7 million.
The acquisition of Converge, which closed on March 22, contributed $10.0 million to total Q3 revenue.
Operating loss was $(13.7) million, an increase of $(8.1) million a year ago.
Adjusted EBITDA loss improved from $(1.36) million to $(1.16) million.
Troika held $42.4 million in cash and equivalents.
"We are pleased with the 307% revenue increase in Q3 2022 as compared with the prior-year quarter. The performance is indicative of the continued recovery of the core brand and activation business post-Covid, and a very small example of the impact that the acquisition of Converge is anticipated to have on the Company's revenue once we are able to include a full quarter of Converge's performance," said Sid Toama, who became CEO on May 19.
Price Action: TRKA shares traded higher by 12.10% at $0.98 on the last check Wednesday.