Troika Media Clocks $188M Revenue In 1H Aided By Converge Contribution

Troika Media Group, Inc (NASDAQ:TRKA) reports revenue of $187.91 million for the six months ended FY22, up from $15.34 million a year ago.
The Converge acquisition helped diversify the company's revenue streams and created efficiencies. It accounted for approximately $180.3 million, or 96%, of the company's total revenue.
The incremental revenue to the business included performance solutions revenue of $75.7 million, or 40%, and managed services revenue of $104.6 million, or 56%.
Gross margin declined by 3,147 bps to 13.7% as costs jumped from $8.42 million to $162.25 million Y/Y.
Operating loss was $(19.36) million, versus $(7.58) million a year ago.
Adjusted EBITDA was $4.95 million, versus a loss of $(4.59) million a year ago.
Price Action: TRKA shares traded lower by 17.39% at $0.63 on the last check Tuesday.

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