Press Release

Sabio Delivers Q4-2022 Financial Results with 66% YoY Revenue Growth; Positive Adjusted EBITDA¹ for Q4-2022 and FY-2022

March 22, 2023
  • Record revenues of US$17.6 million in Q4-2022 compared to US$10.5 million in Q4-2021.
  • Record adjusted EBITDA1 of US$2.4 million for Q4-2022 compared to US$1.7 million for Q4-2021.
  • Connected TV/OTT sales as a category increased by 144% to US$12.7 million, compared to US$5.2 million in the prior year's quarter.
  • Revenues of US$42.3 million, adjusted EBITDA1 of US$1.3 million and gross profit margin of 60% for FY-2022.
  • Outlook for 2023 remains strong; addition of new Fortune 500 nameplates.


TORONTO, March 22, 2023 -- Sabio Holdings Inc. (TSXV: SBIO)(OTCQX: SABOF) (the "Company" or "Sabio"), a leading provider of connected TV ("CTV")/over-the-top ("OTT") advertising platforms validated by performance, is pleased to announce its audited consolidated annual results and results for the fiscal fourth quarter ended December 31, 2022. Unless otherwise indicated, all amounts are expressed in U.S. dollars.

"Sabio ended 2022 on a record note, delivering the best quarterly financials in the history of our Company," said Aziz Rahimtoola, Chief Executive Officer.  "Through our proprietary end-to-end CTV/OTT technology stack, we deliver compelling returns on investment for our customers, differentiating ourselves "from the pack" as we continue to significantly outgrow the CTV and OTT streaming markets. Our CTV/OTT business posted 144% year-over-year growth - largely organic - in the fourth quarter. Sabio is outpacing the estimated 23% growth1 in U.S. CTV advertising spend and taking market share.  Moreover, our proven ability to expand our share of customer wallets in short-order bodes well for 2023 and beyond, as we continue to add large brands to our customer roster, while making further inroads with our existing Fortune 500 nameplates."

Sajid Premji, CFO, added, "This sixth consecutive quarter of record revenues was also the most profitable quarter in the history of our Company, with adjusted EBITDA1 of US$2.4 million.  CTV/OTT streaming sales have now grown by over 100% in each quarter since Sabio went public, and was our dominant sales category, accounting for 72% of our sales mix for the fourth quarter and 59% for the year.  Symbolizing the rapid and largely organic growth of the business, our CTV/OTT streaming sales in 2022 exceeded Sabio's consolidated revenues across all sales categories in the prior year, as we once again achieved a 60% gross margin and delivered positive adjusted EBITDA1 for the third consecutive year."

1 See "Use of Non-IFRS Measures" below

Fiscal 2022 Annual Financial Highlights

  • Sabio delivered record revenues of US$42.3 million in fiscal 2022 up 75% over fiscal 2021.
  • CTV/OTT streaming generated revenues of US$24.8 million in fiscal 2022 up 144% from US$10.2 million in fiscal 2021.
  • Mobile generated revenues of US$17.0 million, up 22% from US$14.0 million in fiscal 2022.
  • Record gross profit of US$25.3 million, up 74% over fiscal 2021 with gross margin of 60% in 2022, in line with 2021.
  • Positive adjusted EBITDA1 of US$1.33 million compared to US$1.85 million in 2021.
  • Average deal size increased 43% from the prior year.
  • 45% of brands who spent $100,000 or more had an App Science™ component to their deals.
  • As of December 31, 2022, the Company's cash position improved to US$4.0 million, as compared to US$3.3 millionon December 31, 2021, with the increase due to free cash flow generated from our operations.

1 See "Use of Non-IFRS Measures" below

Fourth Quarter 2022 Financial Highlights

  • Sabio delivered record revenues of US$17.6 million in Q4/2022, an increase of 66% compared to Q4/2021. CTV/OTT generated revenues of US$12.6 million in Q4/2022 compared to US$5.2 million in Q4/2021 – an increase of 144% over the prior year's quarter. CTV/OTT sales accounted for 72% of the Company's sales mix.
  • Mobile generated revenues of US$4.8 million in Q4/2022, a 10% decrease compared to US$5.3 million in Q4/2021, as more mobile campaigns shifted from mobile display to mobile video, recognized under our CTV/OTT revenue category.
  • Gross Profit of US$10.4 million in Q4/2022, compared to US$6.3 million in Q4/2021. Gross Margin was 59% in Q4/2022, consistent with a gross profit margin of 59% in Q4/2021.
  • Record positive adjusted EBITDA1 of US$2.4 million in Q4/2022, compared to US$1.7 million in Q3/2021.
  • As of December 2022, the Company had US$3.9 million outstanding under its credit facility with Avidbank.

1 See "Use of Non-IFRS Measures" below

Fourth Quarter 2022 Business Highlights:

  • In October 2022, an aggregate of 244,375 share options of the Company were granted to certain employees of the Company at an exercise price of CAD$0.80. The options will vest quarterly from the grant date over a vesting period of 2 to 3 years. 395,313 restricted stock units ("RSUs") of the Company were also granted at the grant-date fair-value of the Company's common shares of CAD$0.80. 137,500 of these RSUs were granted to directors of the Company and will fully vest on first anniversary of the grant date. The remaining 257,813 RSUs were granted to employees and contractors of the Company and will vest over two years with 1/2 vesting at the one-year anniversary of the grant and quarterly vesting over the second year.
  • On November 14, 2022, the Depository Trust Company ("DTC") completed its eligibility review and approved Sabio Holdings Inc. (OTCQX: SABOF). Sabio Holdings is now eligible for book entry and depository service through DTC in the United States.
  • On November 21, 2022, the Company entered into a lease for a new office in Surat, India, with a lock-in period of 3 years from the rent commencement date. The lease contains an option for the Company to renew for two terms of three years each, and the sum of monthly base rent and maintenance charge less security deposit for the assured period is approximately $81,467 (INR 6,638,970).
  • For the first time in Company history, Connected TV and OTT streaming was the Company's largest sales category for a fiscal year, composing 72% and 59% of our sales mix for the three months ended and the year ended December 31, 2022, respectively.
  • In December 2022, to proactively ensure maintenance of the applicable requirements relating to its foreign private issuer ("FPI") status under United States ("U.S.") securities laws, certain U.S. shareholders voluntarily exchanged a total of 5,646,807 common shares of the Company for the same number of convertible restricted voting shares.

Events Subsequent to December 31, 2022:

  • In January 2023, the loan obligation under the Wisper Ventures Leasing, LLC promissory notes, comprising all principal and interest owned until the maturity dates, was settled in full and discharged.
  • On February 6, 2023, Sabio London Limited, a wholly owned subsidiary of the Company, was incorporated in London, the United Kingdom for the Company's business expansion in the United Kingdom and European markets.
  • On March 17, 2023, the TSX Venture Exchange accepted a notice filed by the Company to implement a Normal Course Issuer Bid, whereupon the Company may, during the 12-month period commencing March 22, 2023 and ending March 21, 2024, purchase, for cancellation, up to 754,571 Shares in total, being 5% of the total number of 15,091,425 common shares outstanding as at February 15, 2023. The Company also had 31,755,764 issued and outstanding convertible restricted voting shares as of this date.

1 See "Use of Non-IFRS Measures" below

Sabio's annual consolidated financial statements, including the notes thereto, and management's discussion and analysis (MD&A) for the three and twelve months ended December 31, 2022 and December 31, 2021, can be found under Sabio's profile on SEDAR at


The Company experienced significant revenue expansion in both the three and twelve months ended December 31, 2022, as compared to the prior year's comparable periods. Sabio's revenue growth was driven by both the addition of new, Fortune 500 brands and deepening relationships with existing clientele. In 2022, approximately 72% of consolidated revenues came from repeat customers versus approximately 55% in the prior year, as Sabio continues to attract and retain customers at higher rates, bringing more stability to its revenue model and increasing its cost efficiencies.  The Company's average deal size continued to increase, growing 43% year-over-year, from approximately $100,000 in 2021 to $138,000 in 2022. Looking ahead, the first quarter is traditionally the slowest quarter of the calendar year due to the seasonal trends affecting the advertising industry.  In a continuation of recent patterns, management expects the seasonal declines we typically see in the first quarter to be more pronounced in 2023 due to some spending delays in the market, as persistent labor shortages continue to impact customer planning cycles and the macro environment remains volatile.  However, the Company expects strong year-over-year revenue growth and market share gains in 2023 and is positioning itself for a solid bounce back in the remaining quarters of the year. That said, should spending delays continue to persist beyond expectations, management will act swiftly and decisively to implement several cost-cutting initiatives already identified with the aim to maintain positive Adjusted EBITDA1 in 2023. Sabio continues to benefit from its strengthened salesforce, highly differentiated data-driven and end-to-end Connected TV product offering, and an increasing number of Fortune 500 brands as repeat customers.  Additionally, approximately 57% of the logos that spent with Sabio in 2022 did not spend with it in 2021, presenting a potential opportunity to further expand the Company's share of the wallet with these new nameplates, just as Sabio did with existing clientele in 2022.  In 2022, connected TV and OTT streaming emerged as Sabio's dominant sales category and represented 72% of the Company's sales mix during the fourth quarter.  The rapid growth of the category further validates the differentiated positioning of Sabio's ecosystem to capitalize on the burgeoning Connected TV/OTT streaming advertising market in 2023 and beyond.  

To the extent the Company finds suitable and attractive acquisition candidates that are complementary to its long-term objectives, Sabio may also pursue further inorganic growth through strategic business acquisitions in accordance with relevant securities laws.

1 See "Use of Non-IFRS Measures" below

Selected Financials

The tables below set out selected financial information relating to Sabio Holdings Inc. and should be read in conjunction with Sabio Holdings Inc.'s audited consolidated annual financial statements, including the notes thereto, and MD&A for the three and twelve months ended December 31, 2022, and December 31, 2021, copies of which can be found under Sabio Holdings Inc.'s profile on SEDAR at

1 See "Use of Non-IFRS Measures" below

The financial disclosures in this news release are subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release. The foregoing outlook and expectations constitute forward-looking statements and financial outlook and are qualified in their entirety by the "Forward-Looking Statements" cautionary statement below. Readers are cautioned that this release if for information purposes only and may not be appropriate for other purposes.

Conference Call:

The Company will host an investor conference call for the fourth quarter and year ended December 31, 2022, at 9:00 a.m. ET on March 23, 2023.  The webinar details are below:

Date:  March 23, 2023

Time: 9:00 a.m. ET (6:00 a.m. PT)

Webinar Registration:

Or dial:

For higher quality, dial a number based on your current location.
+1 778 907 2071 (Vancouver local)
+1 647 374 4685 (Toronto local)

Webinar ID:

881 3888 2915

Please connect 5 minutes prior to the conference call to ensure time for any software download that may be required.

About Sabio

Sabio Holdings Inc. (TSXV: SBIO) (OTCQX: SABOF) is one of the fastest-growing CTV/OTT technology and service providers in the high-growth ad-supported video-on-demand (VOD) and streaming space. Its cloud-based CTV/OTT technologies provide publishers with distribution, monetization, and analytics while delivering ROI validation for brands and agencies. The Sabio Holdings portfolio is comprised of: Sabio — our trusted and transparent content monetization DSP; App Science™ — our cutting edge, non-panel based, real-time measurement and attribution SAAS platform; and Vidillion — our cloud-based ad-insertion, and content distribution and management platform.

For more information, visit:

Use of Non-IFRS Measures

This press release makes reference to certain non-IFRS (International Financial Reporting Standards) measures including, but not limited to, Adjusted EBITDA.  These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies and should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS.  Rather, these non-IFRS measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from management's perspective.

Management uses adjusted earnings before interest, income taxes, depreciation, and amortization ("Adjusted EBITDA") as a key financial metric to evaluate Sabio's operating performance as a complement to results provided in accordance with IFRS. The term "Adjusted EBITDA", as defined by management, refers to net income (loss) before adjusting earnings for finance costs, income taxes, stock-based compensation, amortization, non-recurring items, and severance costs.  Refer to reconciliation to Adjusted EBITDA under the "Selected Financials" section of this release and in the Company's MD&A for the three and twelve months ended December 31, 2022, and December 31, 2021, copies of which can be found under Sabio Holdings Inc.'s profile on SEDAR at

Management believes that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of Sabio. Management believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by Sabio's main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, restructuring costs, other expense (income), and foreign exchange (gain) loss. Accordingly, management believes that this measure may also be useful to investors in enhancing their understanding of Sabio's operating performance. It is a key measure used by Sabio's management and board of directors to understand and evaluate Sabio's operating performance, to prepare annual budgets and to help develop operating plans.

Forward-Looking Statements

This press release may contain certain forward-looking information and statements ("forward-looking information") within the meaning of applicable Canadian securities legislation, including but not limited to the Company's operations, growth and sales expectations and business plans, the Company's outlook for fiscal 2023 and cash flow management, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts"  and other similar expressions. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its securities, or financial or operating results (as applicable). Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events that may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including the effect of the macro-economic environment adversely impacting the Company's business more than anticipated, unexpected funding and cash flow management difficulties, and the other risk factors disclosed in the Company's filing statement and management's discussion and analysis (MD&A), which are  publicly available on SEDAR at The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

App Science is a trademark or registered trademark of Sabio Inc. in the United States, Canada, and other countries.

1 eMarketer, November 2022

For further information: For further information: Sabio Holdings Inc., Joe Camacho, Chief Global Expansion Officer -, Phone: 1.844.974.2662; Aideen McDermott, Investor Relations Associate,


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