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    VS MEDIA Announces Fiscal Year 2023 Financial Results

    By: via GlobeNewswire

    Full year revenue of $7.99 million
    Campaign-based marketing services revenue grew 12.7% yoy to $4.40 million
    Revenue of campaign-based marketing services in HK SAR grew 105.7% to $2.16 million
    Expects FY24 revenue to increase by 20% driven by growth in cross regional brand partnership, AI-enabled digital content and recovery in social commerce
    Announces share repurchase program with authorization to purchase up to 500,000 of the Company’s Class A Ordinary Shares

    HONG KONG, April 30, 2024 (GLOBE NEWSWIRE) -- VS Media Holdings Limited (NASDAQ:VSME) ("VS Media" or the "Company") today announced its financial results for the fiscal year ended December 31, 2023.

    “Fiscal 2023 was a challenging year as our business was negatively impacted by weakened market sentiment, decrease in client spending and the temporary suspension of our social commerce business,” said Ivy Wong, Founder and CEO of VS Media. “That said, we believe the worst is behind us. As 2024 continues to unfold, we expect strong growth in our top line and profit margin driven by cross-regional brand partnership, AI-enabled digital content, and recovery in social commerce. We are confident that some of the strategic partnerships and new market entry that we have announced recently will start to pay off commercially this year.”

    2023 Financial Summary

    • Revenue was $7.99 million, compared to $9.03 million in the prior year;
    • Overall campaign-based marketing services revenue grew 12.7% yoy to $4.40 million;
    • Revenue of campaign-based marketing services in Hong Kong grew by 105.7% to $2.16 million as compared to $1.05 million in the prior year;
    • Gross profit was $1.64 million, compared to $2.28 million in the prior year;
    • Net loss was $6.59 million, compared to $3.52 million in the prior year; and
    • Operating cash flow was $7.24 million, compared to $2.05 million in the prior year.

    During fiscal year 2023, VS Media recorded revenue of $7.99 million compared to revenue of $9.03 million in the prior year. The decrease in revenue was mainly attributable to decreased revenue from the Company’s Optimization-Based Marketing Services and Social Commerce businesses. The decrease was a result of weakened market sentiment, change in service mix as the company recalibrated internal resource to focus on higher margined Campaign-based marketing services in Hong Kong and the Company’s strategy to temporarily suspend its Social Commerce business to optimize resources allocation.

    Gross Profit for the year was $1.64 million compared to $2.28 million in the prior year. The overall decrease in gross margin to 20.5% was due to the abovementioned factors.

    The Company reported a net loss of $6.59 million for the year, mainly due to listing related one-time expenses.

    2024 Financial Guidance

    • VSME expects its business activities to recover due to cross-regional brand partnership, artificial intelligence -enabled digital content, and resumption of social commerce business in mid-year.
    • As a result, the management expects revenue to growth by 20% year-over-year compared to the fiscal year 2023 and to achieve positive net margin.

    Share Repurchase Program

    VS Media today announces that its Board of Directors approved a 10b-18 share repurchase program with authorization to purchase up to 500,000 of the Company’s Class A Ordinary Shares. This plan is effective immediately for up to a one-year period.

    Under the share repurchase program, the Company may repurchase its Class A Ordinary Shares from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans, intended to qualify under Rule 10b-18 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions.

    The timing, manner, price, and total amount of any share repurchases under the share repurchase program are determined by the Company at its discretion through various factors, including but not limited to business, economic and market conditions, corporate, legal and regulatory requirements, prevailing stock prices, trading volume, and other considerations. The share repurchase program may be modified, suspended or discontinued at any time and the Company is not obligated to acquire any amount of stock. The Company expects to utilize its existing cash and cash equivalents to fund any repurchases under the share repurchase program.
            
    “As market sentiment stabilizes in 2024, I am pleased with the momentum that we’ve seen across our business segments so far and will remain hyper focused on adding value between brands and creators to grow our marketing services on the one hand and resuming our social commerce business on the other. The announcement of share buyback demonstrates confidence in our business fundamentals and our commitment to shareholders,”

    “VS Media continues to leverage our extensive capabilities in digital marketing and content creation. We are well-positioned to capitalize on emerging trends and opportunities related to digital marketing. In addition, VS Media's commitment to fostering talent and empowering content creators positions us as a catalyst for innovation and creativity in the digital space. By cultivating partnerships and investing in leading technologies, we are poised to drive growth, expand reach, and unlock new revenue potential in the years to come,” said VS Media CEO Ivy Wong.

    Recent Developments

    In February 2024, VS Media entered into a strategic investment in Los Angeles-based creative venture studio MeeshQ. The investment comes as part of a partnership connecting MeeshQ's globally renowned talents and creators with VSME’s emerging local brands in Asia Pacific. The partnership brings future opportunities for brand sponsorship, product venture and other commercial opportunities, as well as helping talents launch their own products in the Asia Pacific region. MeeshQ and VSME plan to launch a number of global ventures in 2024 with high-profile American contemporary talents such as Mike Tyson and Dennis Rodman in Asia Pacific. VS Media will be MeeshQ's exclusive partner in the region.

    Additionally, in February 2024, VS Media partnered with global entertainment company The Pinkfong Company and fine dining provider King Parrot Group to launch a VS Lounge in Hong Kong's Central Waterfront. The event series successfully ran from February 2, 2024through February 25, 2024, at the Central Waterfront, spanning across the Lunar New Year and Valentine's Day as an all-day family-oriented event. The event demonstrated the Company’s ability in collaborating with top tier content creators with customers in online and offline settings.

    In October 2023, VS Media announced its expansion into Macau, further solidifying its presence in the Asian market. The strategic move into Macau allows VS Media to leverage its vast experience in digital marketing, influencer engagement, and content creation to support Macau businesses in promoting their offerings to a global audience. With a robust network of talented content creators, VS Media consistently delivers impactful campaigns that resonate with target audiences, driving brand awareness and engagement.

    About VS Media

    VS Media Holdings Limited (NASDAQ:VSME) manages a network of leading digital creators across Asia Pacific that powers content-driven social commerce and offers local and effective marketing services to brands. Founded in 2013, VSME partners with over 1,500 creators and over 1,000 brands to promote and merchandise their products and services. The Company is currently growing internationally across Hong Kong, China, Taiwan, Singapore, and beyond. For more information, visit https://www.vs-media.com.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including, for example, statements about potential activity under share repurchase plan. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.

    Contact information:

    VS Media Holdings Limited

    ir@vs-media.com



    VS MEDIA HOLDINGS LIMITED
    CONSOLIDATED BALANCE SHEETS
    (Currency expressed in United States Dollars (“US$”), except for number of shares)

    		 
      As of December 31, 
      2023  2022 
    ASSETS      
    CURRENT ASSETS        
    Cash and equivalents $1,500,148  $820,570 
    Accounts receivable, net  2,131,371   1,917,732 
    Deposits, prepayments and other receivables, net  6,358,344   4,545,591 
    Due from related parties  1,799   7,254 
    Total current assets  9,991,662   7,291,147 
             
    NON-CURRENT ASSETS        
    Plant and equipment, net  19,609   27,123 
    Intangible assets, net  37,333   57,865 
    Deposit paid for acquisition of intangible assets  -   115,601 
    Right-of-use assets, net  34,143   100,589 
    Total non-current assets  91,085   301,178 
             
    TOTAL ASSETS $10,082,747  $7,592,325 
             
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    CURRENT LIABILITIES        
    Bank loans - current $1,587,680  $1,628,048 
    Other borrowings - current  432,241   - 
    Accounts payable  1,837,795   1,036,790 
    Due to related parties  90,589   504,837 
    Loan – related parties  1,295,287   1,231,327 
    Receipt in advance  139,341   59,069 
    Lease liabilities  34,143   66,604 
    Accruals and other payables  264,532   779,840 
    Total current liabilities  5,681,608   5,306,515 
             
    NON-CURRENT LIABILITIES        
    Other borrowings – non-current  208,116   632,737 
    Lease liabilities – non-current  -   33,985 
    Total non-current liabilities  208,116   666,722 
             
    TOTAL LIABILITIES  5,889,724   5,973,237 
             
    Commitments and contingencies        
             
    SHAREHOLDERS’ EQUITY        
    Class A ordinary shares, unlimited authorized shares, no par value, 20,000,000 shares and nil issued and outstanding as of December 31, 2023 and 2022, respectively  8,047,695   - 
    Class B ordinary shares, unlimited authorized shares, no par value, 2,000,000 shares and nil issued and outstanding as of December 31, 2023 and 2022, respectively  -   - 
    Ordinary shares, no par value, nil and 20,000,000 shares issued and outstanding as of December 31, 2023 and 2022, respectively  -   20 
             
    Additional paid in capital  17,075,568   16,213,997 
    Accumulated other comprehensive income  277,912   18,781 
    Accumulated deficit  (21,208,152)  (14,613,710)
    Total shareholders’ equity  4,193,023   1,619,088 
             
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $10,082,747  $7,592,325 


    VS MEDIA HOLDINGS LIMITED
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
    (Currency expressed in United States Dollars (“US$”), except for number of shares)

    		 
     For the years ended December 31, 
     2023   2022  2021 
    Revenue, net$7,991,103   $9,028,187  $10,944,753 
    Cost of revenue 6,351,394    6,743,205   8,662,313 
                
    Gross profit 1,639,709    2,284,982   2,282,440 
                
    Operating expenses           
    Marketing expenses 218,895    70,154   189,033 
    General and administrative expenses 6,973,526    3,858,561   2,164,206 
                
    Total operating expenses 7,192,421    3,928,715   2,353,239 
                
    Loss from operations (5,552,712)   (1,643,733)  (70,799)
                
    Other income (expense)           
    Share-based compensation(861,551)   -   - 
    Other income 103,006    43,342   53,159 
    Interest income 7,560    2   - 
    Interest expense (290,745)   (206,842)  (193,738)
    Total other expense, net (1,041,730)   (163,498)  (140,579)
                
    Loss before income tax (6,594,442)   (1,807,231)  (211,378)
                
    Provision for income taxes -    -   - 
                
    Loss from continuing operations (6,594,442)   (1,807,231)  (211,378)
                
    Discontinued operations:           
    Loss from discontinued operations -    (11,798)  (21,246)
    Gain on disposal -    5,344,229   - 
                
    NET (LOSS) INCOME$(6,594,442)  $3,525,200  $(232,624)
                
    Other comprehensive (loss) income           
    Foreign currency translation adjustment 259,131    591,294   (123,182)
    Total comprehensive (loss) income$(6,335,311)  $4,116,494  $(355,806)
                
    Loss per share from continuing operations - Basic and diluted$(0.33)  $(0.09) $(0.01)
    Income (loss) per share from discontinued operations – Basic and diluted$-   $0.27  $(0.00)
    (Loss) income per share – Basic and diluted$(0.33)  $0.18  $(0.01)
    Weighted average number of ordinary shares outstanding - basic and diluted 20,000,000    20,000,000   20,000,000 


    VS MEDIA HOLDINGS LIMITED
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Currency expressed in United States Dollars (“US$”))

    		 
      For the years ended December 31, 
      2023  2022  2021 
            (Restated) 
    CASH FLOWS FROM OPERATING ACTIVITIES:            
    Loss from continuing operations $(6,594,442) $(1,807,231) $(211,378)
    Loss from discontinued operations  -   (11,798)  (21,246)
    Share-based compensation  861,551   -   - 
    Depreciation and amortization  97,263   94,599   76,022 
    Write off accounts receivable  -   5,321   - 
    Write off inventories  -   369   1,713 
    Expected credit loss allowance  -   204,000   57,000 
    Inventories  -   8,778   65,386 
    Accounts receivable  (213,639)  479,236   (295,850)
    Deposits, prepayments and other receivables  (1,812,753)  (1,130,984)  (75,220)
    Deposit paid for acquisition of intangible assets  115,601   (114,938)  - 
    Receipt in advance  80,272   9,748   (663,709)
    Accounts payable  801,005   (247,422)  47,352 
    Accruals and other payables  (515,308)  557,662   (303,978)
    Operating lease liabilities  (66,446)  (66,683)  (50,568)
    Net cash used in operating activities – continuing operations  (7,246,896)  (2,019,343)  (1,374,476)
    Net cash (used in) provided by operating activities – discontinued operations  -   (27,614)  5,510 
    Net cash used in operating activities  (7,246,896)  (2,046,957)  (1,368,966)
                 
    CASH FLOWS FROM INVESTING ACTIVITIES:            
    Purchase of plant and equipment  (2,810)  -   (40,586)
    Proceeds from disposal of subsidiaries  -   2,174,025   - 
                 
    Net cash (used in) provided by investing activities  (2,810)  2,174,025   (40,586)
                 
    CASH FLOWS FROM FINANCING ACTIVITIES:            
    Proceeds from short-term bank loans  -   383,127   601,479 
    Repayment of short-term bank loans  (40,368)  -   - 
    Proceeds from other borrowings  -   629,109   - 
    Proceeds from IPO offering  8,047,695   -   - 
    Promissory notes payable  -   (1,584,735)  115,483 
    Loan from a shareholder  -   71,716   71,716 
    Proceeds from allotment of ordinary shares  -   500,000   - 
    Repayments (to) from related parties  (350,288)  (379,093)  27,835 
    Advances from related parties  5,455   -   668,287 
                 
    Net cash provided by (used in) financing activities – continuing operations  7,662,494   (379,876)  1,484,800 
    Net cash provided by (used in) financing activities – discontinued operations  -   6,993   (15,403)
    Net cash provided by (used in) financing activities  7,662,494   (372,883)  1,469,397 
                 
    Net increase (decrease) in cash and cash equivalents  412,788   (245,815)  59,845 
    Effect of foreign currency translation on cash and cash equivalents  266,790   280,796   (127,759)
    Cash and cash equivalents, beginning of year  820,570   785,589   853,503 
                 
    Cash and cash equivalents, end of year $1,500,148  $820,570  $785,589 
                 
    Supplemental cash flow information:            
    Interest income received $7,560  $2  $- 
    Interest paid $290,745  $206,842  $193,738 
    Listing fee paid $185,799  $1,031,485  $- 

     


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