Revenue and Gross Profit Increase
Revenue for the quarter increased by 12% year-over-year to $24.6 million, and gross profit increased by 16% to $21.3 million, with a gross margin improvement of 220 basis points to 86.7%.
Member Count Growth
The total member count grew to 878,000, contributing to revenue growth and an increase in ARPU.
Igniton Valuation Increase
Igniton raised $6 million, achieving a post-money valuation of $106 million, valuing Gaia's 2/3 ownership at $70 million, up from $28 million.
Free Cash Flow Doubling
Free cash flow more than doubled quarter-over-quarter to $1.6 million, up from $700,000 in the prior quarter.
Renewed Credit Line with Improved Terms
Gaia renewed its credit line for an additional 3 years with improved terms, including a lower interest rate.