Viewbix Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenues of $26.9 million, down from $79.6 million in 2023. The decrease was primarily attributed to a substantial drop in revenue from its Content Platform, which fell to $22.0 million from $59.1 million, largely due to the "Cortex Adverse Effect," where a major customer ceased advertising on the platform. Additionally, revenue from the Search Platform decreased to $5.0 million from $20.5 million, impacted by reduced user traffic and changes in internet browser technology.
The company's operating loss widened to $11.6 million in 2024, compared to a loss of $7.4 million in the previous year. Net loss also increased to $14.1 million from $8.7 million, reflecting the challenges faced in both revenue segments. Viewbix's total assets decreased to $22.1 million from $43.3 million, with current liabilities also declining to $12.9 million from $19.8 million. The company reported a negative working capital of $5.2 million, raising concerns about its ability to continue as a going concern.
Strategically, Viewbix has been active in restructuring its operations and financing arrangements. The company entered into several credit facility agreements, including a $1 million credit facility in July 2024 and a $3 million facility in July 2024, to bolster its liquidity. Additionally, Viewbix is pursuing an uplisting to the Nasdaq, which it hopes will enhance its capital-raising capabilities. The company also recorded a goodwill impairment of $7.7 million related to its Content Platform, reflecting the ongoing challenges in that segment.
Operationally, Viewbix has seen a reduction in its workforce, with a total of 21 employees as of March 2025, down from previous levels. The company is focusing on cost-cutting measures, including reductions in salaries and operational expenses, to navigate its financial difficulties. Despite these challenges, Viewbix aims to expand its product offerings and improve its market position through mergers and acquisitions, as well as by enhancing its digital advertising capabilities.
Looking ahead, Viewbix's management has expressed uncertainty regarding its ability to secure additional funding and successfully implement its strategic plans. The company is actively working to mitigate risks associated with its operations, particularly in light of the ongoing geopolitical situation in Israel, which could further impact its business environment.
About Viewbix Inc.
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