04:38 PM EDT, 05/30/2024 (MT Newswires) -- QYOU Media ( QYOUF ) , at the close of trade Thursday reported an improved first quarter compared to the year earlier period, driven by record revenues.

The video-content company said its loss narrowed by $146,854, or 10%, compared to the same period prior year, "most significantly driven by strong revenue growth offset by an increase in workforce and other operating expenses associated with building the gaming segment and new relationships in the social media space".

The company recorded quarterly revenue of $8,23 million, the highest in its history. It said the rise was driven by strong results for QYOU USA, along with the beginning of revenue contribution from the direct-to-consumer gaming business in India. Revenue rose by $1.18 million, or 17%, from the year-prior quarter.

Adjusted EBITDA improved by $276,654 or 36% driven by QYOU USA's strong revenue growth and "a meaningful return on strategic investment in the gaming segment, digital channels, workforce and new relationships in the social media space".

"Q1 2024 marked a powerful rebound for our business particularly driven by the strong performance of our QYOU USA business unit along with the early contributions coming from our India based gaming business. It is obviously very gratifying to see us reach an all time quarterly revenue record while also improving our Adjusted EBITDA results. This year we will continue to be focused on optimizing the value of each of our business units and assets to drive consistent and predictable growth in the future," chief executive Curt Marvis said in a statement.

The company's shares closed up $0.005 to $0.065 on the TSX Venture Exchange.