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VerticalScope Announces Third Quarter 2023 Financial Results

Strong Revenue Growth and Profitability

TORONTO, ON — (Nov. 8, 2023) — VerticalScope Holdings Inc. (“VerticalScope” or the “Company”) (TSX: FORA), a leading vertical digital media company, today announced its financial results for the third quarter ended September 30, 2023.

Key Financial Highlights

* Revenue increased 12% to $46.7 million, compared to $41.6 million in the same period last year. * Adjusted EBITDA grew 10% to $16.6 million, compared to $15.1 million in the same period last year. * Net income increased 15% to $10.2 million, compared to $8.9 million in the same period last year. “We are pleased to report another strong quarter of revenue growth and profitability,” said Robb Montgomery, VerticalScope's CEO. “Our diversified portfolio of websites and targeted acquisitions continue to drive our success.” VerticalScope's strong financial performance was driven by growth across all of its business segments. The company's Home & Garden, Equestrian, and Military & Veteran segments all saw double-digit revenue growth. The company also benefited from the acquisition of Pet Food Industry, a leading online publication for the pet food industry, which closed in August 2023. VerticalScope is well-positioned for continued growth in the future. The company has a strong balance sheet and a proven track record of successful acquisitions. VerticalScope is also continuing to invest in its technology and product development, which will help it to further grow its audience and revenue.

Conclusion

VerticalScope's strong third quarter results are a testament to the company's successful business model and its commitment to growth. The company is well-positioned to continue to execute on its strategy and deliver value for its shareholders.