Mr. Rob Chase reports

MEDIAVALET REPORTS THIRD QUARTER 2023 RESULTS

MediaValet Inc. has released its results for the three and nine months ended Sept. 30, 2023.

"In contrast to global economic conditions, we are pleased to report another quarter of strong revenue growth and that the market demand for DAM continues to be robust," said Rob Chase, president and chief executive officer of MediaValet. "The strength of the DAM market is primarily driven by the need for marketers to build rich digital content pipelines to reach their target audiences in order to achieve their organizational growth objectives. Simply put, a DAM is a must-have component of the tech stack required to deliver on this mission. This necessity for DAM is only amplified in tough economic times -- without one, marketers are unable to develop content at the scale and cost-efficiency required."

Mr. Chase continued: "In addition to the DAM market resilience, our revenue growth and improved [earnings before interest, taxes, depreciation and amortization] performance is reflective of both our recent strategic restructure and the optimization of our operations. This has enabled us to do more with less through increasingly clear direction and ownership of the critical aspects of our business. Most of this transition was completed in our third quarter, and our team is energized, and is significantly improving our solutions delivery and accelerating our strategic product road map. We already stand out in the DAM market for unrivalled support and best-in-class security and scalability. So, we are looking forward to the impact our current initiatives will have on customers of all sizes in terms of adoption, growth and acquisition as we continue our DAM leadership mission."

"In Q3, we both advanced our strategic business objectives and closed in on our path to profitability," said Dave Miller, chief financial officer of MediaValet. "We have maintained our strong revenue growth with improved mid-to-large enterprise wins in the third quarter and with net retention rates above 100 per cent year to date. At the same time, head count reductions in Q3 have resulted in a 10-per-cent decline in our operating cost structure, resulting in a 51-per-cent decrease in our EBITDA loss for the quarter. As a result, our credit line draw is below our expected level, and we have ample credit room to bridge to cash flow positive operations. We now enter our seasonally strongest billings quarter with the momentum and operational structure to deliver on our goal for billings-based cash positive operations in [fourth quarter], putting us with an increasingly clear line of sight to profitability."

MediaValet's full financial statements and related management's discussion and analysis are available on SEDAR+.

About MediaValet Inc.

MediaValet stands at the forefront of the enterprise, cloud-native, software-as-a-service digital asset management and creative operations industries. Built exclusively on Microsoft Azure and available across 61 Microsoft data centre regions in 140 countries around the world, MediaValet delivers unparalleled enterprise-class security, reliability, redundancy, compliance and scalability while offering the largest global footprint of any DAM solution. In addition to providing enterprise cloud-native DAM capabilities at a global scale, desktop to server to cloud support for creative teams, and overall cloud redundancy and management for all source, WIP and final assets, MediaValet offers industry-leading integrations into Slack, Adobe Creative Suite, Microsoft Office 365, Workfront, Wrike, the Monday website, Drupal, WordPress and many other best-in-class third party applications.

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