Maven Investor News - May 19, 2020
Recent SEC Filing and Developments
Yesterday Maven filed the 10Q for the third quarter of 2018 as we continue the process of completing SEC filings required to unify and catch up audits from the five businesses we’ve acquired over the past two years. We’ll continue to complete related historical SEC filings through the summer, at which time we will be current with all filings.
It’s important to clear up one item. Since founding the company in 2016, Maven has invested its revenue into growing the business and will continue to do so into the future. As a result, we have carried since inception and will likely maintain the “going concern” language in our filings, as we continue to invest in our product and growth of partnerships. As we continue to succeed, we’ll continue to invest. This is how growth companies work and it’s our responsibility to provide these disclosures to public investors as we pursue this strategy. This designation is not a change, it is not news -- we have made this statement in every filing since 2016 and expect to carry it in the future as we continue to invest in and grow our business.
For perspective, consider that Maven has acquired five companies and grown its business to over $100 million and 100+ million monthly users while carrying the “going concern” designation. Maven offers our partners an efficient shared platform, diversity of content and multiple revenue streams. While advertising is down, subscription revenue is significantly up. While sports is essentially turned off, students and investors devour content such as history and finance. Maven’s portfolio approach offers safety and stability for publishers as part of a 300-strong coalition of independent publishers.
The support of our key investors remains steady and committed. We continue to forecast profitability by the latter half of 2020 (EBITDA+), despite the severe drop in advertising revenue triggered by COVID-19. Our core business continues to grow, in terms of traffic, video inventory and new partnerships. COVID-19 has accelerated our core thesis that independent media brands cannot achieve profitability or scale on their own without an efficient platform leveraging big-scale distribution; subscription, advertising and sponsorship monetization; and advanced publishing technology. All parties benefit from the improvement in these critical areas, relative to operating as a standalone entity and as a result, the platform has turned around the fortunes of hundreds of publishers. That efficiency has never been more appreciated than today, amid the pandemic, when publishers face such dramatic and unpredictable volatility in digital traffic and ad revenue.
We expect to complete our 2018 and 2019 filings with the SEC this summer and move forward with the aim of uplisting to NASDAQ.
We wanted to share this perspective so any view about the state of the company today isn’t confused with where we were in early development two years ago and what our intentions continue to be as a fast-growth digital platform company.
Maven partners with Jim Cramer to launch StreetLightning.io
This new channel is a free financial resource from TheStreet, offering viewers daily video clips by Cramer, his professional investment team, and other top journalists from TheStreet with quick-hit insights on today’s news, markets, and trends.
Videos are limited to 90 seconds, are 100% free, and TheStreet/Action Alerts Plus members have the additional benefit to “Ask Cramer” (and other Street editors) questions.
Welcome to our Newest Mavens
We continue signing new members to the Maven Coalition, with a recent focus on business/finance channels. Among those now live or going live soon:
- Southside Hit Pen - full coverage of the MLB Chicago White Sox
- Inside The Rays - news and community for Tampa Bay Devil Rays fans
- Utilities on TheStreet - coverage of utilities, power and energy sectors
- The Grove Report - for fans of Ole Miss sports
- Cougs Daily - news and community for BYU Cougar fans
- Apple Maven - coverage of AAPL on TheStreet
- Retirement Daily - Bob Powell’s in-depth analysis on investments and retirement
- Boardroom Alpha - insider activity and 10-K analysis on TheStreet
- Financial Investigations - coverage of financial investigations on TheStreet
- Ponsi Charts - tech analysis and charting on TheStreet
- Capitalism Maven - opinion and analysis on capitalism and capital markets
- All Hail State - for fans of Mississippi State sports
- IPOs on TheStreet - coverage and commentary on initial public offerings
- The Kitchen Table Economist - personal finance on TheStreet
As always, you'll find a full list of Mavens by category at Maven.io