Full year revenue of $7.99 millionCampaign-based marketing services revenue grew 12.7% yoy to $4.40 millionRevenue of campaign-based marketing services in HK SAR grew 105.7% to $2.16 millionExpects FY24 revenue to increase by 20% driven by growth in cross regional brand partnership, AI-enabled digital content and recovery in social commerceAnnounces share repurchase program with authorization to purchase up to 500,000 of the Company's Class A Ordinary Shares HONG KONG, April 30, 2024 (GLOBE NEWSWIRE) -- VS Media Holdings Limited (NASDAQ:VSME) ("VS Media" or the "Company") today announced its financial results for the fiscal year ended December 31, 2023. "Fiscal 2023 was a challenging year as our business was negatively impacted by weakened market sentiment, decrease in client spending and the temporary suspension of our social commerce business," said Ivy Wong, Founder and CEO of VS Media. "That said, we believe the worst is behind us. As 2024 continues to unfold, we expect strong growth in our top line and profit margin driven by cross-regional brand partnership, AI-enabled digital content, and recovery in social commerce. We are confident that some of the strategic partnerships and new market entry that we have announced recently will start to pay off commercially this year." 2023 Financial Summary Revenue was $7.99 million, compared to $9.03 million in the prior year; Overall campaign-based marketing services revenue grew 12.7% yoy to $4.40 million; Revenue of campaign-based marketing services in Hong Kong grew by 105.7% to $2.16 million as compared to $1.05 million in the prior year; Gross profit was $1.64 million, compared to $2.28 million in the prior year; Net loss was $6.59 million, compared to $3.52 million in the prior year; and Operating cash flow was $7.24 million, compared to $2.05 million in the prior year. During fiscal year 2023, VS Media recorded revenue of $7.99 million compared to revenue of $9.03 million in the prior year. The decrease in revenue was mainly attributable to decreased revenue from the Company's Optimization-Based Marketing Services and Social Commerce businesses. The decrease was a result of weakened market sentiment, change in service mix as the company recalibrated internal resource to focus on higher margined Campaign-based marketing services in Hong Kong and the Company's strategy to temporarily suspend its Social Commerce business to optimize resources allocation. Gross Profit for the year was $1.64 million compared to $2.28 million in the prior year. The overall decrease in gross margin to 20.5% was due to the abovementioned factors. The Company reported a net loss of $6.59 million for the year, mainly due to listing related one-time expenses. 2024 Financial Guidance VSME expects its business activities to recover due to cross-regional brand partnership, artificial intelligence -enabled digital content, and resumption of social commerce business in mid-year. As a result, the management expects revenue to growth by 20% year-over-year compared to the fiscal year 2023 and to achieve positive net margin. Share Repurchase Program VS Media today announces that its Board of Directors approved a 10b-18 share repurchase program with authorization to purchase up to 500,000 of the Company's Class A Ordinary Shares. This plan is effective immediately for up to a one-year period. Under the share repurchase program, the Company may repurchase its Class A Ordinary Shares from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans, intended to qualify under Rule 10b-18 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing, manner, price, and total amount of any share repurchases under the share repurchase program are determined by the Company at its discretion through various factors, including but not limited to business, economic and market conditions, corporate, legal and regulatory requirements, prevailing stock prices, trading volume, and other considerations. The share repurchase program may be modified, suspended or discontinued at any time and the Company is not obligated to acquire any amount of stock. The Company expects to utilize its existing cash and cash equivalents to fund any repurchases under the share repurchase program.        "As market sentiment stabilizes in 2024, I am pleased with the momentum that we've seen across our business segments so far and will remain hyper focused on adding value between brands and creators to grow our marketing services on the one hand and resuming our social commerce business on the other. The announcement of share buyback demonstrates confidence in our business fundamentals and our commitment to shareholders," "VS Media continues to leverage our extensive capabilities in digital marketing and content creation. We are well-positioned to capitalize on emerging trends and opportunities related to digital marketing. In addition, VS Media's commitment to fostering talent and empowering content creators positions us as a catalyst for innovation and creativity in the digital space. By cultivating partnerships and investing in leading technologies, we are poised to drive growth, expand reach, and unlock new revenue potential in the years to come," said VS Media CEO Ivy Wong. Recent Developments In February 2024, VS Media entered into a strategic investment in Los Angeles-based creative venture studio MeeshQ. The investment comes as part of a partnership connecting MeeshQ's globally renowned talents and creators with VSME's emerging local brands in Asia Pacific. The partnership brings future opportunities for brand sponsorship, product venture and other commercial opportunities, as well as helping talents launch their own products in the Asia Pacific region. MeeshQ and VSME plan to launch a number of global ventures in 2024 with high-profile American contemporary talents such as Mike Tyson and Dennis Rodman in Asia Pacific. VS Media will be MeeshQ's exclusive partner in the region. Additionally, in February 2024, VS Media partnered with global entertainment company The Pinkfong Company and fine dining provider King Parrot Group to launch a VS Lounge in Hong Kong's Central Waterfront. The event series successfully ran from February 2, 2024through February 25, 2024, at the Central Waterfront, spanning across the Lunar New Year and Valentine's Day as an all-day family-oriented event. The event demonstrated the Company's ability in collaborating with top tier content creators with customers in online and offline settings. In October 2023, VS Media announced its expansion into Macau, further solidifying its presence in the Asian market. The strategic move into Macau allows VS Media to leverage its vast experience in digital marketing, influencer engagement, and content creation to support Macau businesses in promoting their offerings to a global audience. With a robust network of talented content creators, VS Media consistently delivers impactful campaigns that resonate with target audiences, driving brand awareness and engagement. About VS Media VS Media Holdings Limited (NASDAQ:VSME) manages a network of leading digital creators across Asia Pacific that powers content-driven social commerce and offers local and effective marketing services to brands. Founded in 2013, VSME partners with over 1,500 creators and over 1,000 brands to promote and merchandise their products and services. The Company is currently growing internationally across Hong Kong, China, Taiwan, Singapore, and beyond. For more information, visit https://www.vs-media.com. Forward-Looking Statements Certain statements in this announcement are forward-looking statements, including, for example, statements about potential activity under share repurchase plan. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. These forward-looking statements are also based on assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "likely to" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Contact information: VS Media Holdings Limited VS MEDIA HOLDINGS LIMITEDCONSOLIDATED BALANCE SHEETS(Currency expressed in United States Dollars ("US$"), except for number of shares)       As of December 31,       2023     2022   ASSETS             CURRENT ASSETS                 Cash and equivalents   $ 1,500,148     $ 820,570   Accounts receivable, net     2,131,371       1,917,732   Deposits, prepayments and other receivables, net     6,358,344       4,545,591   Due from related parties     1,799       7,254   Total current assets     9,991,662       7,291,147                     NON-CURRENT ASSETS                 Plant and equipment, net     19,609       27,123   Intangible assets, net     37,333       57,865   Deposit paid for acquisition of intangible assets     -       115,601   Right-of-use assets, net     34,143       100,589   Total non-current assets     91,085       301,178                     TOTAL ASSETS   $ 10,082,747     $ 7,592,325                     LIABILITIES AND SHAREHOLDERS' EQUITY                 CURRENT LIABILITIES                 Bank loans - current   $ 1,587,680     $ 1,628,048   Other borrowings - current     432,241       -   Accounts payable     1,837,795       1,036,790   Due to related parties     90,589       504,837   Loan – related parties     1,295,287       1,231,327   Receipt in advance     139,341       59,069   Lease liabilities     34,143       66,604   Accruals and other payables     264,532       779,840   Total current liabilities     5,681,608       5,306,515                     NON-CURRENT LIABILITIES                 Other borrowings – non-current     208,116       632,737   Lease liabilities – non-current     -       33,985   Total non-current liabilities     208,116       666,722                     TOTAL LIABILITIES     5,889,724       5,973,237                     Commitments and contingencies                                   SHAREHOLDERS' EQUITY                 Class A ordinary shares, unlimited authorized shares, no par value, 20,000,000 shares and nil issued and outstanding as of December 31, 2023 and 2022, respectively     8,047,695       -   Class B ordinary shares, unlimited authorized shares, no par value, 2,000,000 shares and nil issued and outstanding as of December 31, 2023 and 2022, respectively     -       -   Ordinary shares, no par value, nil and 20,000,000 shares issued and outstanding as of December 31, 2023 and 2022, respectively     -       20                     Additional paid in capital     17,075,568       16,213,997   Accumulated other comprehensive income     277,912       18,781   Accumulated deficit     (21,208,152 )     (14,613,710 ) Total shareholders' equity     4,193,023