Revenue nearly tripled.
Sirius Satellite Radio Inc. reported Tuesday (May 2) that revenues grew by triple digits in the first quarter, as did its total subscriber count, when compared to the same three-month period a year ago. But so did the satcaster’s net loss.
For the three months ended March, subscriber revenues grew 175%, from $41.9 million in 2005 to this year’s $115.2 million. Sirius also pushed its advertising revenue up significantly and brought in $7.3 million in the quarter; last year’s ad revenues were relatively insignificant, amounting to only $534,000.
Total revenue for the quarter was up 193%, from last year’s $43.2 million to this year’s $126.7 million.
Subscriber growth was also a triple-digit gain, rising 190% from last year’s 1.14 million to this year’s 3.32 million at the beginning of the quarter. The net additional subscribers during this year’s quarter was 761,187, another number that’s more than double last year’s performance. Sirius expects to end 2006 with over 6.2 million subscribers.
Both satellite companies are still operating at a loss and Sirius’s latest quarterly loss was 137% larger than last year: The net loss for the quarter was $458.5 million this year. Last year the loss was $193.6 million.
Sirius said in a statement that it expects to start generating positive cash flow results “as early as the fourth quarter of 2006” and that it will continue to generate positive free cash flow throughout 2007.