• by Tobi Elkin  @tobielkin, May 5, 2016

Just two weeks after video ad company YuMe sent a letter to shareholders urging them to vote for its director picks and support its strategic plan, the company reported Q1 2016 earnings on Wednesday. Overall, YuMe’s Q1 2016 revenue was $39.2 million, compared to $40.1 million during the same period last year but it offered no hints as to programmatic revenue growth.

In previous quarters, the video ad company struggled to grow its programmatic revenue, despite platform investments. Notably, there were no updates on programmatic revenue growth in the Q1 earnings report. In the previous quarter, the company showed only $1 million to $2 million in growth. The company projected that it would generate $6 million to $10 million in programmatic revenue in the second half of the year, as well as $1 million in programmatic licensing revenue, according to a report in AdExchanger.

 Other notable details from the company's earnings release:

• YuMe reported gross margin of 47.8%, compared to 47.0% in Q1 2015.

• Adjusted EBITDA profit of $0.5 million, compared to an adjusted EBITDA loss of $2.5 million in Q1 2015.
• Net loss of $3.6 million, or $0.10 per diluted share, compared to net loss of $6.0 million, or $0.18 per diluted share, in Q1 2015.
• $65.8 million in cash, cash equivalents and marketable securities.
• 1,009 advertising customers for the twelve-month period ended March 31, 2016, an increase of 8% from 935 for the twelve month period ended March 31, 2015.
• Average revenue per advertising customer of $542,000 for the twelve months ended March 31, 2016, a decrease of 7% from $582,000 for the twelve months ended March 31, 2015.

In other news, on Thursday, YuMe announced that MUH-TAY-ZIK | HOF-FER, a full-service ad agency, licensed the YuMe for Advertisers platform to programmatically run multiscreen video ad campaigns. The agency chose YuMe’s demand side platform to reach multiscreen video audiences and get brand reach via curated PC, mobile and connected TV inventory. YFA will also offer MUH-TAY-ZIK | HOF-FER first-party audience segments that span across online and mobile audiences for targeted video ad placements.