XM Satellite Radio Holdings Inc. released their Q1 results today, announcing a 27% year on year revenue increase to 264 million. The company reached more than 7.9 million subscribers during the first quarter 2007 compared to 6.5 million subscribers in the prior year period, and recently announced that it had now passed the eight million marker.
XM continued to make a loss during the quarter, although this had narrowed to $122 million, representing an 18% improvement compared to the 2006 first quarter net loss of $149 million.
“During the quarter, we improved our retail performance, experienced strong OEM gross additions, extended our distribution agreements with Toyota and Honda, enhanced our customer service, maintained our churn rate at approximately 1.8% for the third consecutive quarter and strengthened key financial metrics for our business,” said Hugh Panero, chief executive officer, XM Satellite Radio. “These results were driven by the operational initiatives we put in place over the last several quarters.”
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