- Achieved 43% Annual Revenue Growth and 55% Subscription Revenue Growth -
VANCOUVER, April 27, 2017 /CNW/ - Katipult Technology Corp. ("Katipult" or the "Company), an industry leading and award winning fintech company, is pleased to announce its annual and fourth quarter (Q4) financial results for the period ended December 31, 2017.
"2017 was a milestone year for Katipult as we stabilized the product development, initially launching clients in Beta mode and then as full commercial products. We have been very pleased and encouraged by how well our software has been received, as evident by our growing subscription revenue," said Brock Murray, CEO of Katipult. "With a strong product offering in place, global customers validating our value proposition and significant market demand for our platform, our goal for 2018 is to drive sales and marketing and begin to accelerate our growth rate."
Financial Highlights – 2017 Year
- Total revenue for year ended December 31, 2017 increased by 43% to $1,136,467, compared to $797,462 for the year ended December 31, 2016.
- Subscription revenue for the year ended December 31, 2017 increased by 55% to $491,314, compared to $317,905 for the year ended December 31, 2016.
- Gross margin for 2017 was $808,864 or 71% of total revenue compared to $627,998 or 79% in 2016.
- Loss from operations was $684,553 for twelve months ended December 31, 2017, compared to profit of $160,667 for the twelve months in 2016.
- Total comprehensive loss for the year ended December 31, 2017 was $1,124,361, compared to a comprehensive income of $140,453.
- As at December 31, 2017, the Company's cash balance amounted to $345,099 compared to $188,360 for the comparable period in 2016.
Financial Highlights – 2017 Fourth Quarter
- Total revenue for Q4 2017 increased by 57% to $359,234, compared to $228,524 for Q4 2016.
- Gross margin for Q4 2017 was $270,006 or 75% of total revenue compared to $172,348 or 75% in Q4 2016.
- Net operating loss was $295,499 for Q4 2017, compared to net operating income of $90,421 for the Q4 2016.
- Net loss before taxes for Q4 2017 was $251,171, compared to a net income before taxes of $90,901 in Q4 2016.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release contain forward-looking information including, without limitation, the timing and rate of sales growth, if any and the continued satisfaction of current and potential customers. The words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Katipult. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Katipult. Katipult does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.
SOURCE Katipult Technology Corp.