Achieved 47% Year over Year Revenue Growth
VANCOUVER, May 30, 2018 /CNW/ - Katipult Technology Corp. ("Katipult" or the "Company), an industry leading and award winning fintech company, is pleased to announce its first quarter (Q1) financial results for the period ended March 31, 2018.
"We continue to see strong growth in our recurring revenue base on a year over year basis as more and more customers are seeking a back-end solution to assist them in their private capital financings," said Brock Murray, CEO of Katipult Technology. "Over the course of this year, we anticipate rapidly expanding our sales team with the funds we recently secured, and ultimately use a much more aggressive strategy to capitalize on this burgeoning market. We are very excited about the prospects that we are seeing and our pipeline is more robust than it has ever been – we intend on capitalizing on this throughout the remainder of this year."
Financial Highlights – First Quarter 2018
- Total revenue for quarter ended March 31, 2018 increased by 47% to $0.32 million, compared to $0.21 million for the quarter ended March 31, 2017.
- Subscription revenue for the quarter ended March 31, 2018 increased by 31% to $0.13 million, compared to $0.1 million for the quarter ended March 31, 2017.
- Gross margin for Q1 2018 was $0.23 million or 74% of total revenue compared to $0.14 million or 65% in 2017.
- Loss from operations was $0.24 million for the three months ended March 31, 2018, compared to a loss of $0.02 million for the same period in 2017.
- Total comprehensive loss for the quarter ended March 31, 2018 was $0.25 million, compared to a comprehensive loss of $0.03 million.
- As at March 31, 2018, the Company's cash balance of $0.4 million compared to $0.35 million for the comparable period in 2017.
- Subsequent to March 31, 2018, the Company closed a $3.05 million non-brokered convertible debenture private placement (increased from the previously announced $3,000,000 offering). The Company intends to use the proceeds from the private placement to execute its sales and marketing strategy and for general working capital.
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.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding the increased or continued industry interest in the Company's product, converting existing sales interest and pipeline growth into revenue, expanding the sales force, generating new sales opportunities, effectively and efficiently utilizing proceeds from financings constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including, but not limited to, the Company's anticipated cash needs, that the cash available to the Company is as expected, the Company's product will continue to operate as expected, the industry will continue to see value in the Company's product, the Company will be able to recruit talented and experienced sales, support and other individuals required to execute the Company's plans. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, the risk that cash available to the Company is not as expected, the Company's pricing and product offering is no longer relevant, the Company isn't able to recruit the personnel it requires on terms acceptable to the Company, regulatory changes that may require significant rework of the Company's product. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Katipult Technology Corp.