CALGARY, Nov. 25, 2019 /CNW/ - Katipult Technology Corp. (TSXV: FUND) ("Katipult" or the "Corporation"), provider of an industry leading and award-winning cloud-based software infrastructure for digitizing and automating private placements, is pleased to announce its third quarter (Q3 2019) financial results for the three and nine months ended September 30, 2019.
Q3 2019 Highlights
- Q3 2019 saw Katipult's highest-ever recorded quarterly subscription revenue and was its seventh consecutive quarter of increased subscription revenues.
- Subscription revenue increased by 94% to $365K in Q3 2019 compared to the $188K recorded in Q3 2018.
- On a year-to-date basis, Subscription Revenue more than doubled from $451K in the nine months of 2018 to $975K for the same period in 2019.
- Gross profit percentage improved to 80.4% during Q3 2019 compared to 73.9% recorded in the same quarter of 2018.
- The Comprehensive Loss improved to $353K in Q3 2019 compared to $497K in Q3 2018 and from $1,400K for the first nine months of 2018 to $1,015K recorded for the nine months in 2019.
- Cash balance as at September 30, 2019 was $1.9 million compared to $2.9 million as at September 30, 2018.
Q3 2019 was also marked with some significant milestones including the addition of ATB Financial to its growing client list and the deployment of the Corporation's platform to a large independent Canadian broker dealer. The platform was operational and being tested by the dealer during the quarter. Subsequent to quarter end, the Corporation collected the entire year's annual fee due under the license agreement.
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.
Forward-Looking Statement: 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 installed trials into revenue, generating new sales opportunities, effectively and efficiently utilizing the Corporation's resources 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, failure to manage growth successfully, lengthier than anticipated sales and implementation cycle, cyber risks, risks related to cloud based solutions, failure to continue to adapt to technological change and new product development, dependence on key personnel, competition, intellectual property risks, economic conditions, privacy concerns and legislation, regulatory environment, risk associated with a change in the company's pricing model, risk of defects in the company's solution, dependence on market growth, operational service risk, dependence on partners and delay or failure to realize anticipated benefits of key account installations 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.
For further information: Katipult Technology Corp., Brock Murray, CEO, [email protected], 587-393-3981