140.5% Year over Year Increase in Subscription Revenue at Record
Gross Margins
VANCOUVER, May 24, 2019 /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 three-month period ended March 31, 2019.
Q1 2019 was Katipult's fifth consecutive quarter of higher
subscription revenues and marks the Company's highest recorded
subscription revenue and total revenue in a quarter as well as its
highest gross margin of 81.4%.
Financial Highlights – First Quarter 2019
- Total revenue for the quarter ended March 31, 2019 increased by 48.4% to $463 thousand, compared to $312 thousand for the quarter ended March 31, 2018.
- Subscription revenue for the quarter ended March 31, 2019 increased by 140.5% to
$303 thousand, compared to
$126 thousand for the quarter ended
March 31, 2018.
- Gross margin percentage for Q1 2019 was 81.4% compared to 73.7%
in Q1 2018.
- Total comprehensive loss for the quarter ended March 31, 2019 was $319
thousand compared to $250
thousand for the same period in 2018.
- As at March 31, 2019, the
Company's cash balance was $2.35
million compared $404 thousand
at March 31, 2018 and $2.54 million at December
31, 2018.
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 pipeline growth into revenue, generating new
sales opportunities, converting prospects and securing larger
clients, and 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.
