Q2 2019 Reports Record Subscription Revenues and
Record Gross Margins
VANCOUVER, Aug. 12, 2019 /CNW/ - Katipult Technology Corp.
("Katipult" or the "Corporation"), an industry leading and
award winning fintech company, is pleased to announce its
second quarter (Q2) financial results for the three-month period
ended June 30, 2019.
Q2 2019 was Katipult's sixth consecutive quarter of higher
subscription revenues and marks the Company's highest recorded
subscription revenue. Subscription revenues increased by 124%
in Q2 2019 compared to Q2 2018. Additionally, the Gross Margin
improved to 79.7% during Q2 2019 compared to 74.1% recorded in
the same quarter of 2018. On a year-to-date
basis, Subscription Revenues grew 132% from $263K in the first half of 2018 to $610K booked in the first half of 2019.The
Comprehensive Loss also improved to $343K in Q2 2019 compared to $596K in Q2
2018 and from $846K for the first
half of 2018 to $662 recorded in the
first half of 2019.
Financial Highlights – Second Quarter 2019
- Subscription revenue for the quarter ended June 30, 2019 increased by 124.1% to
$307 thousand, compared to $137
thousand for the quarter ended June
30, 2018.
- Total revenue for the quarter ended June
30, 2019 increased by 17.1% to $384
thousand, compared to $328
thousand for the quarter ended June
30, 2018.
- Gross margin percentage for Q2 2019 was 79.7% compared to 74.1%
in Q2 2018.
- Total comprehensive loss for the quarter ended June 30, 2019 was $343 thousand compared to $596 thousand for the same period in 2018.
- As at June 30, 2019, the
Company's cash balance was $2.12
million compared $3.24 million at June
30, 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, pipeline growth and installed trials 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.
