Jasper achieves strong year over year
revenue growth
VANCOUVER, BC, March 31, 2022 /CNW/ - Jasper Commerce Inc.
(TSXV: JPIM) ("Jasper" or the "Company"), a leading provider of
Product Information Management ("PIM")
solutions, announces its second fiscal quarter (Q2) financial
results for the three and six month periods ended January 31,
2022 of Jasper Interactive Studios Inc ("Jasper Interactive").
Jasper Interactive was acquired by Jasper Commerce, Inc (formerly
named SaaSquatch Capital Corp.) in a reverse takeover transaction
on February 16, 2022, and did a
concurrent financing for $6 million.
Unless otherwise indicated, all dollar amounts are expressed
in Canadian dollars.
Q2 Financial Highlights – 79% Revenue Growth in Three Months
Ended January 31, 2022
- Revenue was $470,732 for the three months
ended January 31, 2022 compared to $262,774 for
the three months ended January 31, 2021, growing 79%
year-over-year. Revenue growth was driven by an increase in
Enterprise license sales, as well as increased demand from existing
customers of all sizes for professional services work to support
additional integration between Jasper PIM and their other business
systems. Revenue for the six months ended January 31,
2022 was $922,944 compared to $671,670 for
the same period in 2021, growing 37% year-over-year.
- Expenses for three months ended January 31,
2022 were $1,678,985 compared
to $764,707 for three months ended January 31, 2021. Preparation for the go-public
event by applying pre-RTO funds for vendor scale-up and new staff
hires, account materially for the increase of expenses during this
period. Expenses for the six months ended January 31,
2022 were $3,122,938 compared
to $1,410,720 for the same period in 2021.
- Net loss for the three months ended January 31,
2022 was $1,208,253, compared to a net loss of
$501,933 for the three months
ended January 31, 2022. Net loss for the six months
ended January 31, 2022 was $2,199,944 compared
to a net loss of $739,050 for the same period in
2021.
Subsequent Events
- On February 16, 2022, Jasper
completed a business combination with SaaSquatch Capital Corp. The
new combined entity will continue under the name Jasper Commerce
Inc. and now trades on the TSX Venture Exchange under the symbol
JPIM.
- Concurrent with the business combination Jasper completed a
brokered private placement financing for $6,000,000 and is well capitalized to accelerate
growth.
"I am pleased with the growth we achieved in the second quarter
of fiscal 2022", said Jasper CEO Jon
Marsella.
"Post Q2 we completed our go public transaction and successfully
closed a $6 million financing and
have been investing in sales and marketing to continue along this
growth path. The Company is also advancing its discussions
with new partners that should open new channels of growth."
"I expect that Jasper will continue the trend of achieving
year-over-year growth as we apply the use of our new financing
proceeds towards sales and marketing acceleration, expansion into
new marketplaces, and through continued product innovation."
"I would like to thank all our shareholders and employees for
their contributions in bringing Jasper public and look forward to
updating you regularly on milestones and financial execution."
This news release should be read in conjunction with Jasper's
unaudited interim condensed financial statements and the
accompanying notes, as at and for the quarter ended January
31, 2022. Those documents have been filed with certain securities
regulatory authorities in Canada and are available on
SEDAR (www.sedar.com) and on the Jasper's website
at www.jasperpim.com.
About Jasper Commerce Inc.
Jasper offers a Product Information Management ("PIM")
solution that has the objective of empowering eCommerce merchants
to manage and merchandise their products from a single source of
truth, facilitating them to sell more, sell faster and work
smarter. Jasper's PIM is accessible from anywhere via a web-browser
and is intended to simplify the process by which online merchants
import product data into the PIM. Once uploaded, merchants can add
various product data including product attributes, images, videos,
marketing information, inventory quantities and price books and
efficiently merchandise their products using various features that
include, among other things, the ability to adjust product
categorization, pricing data and other key metrics. Jasper's PIM
also allows for automatic syncing to popular eCommerce storefronts,
marketplaces, or other connected channels, whenever new products
are added to the PIM.
Neither 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.
Investors are cautioned that, except as disclosed in the
Filing Statement prepared in connection with the Transaction, any
information released or received with respect to the Transaction
may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be
considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the Transaction and has neither approved nor disapproved
the contents of this press release.
Forward Looking Statements
The information in this news release includes certain
information and statements about management's view of future
events, expectations, plans and prospects that constitute forward
looking statements, including statements relating to the final
acceptance by the Exchange, the issuance of a final bulletin by the
Exchange, the use of proceeds of the Offering and the business
plans of the Company. These statements are based upon assumptions
that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of
factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and
indicated by these forward looking statements. Any number of
factors could cause actual results to differ materially from these
forward‐looking statements as well as future results. Although the
Company believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurances that the
expectations of any forward looking statements will prove to be
correct. Except as required by law, the Company disclaims any
intention and assumes no obligation to update or revise any forward
looking statements to reflect actual results, whether as a result
of new information, future events, changes in assumptions, changes
in factors affecting such forward looking statements or
otherwise.
SOURCE Jasper Commerce, Inc.