TrueContext Reports Annual and Q4 2023 Financial Results
March 19 2024 - 6:00AM
TrueContext Corporation (TSXV: TCXT), (“TrueContext” or the
“Company”) the global leader in field intelligence, announced today
its annual and fourth quarter (Q4) financial results for the period
ended December 31, 2023. All amounts are in US dollars unless
otherwise stated.
Achievements in the 2023 financial year include
strong overall growth in recurring revenue combined with attainment
of profitability in Q3 and $570,000 of operating income in Q4.
TrueContext recently announced the signing of a
definitive agreement relating to an all-cash acquisition by Battery
Ventures. In light of this announcement, the Company will forego
its quarterly earnings call-in connection with these results.
Financial Highlights – 2023 Year
(All results in USD)
- Recurring
revenue for the year-ended December 31, 2023 increased by 15% to
$23.33 million compared to $20.37 million for 2022.
- Total revenue
for the year-ended December 31, 2023 increased by 14% to $24.37
million compared to $21.33 million for 2022.
- Gross margin
for 2023 was $21.23 million or 87% of total revenue compared to
$18.18 million or 85% in 2022. Gross margin on recurring revenue
was 91% for 2023 compared to 90% for 2022.
- Operating loss
was $1.66 million, for the year-ended December 31, 2023 down from
$4.33 million for 2022.
- Net loss for
the year-ended December 31, 2023 was $2.15 million compared to a
net loss of $4.45 million in 2022.
- As at December
31, 2023, the Company’s cash and net working capital balances were
$7.13 million and $1.13 million respectively.
Financial Highlights – 2023 Fourth
Quarter
- Recurring revenue in Q4 2023 increased by 16% to $6.15 million
compared to $5.29 million in Q4 2022 and increased by 3% compared
to $5.96 million in Q3 2023.
- Total revenue for Q4 2023 increased by 13% to $6.31 million
compared to $5.61 million in Q4 2022 and increased by 2% compared
to $6.16 million in Q3 2023.
- Gross margin for Q4 2023 was 89% of total revenue compared to
87% in Q4 2022 and 87% in Q3 2023. Gross margin on recurring
revenue was 92% for Q4 2023 compared to 91% in Q4 2022 and 91% in
Q3 2023.
- Operating income for Q4 2023 was $0.57 million, compared to an
operating loss of $0.45 million in Q4 2022 and an operating loss of
$0.22 million in Q3 2023.
- Net income for Q4 2023 was $0.39 million, compared to a net
loss of $0.55 million in Q4 2022 and a net loss of $0.27 million in
Q3 2023.
Please refer to
https://truecontext.com/about/investor-relations/ for full
financial statements, management discussion and analysis and a
downloadable spreadsheet version of our quarterly information.
About TrueContext
TrueContext is a global leader in field
intelligence. The Company’s field workflows and data collection
capabilities enable enterprise field teams to optimize
decision-making, decrease organizational risk, maximize the uptime
of valuable assets, and deliver exceptional service experiences.
Over 100,000 subscribers use the Company’s product across multiple
use cases, including asset inspection, compliance, installation,
repair, maintenance, and environmental, health & safety with
quantifiable business impacts.
The Company is based in Ottawa, Canada, and
currently trades on the TSXV under the symbol TCXT. “ProntoForms”
and “TrueContext” are registered trademarks of TrueContext Inc., a
wholly owned subsidiary of the Company.
For additional information, please contact:
Alvaro Pomboco-Chief Executive Officer TrueContext Corporation
613.599.8288 ext. 1111 apombo@truecontext.com |
Philip Deckco-Chief Executive Officer TrueContext Corporation
416.702.3974pdeck@truecontext.com |
Dave CroucherChief Financial OfficerTrueContext Corporation
613-286-9212dcroucher@truecontext.com |
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Certain information in this press release may
constitute forward-looking information. This information is based
on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Historical growth levels and results may not be
indicative of future growth levels or results. The proposed
all-cash acquisition of the Company referred to above is subject to
satisfaction of certain customary conditions including court
approval and shareholder approval. The press release relating so
such acquisition linked above contains further details on the
conditions to closing of that transaction. The Company assumes no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those reflected in
the forward looking-statements unless and until required by
securities laws applicable to the Company. There are a number of
risk factors that could cause future results to differ materially
from those described herein. Please see “Risk Factors
Affecting Future Results” in the Company’s annual management
discussion and analysis dated on or about the date of this release
which can be found at www.sedarplus.ca for a discussion of such
factors.
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.
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