TORONTO, May 20, 2022
/CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the
"Company") today announced its financial results for the three
months ended March 31, 2022.
"Prodigy is seeing increased demand for its technology services,
despite ongoing tight conditions in the talent market," said
Tom Beckerman, Prodigy's Chairman
and CEO. "The Company's pipeline for its
tunlTM open banking and IDVerifactTM
digital identity platforms also continues to grow, adding
opportunities for additional high margin recurring revenue."
First Quarter 2022 Financial Results
- Revenue for the three months ended March
31, 2022 totalled $3,377,315
as compared to $3,328,987 for the
three months ended March 31, 2021, an
increase of 1%.
- Gross profit for the three months ended March 31, 2022 of $1,161,024 as compared to $906,119 for the three months ended March 31, 2021, an increase of 28%.
- Operating expenses for the three months ended March 31, 2022 of $1,428,580 as compared to $873,827 for the three months ended March 31, 2021, an increase of 63%.
- Net loss for the three months ended March 31, 2022 totalled $303,167 as compared to net income of
$19,092 for the three months ended
March 31, 2021.
- Adjusted EBITDA for the three months ended March 31, 2022 totalled $5,622 as compared to $118,391 for the three months ended March 31, 2021.
- The Company had working capital of $2,894,547 as of March 31,
2022 compared to $3,143,145 as
of December 31, 2021.
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Three months
ended
March 31
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2022
$
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2021
$
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Revenue
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3,377,315
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3,328,987
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Gross
Profit
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1,161,024
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906,119
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Expenses
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1,428,580
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873,827
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Net and
comprehensive income (loss) for the period
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(303,167)
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19,092
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Net income (loss)
per share – basic and diluted
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(0.00)
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0.00
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Adjusted
EBITDA(1)
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5,622
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118,391
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(1) Adjusted EBITDA is a non-IFRS
financial measure, which is defined as earnings before income tax
expense, finance
costs,
depreciation and amortization and share-based compensation. We
exclude these items because they affect the
comparability of
our financial results and could potentially distort the analysis of
trends in our business performance.
Adjusted EBITDA is
used by management to assess our operating performance. The
presentation of Adjusted EBITDA
is to provide
additional useful information to investors and analysts and the
measure does not have any standardized
meaning under
IFRS. Adjusted EBITDA should therefore not be considered in
isolation or used in substitute for measures
of performance
prepared in accordance with IFRS. Other issuers may calculate
Adjusted EBITDA differently.
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(2) For further information regarding
non-IFRS financial measures including a quantitative reconciliation
of Adjusted EBITDA,
please see the
Company's Management's Discussion and Analysis for the three months
ended March 31, 2022 under the
heading "Non-IFRS
Financial Measures".
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The complete unaudited financial statements and associated
Management's Discussion and Analysis are available under the
Company's profile at www.sedar.com or the Company's website at
www.prodigy.ventures.
About Prodigy Ventures Inc.
Prodigy delivers Fintech innovation. The Company provides
leading edge platforms, including IDVerifact™ for digital identity,
and tunl.™ for open banking and customer chat support, coupled with
seamless integration of our partners best-of-breed Fintech
platforms. Our services business, Prodigy Labs™, integrates and
customizes our platforms for unique enterprise customer
requirements, and provides technology services for digital
identity, open banking, payments and digital transformation.
Digital transformation services include strategy, architecture,
design, project management, agile development, quality engineering
and staff augmentation. Prodigy has been recognized as one of
Canada's fastest growing companies
with multiple awards.
Forward-Looking and Cautionary Statements
Certain information set out in this news release constitutes
forward-looking information. Forward looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "intend", "could", "might", "should", "believe" and similar
expressions. Although the Company believes that the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, and that information obtained from third
party sources is reliable, they can give no assurance that those
expectations will prove to have been correct. Readers are cautioned
not to place undue reliance on forward-looking statements included
in this document, as there can be no assurance that the plans,
intentions or expectations upon which the forward-looking
statements are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties that contribute to the possibility that the
predictions, forecasts, projections and other forward-looking
statements will not occur, which may cause actual results in future
periods to differ materially from any estimates or projections of
future performance or results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, risk factors set forth in the Company's
Management's Discussion and Analysis for the three months ended
March 31, 2022, a copy of which is
filed on SEDAR at www.sedar.com. Readers are cautioned that this
list of risk factors should not be construed as exhaustive. These
statements are made as at the date hereof and unless otherwise
required by law, the Company does not intend, or assume any
obligation, to update these forward-looking statements.
Non-IFRS Financial Measures
Our financial statements are prepared in accordance with
International Financial Reporting Standards ("IFRS"). Certain
financial measures in this press release are not prescribed by
IFRS. These non-IFRS financial measures are included because
management uses the information to analyze operating performance.
These non-IFRS financial measures do not have any standardized
meaning and are therefore unlikely to be comparable to similar
measures presented by other companies. Except as otherwise
indicated, these non-IFRS measures are calculated and disclosed on
a consistent basis from period to period.
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.
SOURCE Prodigy Ventures Inc.