VANCOUVER, August 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.
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.