CALGARY, April 22, 2020 /CNW/ - Katipult Technology Corp. (TSXV: FUND) ("Katipult" or the "Corporation"), provider of an industry leading and award-winning cloud-based software infrastructure for powering the exchange of capital in equity and debt markets, is pleased to announce its financial results for the three and twelve months ended December 31, 2019.
Highlights for Q4 and the Year Ended December 31, 2019
- Subscription revenue increased 85.8% in 2019 to $1,304K compared to $702K in the prior year.
- Subscription revenue increased 31.1% in the fourth quarter of 2019 to $329 compared to $251K for the same period in 2018.
- Gross profit as a percentage of sales ("Gross Margin") improved to 80.8% during 2019 compared to 73.7% recorded in 2018. Similarly, for Q4 2019, the Corporation achieved a Gross Margin of 81.7% compared to 73.1% achieved during the same period in 2018
- Adjusted EBITDA in 2019 improved to a loss of $923K compared to a loss of $1,611K in 2018.
- Cash balance as at December 31, 2019 was $1.9 million compared to $2.5 million as at December 31, 2018.
"Katipult demonstrated solid performance across the board in Q4, ending 2019 very strong," said Katipult President and CEO, Gord Breese. "In Q4, we saw new deals and expanded adoption of the Katipult Platform. Katipult is orchestrating what every financial services organization wants ‐ frictionless and automated workflow. Digital transformation is driving our momentum as customers embrace the simplicity Katipult enables in powering the movement and exchange of capital. We are excited to be an innovator in this market."
Subsequent to the year end, on January 30, 2020, the World Health Organization declared the coronavirus outbreak (COVID-19) a "Public Health Emergency of International Concern" and, on March 11, 2020, declared COVID-19 a pandemic. While COVID-19 has not had an adverse effect on Katipult's operations to date, the Corporation is closely monitoring its impact on customers and stakeholders.
About Katipult Katipult (www.katipult.com) is a provider of industry leading and award-winning software infrastructure for powering the exchange of capital in equity and debt markets. Our cloud-based platform and solutions digitize investment workflow by eliminating transaction redundancy, strengthening compliance, delighting investors, and accelerating deal flow. Katipult provides unparalleled adaptability for regulatory compliance, asset structure, business model, and localization requirements.
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