Calgary, May 26, 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 months ended March 31, 2020.
Highlights for Q1 2020
- Subscription revenue increased 8.6% in Q1 2020 to $329K compared to $303K in Q1 2019.
- Gross profit as a percentage of sales (“Gross Margin”) improved to 81.9% in Q1 2020 compared to 81.4% recorded in Q1 2019.
- Adjusted EBITDA in Q1 2020 was lower by $29K (negative $267K in Q1 2020 vs negative $238K in Q1 2019) as a result of higher selling, general and administrative expenses partially offset by lower research and development expenses.
- Cash, cash equivalents and marketable securities balance as at March 31, 2020 was $1.5 million compared to $1.9 million as at December 31, 2019.
“2020 has commenced with some significant macro challenges due to the Covid-19 pandemic. Despite this uncertain backdrop, Katipult continues to make progress in attracting the attention of financial services firms as they look to digitize their capital raising and lending processes. Our platform provides significant advantages in a low physical contact environment,” said Gord Breese, President and CEO. “Katipult is well positioned to address the needs of these organizations.”
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.
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.