Achieved 47% Year over Year Revenue Growth
VANCOUVER, May 30, 2018 /CNW/ - Katipult Technology Corp. ("Katipult" or the "Company), an industry leading and award winning fintech company, is pleased to announce its first quarter (Q1) financial results for the period ended March 31, 2018.
"We continue to see strong growth in our recurring revenue base on a year over year basis as more and more customers are seeking a back-end solution to assist them in their private capital financings," said Brock Murray, CEO of Katipult Technology. "Over the course of this year, we anticipate rapidly expanding our sales team with the funds we recently secured, and ultimately use a much more aggressive strategy to capitalize on this burgeoning market. We are very excited about the prospects that we are seeing and our pipeline is more robust than it has ever been – we intend on capitalizing on this throughout the remainder of this year."
Financial Highlights – First Quarter 2018
- Total revenue for quarter ended March 31, 2018 increased by 47% to $0.32 million, compared to $0.21 million for the quarter ended March 31, 2017.
- Subscription revenue for the quarter ended March 31, 2018 increased by 31% to $0.13 million, compared to $0.1 million for the quarter ended March 31, 2017.
- Gross margin for Q1 2018 was $0.23 million or 74% of total revenue compared to $0.14 million or 65% in 2017.
- Loss from operations was $0.24 million for the three months ended March 31, 2018, compared to a loss of $0.02 million for the same period in 2017.
- Total comprehensive loss for the quarter ended March 31, 2018 was $0.25 million, compared to a comprehensive loss of $0.03 million.
- As at March 31, 2018, the Company's cash balance of $0.4 million compared to $0.35 million for the comparable period in 2017.
- Subsequent to March 31, 2018, the Company closed a $3.05 million non-brokered convertible debenture private placement (increased from the previously announced $3,000,000 offering). The Company intends to use the proceeds from the private placement to execute its sales and marketing strategy and for general working capital.
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.
