140.5% Year over Year Increase in Subscription Revenue at Record Gross Margins
VANCOUVER, May 24, 2019 /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 three-month period ended March 31, 2019.
Q1 2019 was Katipult's fifth consecutive quarter of higher subscription revenues and marks the Company's highest recorded subscription revenue and total revenue in a quarter as well as its highest gross margin of 81.4%.
Financial Highlights – First Quarter 2019
Total revenue for the quarter ended March 31, 2019 increased by 48.4% to $463 thousand, compared to $312 thousand for the quarter ended March 31, 2018.
Subscription revenue for the quarter ended March 31, 2019 increased by 140.5% to $303 thousand, compared to $126 thousand for the quarter ended March 31, 2018.
Gross margin percentage for Q1 2019 was 81.4% compared to 73.7% in Q1 2018.
Total comprehensive loss for the quarter ended March 31, 2019 was $319 thousand compared to $250 thousand for the same period in 2018.
As at March 31, 2019, the Company's cash balance was $2.35 million compared $404 thousand at March 31, 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.