CALGARY, Nov. 25, 2019 /CNW/ - Katipult Technology Corp. (TSXV: FUND) ("Katipult" or the "Corporation"), provider of an industry leading and award-winning cloud-based software infrastructure for digitizing and automating private placements, is pleased to announce its third quarter (Q3 2019) financial results for the three and nine months ended September 30, 2019.
Q3 2019 Highlights
Q3 2019 saw Katipult's highest-ever recorded quarterly subscription revenue and was its seventh consecutive quarter of increased subscription revenues.
Subscription revenue increased by 94% to $365K in Q3 2019 compared to the $188K recorded in Q3 2018.
On a year-to-date basis, Subscription Revenue more than doubled from $451K in the nine months of 2018 to $975K for the same period in 2019.
Gross profit percentage improved to 80.4% during Q3 2019 compared to 73.9% recorded in the same quarter of 2018.
The Comprehensive Loss improved to $353K in Q3 2019 compared to $497K in Q3 2018 and from $1,400K for the first nine months of 2018 to $1,015K recorded for the nine months in 2019.
Cash balance as at September 30, 2019 was $1.9 million compared to $2.9 million as at September 30, 2018.
Q3 2019 was also marked with some significant milestones including the addition of ATB Financial to its growing client list and the deployment of the Corporation's platform to a large independent Canadian broker dealer. The platform was operational and being tested by the dealer during the quarter. Subsequent to quarter end, the Corporation collected the entire year's annual fee due under the license agreement.
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