Mr. Andrew Duncan reports

BOARDWALKTECH REPORTS FOURTH QUARTER AND ANNUAL FISCAL 2023 FINANCIAL RESULTS

Boardwalktech Software Corp. has released its financial results for full-year fiscal 2023 ended March 31, 2023. All figures are reported in United States dollars, unless otherwise indicated. Boardwalktech's financial statements are prepared in accordance with international financial reporting standards (IFRS).

Financial highlights:

• Revenue for fiscal 2023 was $6.5-million, an increase of 48 per cent year over year. Revenue from recurring SaaS (software-as-a-service) licences in fiscal 2023 grew 105 per cent year-over-year from higher incremental licences executed with both new and existing customers.
• Annual recurring revenue (ARR) at March 31, 2023, was $5.5-million, up from $3.7-million at March 31, 2022, an increase of 50 per cent. The company defines ARR, a non-IFRS metric, as the annualized recurring revenue expected based on trailing quarterly revenue from licence subscriptions and recurring services.
• Gross margin for fiscal 2023 increased to 90.6 per cent, up from 86.6 per cent in fiscal 2022. Gross margin was higher than 90 per cent for every quarter in fiscal 2023.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for fiscal 2023 was negative $1.6-million, a 16-per-cent improvement compared with negative $1.9-million for fiscal 2022.
• Non-IFRS net loss for fiscal 2023 improved 17 per cent, totalling as loss of $1.7-million, or a loss of four cents per basic and diluted share, versus a $2-million non-IFRS loss in fiscal 2022, or a loss of five cents per basic and diluted share.
• Reported IFRS loss of $3.6-million in fiscal 2023, or a loss of eight cents per basic and diluted share, versus a loss of $3.6-million, or a loss of eight cents per basic and diluted share, in fiscal 2022.
• The ending cash balance for fiscal 2023 was $2.2-million, plus $1.3-million of trade receivables, with cash from operations a positive $1.1-million during in fiscal 2023, with over all cash inflows of $1.3-million. Thus, the company was able to hit its guidance without any financing.

Outlook and guidance:

• Based upon the company's recent contract closings, those in the process of closing and its qualified sales pipeline, the company projects revenue for the upcoming fiscal 2024 to be $8.5-million to $10-million (45-per-cent growth at the midpoint).

Operational highlights:

• On Feb. 2, 2023, the company announced it had added Jeff Evans, former executive vice-president at Walmart, to its corporate advisory board, joining a seasoned group of advisory board members, three of whom joined within the last year, including: Ryan Tweedie, former strategic adviser to global chief information officer at Accenture; Drue Freeman, former president of ACG Silicon Valley and longtime semiconductor executive; Marc LaCarrubba, former senior leader at EY and current chief technology officer at Humantelligence Inc.; and Don Haderle, former IBM fellow known as "the father of DB."
• On June 1, 2023, the company announced that it had both added another new customer (Nintex) to its list of growing clients, while securing a fourth licence with an existing global customer (Estee Lauder), with incremental revenue from these contracts expected to exceed $200,000 in the next 12 months, including over $100,000 of recurring revenue in the first year.

"As we previously discussed when the year began, fiscal 2023 was an inflection point in Boardwalktech's overall business. We expanded revenue with existing clients, landed new Fortune 100 logos, and experienced growth across all financial metrics in the company. While we are pleased with our progress last year, we are far from being satisfied," stated Andrew T. Duncan, chief executive officer. "The issues around digital transformation of enterprise data, management of unstructured data and supply chain visibility continues to persist as a challenge across the enterprise. Boardwalktech is meeting and exceeding these challenges with outstanding solutions and will continue to capitalize on this generational opportunity. We remain incredibly excited about the future of the business, and look forward to realizing and then reporting the tremendous growth that we see in front of us."

Earnings conference call details:

Boardwalktech management will be hosting its earnings conference call today (June 28, 2023).

Time:  4:15 p.m. ET

To join the call, please use the following dial-in information.

North America:  Please dial 1-888-664-6383, or 416-764-8650 for Toronto participants

International:  Please dial 0800-724-0293 (Germany), 0800-312-635 (Switzerland) or 0800-652-2435 (United Kingdom)

Rapid connect:  access on-line

Replay:  a replay of the call will be available until July 5, 2023, and can be accessed by dialing 1-888-390-0541 and entering access code 328848 followed by the pound key

About Boardwalktech Software Corp.

Boardwalktech has developed a patented digital ledger technology platform currently used by Fortune 500 companies running mission-critical applications worldwide. Boardwalktech's digital ledger technology and its unique method of managing vast amounts of structured and unstructured data is the only platform on the market today where multiple parties can effectively work on the same data simultaneously while preserving the fidelity and provenance of the data. Boardwalktech can deliver collaborative, purpose-built enterprise information management applications on any device or user interface with full integration with enterprise systems of record in a fraction of the time it takes other non-digital ledger technology-based platforms. Boardwalktech is headquartered in Cupertino, Calif., with offices in India and operations in North America.

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