Ms. Christie Gray reports

NAMSYS REPORTS STRONG SECOND QUARTER RESULTS

Namsys Inc. has released its financial results for the second quarter of fiscal 2023 ended April 30. The company reported revenue of $1,519,788, compared with $1,317,069 for the same period last year, an improvement of 15 per cent. Net income for the quarter rose 31 per cent to $410,917 (two cents per share) from $313,125 (one cent per share) in the second quarter of last year.

"In the world of [software as a service], the Rule of 40 serves as a benchmark for success," asserts Christie Gray, chief operating officer. "Balancing growth and profitability, it's a guide that helps us optimize our performance. The rule says that if the sum of our growth rate and operating margin exceeds 40 per cent, we're in a strong strategic position. As such, we're happy to see our second quarter results show recurring revenue growth of 17 per cent and an operating margin of 33 per cent."

The company's gross margin in the most recent quarter was 61.2 per cent, up from 58.7 per cent in the comparative quarter. This demonstrates the company's commitment to maximizing efficiency and cost-effectiveness in its cloud infrastructure.

The financial statements and management's discussion and analysis for the fiscal quarter ended April 30, 2023, are available under the company's profile on SEDAR.

Namsys products are designed to bring efficiency to the processing of currency and other value instruments in retailers, financial institutions and cash-in-transit providers. Namsys's proprietary systems for this market are sold as software-as-a-service subscriptions and operate in the public cloud service providers.

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