11:31:13 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



EQ Inc
Symbol EQ
Shares Issued 68,208,291
Close 2021-04-15 C$ 1.60
Market Cap C$ 109,133,266
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EQ loses $3.43-million in 2020

2021-04-15 16:09 ET - News Release

Mr. Geoffrey Rotstein reports

EQ INC. REPORTS FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2020 FINANCIAL RESULTS

EQ Inc. has released its financial results for the full year and fourth quarter ended Dec. 31, 2020.

Revenue for the year increased to $10.4-million, an improvement of 16 per cent from the $9-million recorded in the previous year. Revenue for the fourth quarter of 2020 was $3.6-million, an increase of 27 per cent from the same period a year ago and an increase of 28 per cent over the third quarter of 2020. Data revenue also increased by 95 per cent annually to $2.5-million, and by 143 per cent compared with the same period a year ago, as the number and size of data engagements increased over the course of the year. The adjusted earnings before interest, taxes, depreciation and amortization loss for the quarter was approximately $100,000, consistent with the third quarter of 2020 and the previous year, as the company continued to invest in infrastructure, unique data assets and its proprietary geospatial platforms.

"We are very pleased with our results for 2020 and especially with the resilience of our data business during what was a very difficult year," said Geoffrey Rotstein, president and chief executive officer of EQ Works. "Our platforms are designed to help businesses understand consumer behaviour and make better strategic decisions. As we have seen over the last 12 months, data is becoming an essential component of every business decision and our ability to provide unique solutions continues to gain momentum."

Highlights for the fourth quarter and year ended Dec. 31, 2020

  • Increased annual revenue by 16 per cent year over year;
  • Increased quarterly revenue by 27 per cent compared with the fourth quarter of 2019;
  • Increased data revenue by 143 per cent compared with the same period last year and by 95 per cent for the fiscal year 2020;
  • Seventh consecutive quarter of growth in data revenue;
  • Acquired Juice Mobile to further strengthen EQ's data assets and marketing relationships;
  • Cash balance at the end of the year was $3.2-million with positive net working capital of $2.6-million;
  • Increased its operating line of credit with one of Canada's major banks to $1.6-million;
  • Subsequent to the end of the year, the company completed an equity financing for an additional $11.5-million.

The company continued to show growth from its data division. A continued focus on driving business results from data, analytics, artificial intelligence, predictive modelling and machine learning has continued to generate interest and demand for the company's products.

About EQ Inc.

EQ enables businesses to understand, predict and influence customer behaviour. Using unique data sets, advanced analytics, machine learning and artificial intelligence, EQ creates actionable intelligence for businesses to attract, retain and grow the customers that matter most. The company's proprietary software-as-a-service platform mines insights from movement and geospatial data, enabling businesses to close the loop between digital and real-world consumer actions.

We seek Safe Harbor.

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