Mr. Gord Breese reports
KATIPULT RELEASES 2023 Q1 AND YEAR-TO-DATE RESULTS
Katipult Technology Corp. has released its financial results for the three-month period ended March 31, 2023.
"While North American capital market deal activity remains muted and our target customers are cautiously assessing new technology investments, Katipult still achieved a 31-per-cent revenue growth in our target enterprise customer set," said Gord Breese, Katipult chief executive officer. "Over the last several quarters, we've made progress in capturing well-established, high-profile customers and we remain laser focused on building and delivering Katipult DealFlow, our leading capital markets deal platform."
The following provides a summary of the results for the first quarter of 2023. The full results and related management discussion and analysis are available on the corporation's SEDAR profile.
Q1 and YTD 2023 summary
Revenue
Revenue consists of subscription revenue which increased by 6.6 per cent to $485,000 in the first quarter of 2023 from $455,000 recognized in the first quarter of 2022. Notably, the revenue from enterprise customers grew by 31 per cent in 2023 as compared with 2022.
Gross profit percentage
Gross profit percentage was 79.2 per cent in the fourth quarter of 2023 compared with 77.8 per cent in the prior-year quarter of 2022. The corporation has been able to consistently maintain a gross profit percentage of close to 80 per cent since 2017.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization)
Adjusted EBITDA losses decreased to ($262,000) in the three-month period ended March 31, 2023, from ($471,000) in the three-month period ended March 31, 2022, due to higher revenue, higher margins and lower expenses.
Net loss and comprehensive loss
Net loss and comprehensive loss was ($799,000) in the first quarter of 2023 compared with net loss and comprehensive loss of ($710,000) in the first quarter of 2022 due to change in the non-cash fair value of the corporation's outstanding 2018 debentures.
Financial position
As at March 31, 2023, the corporation had a cash and cash equivalents balance of $1.5-million, working capital of $600,000, and total assets of $1.8-million, compared with cash and cash equivalents balance of $1.4-million, working capital of $700,000, and total assets of $1.7-million as at Dec. 31, 2022.
About Katipult Technology Corp.
Katipult is a provider of industry-leading and award-winning software infrastructure for powering the exchange of capital in equity and debt markets. The company's cloud-based solutions drive efficiency and trust in private capital markets with a digitized investment workflow that eliminates transaction redundancy, strengthens compliance, delights investors and accelerates deal flow. Katipult provides unparalleled adaptability for regulatory compliance, asset structure, business model and localization requirements.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.