Mr. Gord Breese reports
KATIPULT RELEASES 2023 Q3 RESULTS
Katipult Technology Corp. has released its financial results for the three-month period ended Sept. 30, 2023.
The following provides a summary of the results for the third quarter of 2023. The full results and related management's discussion and analysis are available on the corporation's SEDAR+ profile.
Third quarter 2023 summary
Revenue
Revenue consists of subscription revenue, which increased by 44.5 per cent to $721,000 in the third quarter of 2023 from $476,000 recognized in the third quarter of 2022. Notably, the revenue from enterprise customers grew by 90.0 per cent in 2023 as compared with 2022.
Gross profit percentage
Gross profit percentage was 84.0 per cent in the third quarter of 2023 compared with 82.9 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 ($164,000) in the three-month period ended Sept. 30, 2023, from ($283,000) in the three-month period ended Sept. 30, 2022, due to higher revenue, higher margins and lower expenses.
Net loss and comprehensive loss
Net loss and comprehensive loss were ($195,000) in the third quarter of 2023 compared with net loss and comprehensive loss of ($559,000) in the third quarter of 2022 due to a change in the non-cash fair value of the corporation's outstanding 2018 debentures.
Financial position
As at Sept. 30, 2023, the corporation had a cash and cash equivalents balance of $1.2-million, working capital of ($3.7-million), and total assets of $1.2-million, compared with a 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. Its cloud-based platform and solutions digitize investment workflow by eliminating transaction redundancy, strengthening compliance, delighting investors and accelerating deal flow. Katipult provides unparalleled adaptability for regulatory compliance, asset structure, business model and localization requirements.
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