Mr. Cameron Watt reports

INTOUCH INSIGHT ANNOUNCES Q1 2023 FINANCIAL RESULTS

Intouch Insight Ltd. has released its operating and financial results for the quarter ended March 31, 2023.

Key highlights for Q1 2023

• Revenue decreased 3 per cent to $5,096,941 compared with $5,244,316 in Q1 2022;
• Recurring revenue increased by 1 per cent to $5,032,170 from $4,988,983 in Q1 2022;
• Net loss decreased to $184,514 compared with a loss of $266,439 in Q1 2022;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) decreased 88 per cent to $22,088 compared with $191,688 in Q1 2022;
• Gross margin decreased to 48.2 per cent from 52.4 per cent in Q1 2022 due to the shift in product mix and one-time costs;
• SaaS (software-as-a-service) revenues grew 20 per cent organically.

"There was a slight decline in revenues due to the overlap of a non-recurring project -- however, we are pleased with the continued pace of growth in our SaaS product lines and with achieving growth in recurring revenue despite the current economic climate," said Cameron Watt, president and chief executive officer of the company.

"Margins were lower, driven by initial costs around a new client with strong long-term potential. Although Q2 revenues will decrease from last year due to the one-time low margin contract in 2022, we expect non-recurring revenues and margins to improve. We remain focused on overall growth as well as ensuring the company is EBITDA positive, allowing us to continue to self-finance the growth of our SaaS-based software business from within," said Mr. Watt.

About Intouch Insight Ltd.

Intouch Insight offers a complete portfolio of customer experience management (CEM) products and services that help global brands delight their customers, strengthen brand reputation and improve financial performance. Intouch helps clients collect and centralize data from multiple customer touch points, gives them actionable, real-time insights and provides them with the tools to continuously improve customer experience. Founded in 1992, Intouch is trusted by over 300 of North America's most-loved brands for their customer experience management, customer survey, mystery shopping, mobile forms, operational and compliance audits, geolocation data capture, and event marketing automation solutions.

We seek Safe Harbor.