CALGARY, Nov. 25, 2019 /CNW/ - Katipult Technology Corp.
(TSXV: FUND) ("Katipult" or the "Corporation"), provider of an
industry leading and award-winning cloud-based software
infrastructure for digitizing and automating private placements, is
pleased to announce its third quarter (Q3 2019) financial results
for the three and nine months ended September 30, 2019.
Q3 2019 Highlights
- Q3 2019 saw Katipult's highest-ever recorded quarterly
subscription revenue and was its seventh consecutive quarter of
increased subscription revenues.
- Subscription revenue increased by 94% to $365K in Q3 2019 compared to the $188K recorded in Q3 2018.
- On a year-to-date basis, Subscription Revenue more than doubled
from $451K in the nine months of 2018
to $975K for the same period in
2019.
- Gross profit percentage improved to 80.4% during Q3 2019
compared to 73.9% recorded in the same quarter of 2018.
- The Comprehensive Loss improved to $353K in Q3 2019 compared to $497K in Q3 2018 and from $1,400K for the first nine months of 2018 to
$1,015K recorded for the nine months
in 2019.
- Cash balance as at September 30,
2019 was $1.9 million compared
to $2.9 million as at September 30, 2018.
Q3 2019 was also marked with some significant milestones
including the addition of ATB Financial to its growing client list
and the deployment of the Corporation's platform to a large
independent Canadian broker dealer. The platform was operational
and being tested by the dealer during the quarter. Subsequent to
quarter end, the Corporation collected the entire year's annual fee
due under the license agreement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement: Cautionary Note Regarding Forward
Looking Statements: Certain disclosure in this release, including
statements regarding the increased or continued industry interest
in the Company's product, converting existing sales interest and
installed trials into revenue, generating new sales opportunities,
effectively and efficiently utilizing the Corporation's resources
constitute forward-looking statements. In making the
forward-looking statements in this release, the Company has applied
certain factors and assumptions that are based on the Company's
current beliefs as well as assumptions made by and information
currently available to the Company, including, but not limited to,
the Company's anticipated cash needs, that the cash available to
the Company is as expected, the Company's product will continue to
operate as expected, the industry will continue to see value in the
Company's product, the Company will be able to recruit talented and
experienced sales, support and other individuals required to
execute the Company's plans. Although the Company considers these
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect, and the
forward-looking statements in this release are subject to numerous
risks, uncertainties and other factors that may cause future
results to differ materially from those expressed or implied in
such forward-looking statements. Such risk factors may include,
among others, the risk that cash available to the Company is not as
expected, failure to manage growth successfully, lengthier than
anticipated sales and implementation cycle, cyber risks, risks
related to cloud based solutions, failure to continue to adapt to
technological change and new product development, dependence on key
personnel, competition, intellectual property risks, economic
conditions, privacy concerns and legislation, regulatory
environment, risk associated with a change in the company's pricing
model, risk of defects in the company's solution, dependence on
market growth, operational service risk, dependence on partners and
delay or failure to realize anticipated benefits of key account
installations Readers are cautioned not to place undue reliance on
forward-looking statements. The Company does not intend, and
expressly disclaims any intention or obligation to, update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
SOURCE Katipult Technology Corp.
