217% YOY Revenue Growth in Q1 2022 $MYID.V (Reklaim) is up 33% today after some great Q1 2022 financial results (up 64% since they were released on the 31st). As data privacy and ownership continue to become a significant concern for many people using data collecting services and websites, Reklaim is well-suited to capitalize on the market growth, and they've seen effective results already.
- Q1 2022 revenue increased 217% to $390,941 from $123,468 in the same period in 2021.
- Increased the number of customers buying data from Reklaim by 87% YoY. Around 87% of the North American population can also find their data once verified, providing many potential customers.
- Cash and cash equivalents stayed consistent YoY, which stands at $485,743.
- Finally, they introduced Reklaim Privacy. This SaaS-based revenue line allows consumers who prefer to protect their data versus sell their data to sign up for a monthly or annual service to create unintelligible data emanating from their device to reduce third-party surveillance.
With most product/service development completed this year, $MYID.V is focusing on bringing costs down and improving the company’s cost structure. Effort is being made to be cash flow neutral by Q2, and with revenue growth now being a focus, there's significant potential to see improving financials here.
https://ca.finance.yahoo.com/news/reklaim-announces-q1-2022-financial-110000532.html
For those who don't know, $MYID.V is a company aiming to allow users to reclaim and monetize their personal online data. They enable clients to visit the platform, confirm their identity, and unveil data that has been collected and sold without explicit consent and allow consumers to take back control of their personal data by setting up a Reklaim account where they can be compensated for their data or choose to protect it.
Overall, the stock is finally getting the recognition it deserves after the financials. With a better financial position relative to last year and a lower marker, it's safe to say that $MYID.V is currently undervalued at these levels.