RE:RE:IXFintech press release Blue, lets revisit the revenue question after the Q2 results are released by mid June. AC says that 01 will be cash flow positive as a reault of a 4-fold increase in remote access.
June also marks the month when 01 has committed to release the corporate version of IronCap X which, according to AC, will be a significant revenue driver in 2021.
I've copied the Q1 financial results, so you and I will be able to assess progress in Q2:
First quarter 2021 results
In the First Quarter 2021, the Company continued to focus its fiscal 2021-2025 business plan initiatives designed to achieve growth in revenues and earnings. The Company increased sales and marketing efforts with major global enterprise partners to help ensure the successful commercialization of IronCAP X™ and IronCAP™ API. Discussions with other leading technology firms are in progress.
The Company reduced its loss for the first quarter to $112,734 from $194,391 in 2020 while still increasing its investment in the development and commercialization of its IronCAP™ technology. The adjusted loss for the first quarter was $89,697 (2020 - $161,499) a reduction of $71,802. The adjusted loss excludes stock-based compensation and depreciation which are non-cash operating expenses.
At the end of the quarter the cash and cash equivalents were $1,100,876 compared to $1,022,337 at October 31, 2020 an increase of $78,539.
Revenue for the quarter was $213,262 compared to $41,370 in 2020 an increase of $171,892. The Company’s remote access service business continues to see an increase in subscriber numbers and revenue.
The increase in research and development costs were attributable to the investment the Company continues to make in the development of products based on its IronCAP™ technology and as well enhancements that were made to the remote access service to support the Japanese market.
The Company spent more on sales and marketing activities with the goal to commercialize IronCAP X™ as well as continue its efforts to build partnerships with companies for the integration of the IronCAP™ API with third party applications. The Company expects to make significant investments in Company infrastructure over the next few years including marketing, sales and business development, R&D, finance and business processes. The Company expects these investments will support the growth of the business thereby enabling significant future levels of profitability.