RE:Reliq mgmt, grow a pairJasper Preannounces Continued Growth in Fiscal 2022 Strong Balance Sheet and Lower Fiscal 2023 Cash Burn Supports Future Growth
VANCOUVER, BC, Aug. 11, 2022 /CNW/ - Jasper Commerce Inc. (TSXV: JPIM) ("Jasper" or the "Company"), a leading provider of Product Information Management ("PIM") solutions preannounces its unaudited Fiscal 2022 (ending July 31, 2022) financial results. Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars.
For Fiscal 2022 the Company expects to announce revenue of at least $1.68 million, which is a minimum increase of 23% versus Fiscal 2021. For Fiscal 2022, the Company expects to report Subscription Revenue of around $1.2 million, which is a minimum increase of 33% over Fiscal 2021. Total customer count ending Fiscal 2022 was up 43% from Fiscal 2021. Net loss for Fiscal 2022 is expected to be at least $8.45 million. Expenses for the period include one-time costs of $2.29 million related to the RTO listing, the fair value of additional shares issued on conversion of debentures to equity. Excluding these costs, the Company expects a $6.16 million adjusted net loss. Working capital at the end of Fiscal 2022 was approximately $2.5 million. While cash burn was elevated in the second half of Fiscal 2022, largely due to enhancing sales, marketing and business development functions, the Company expects to reduce cash burn to $240-$260 thousand per month exiting Q1 2023 (ending October 31, 2022). The Company expects cash burn will continue to decline as revenues increase further in Fiscal 2023. "Jasper's PIM value proposition of streamlining product data management operations to save merchants significant time and money is reflected in our Fiscal 2022 growth," said Jon Marsella, CEO of Jasper. "Our goal at the beginning of the year was to raise the capital necessary to continue to drive growth, increase and leverage new partnerships, and build Jasper's awareness across all eCommerce platforms. While overall eCommerce adoption trends have reverted to their long-term secular growth trend, merchants are more focused on managing their eCommerce stores and operations more efficiently, which bodes well for market demand for solutions such as ours." "Looking forward, Jasper is well positioned to benefit from increased merchant focus and has the cash to continue to grow throughout Fiscal 2023," said Mr. Marsella. "Our pipeline remains robust; our balance sheet is strong; and our decreasing cash burn is expected to afford us sufficient runway to achieve our goal of positive EBITDA in Calendar Q3 2023." About Jasper Commerce Inc. Jasper offers a Product Information Management (" PIM ") solution that has the objective of empowering eCommerce merchants to manage and merchandise their products from a single source of truth, facilitating them to sell more, sell faster and work smarter. Jasper's PIM is accessible from anywhere via a web-browser and is intended to simplify the process by which online merchants import product data into the PIM. Once uploaded, merchants can add various product data including product attributes, images, videos, marketing information, inventory quantities and price books and efficiently merchandise their products using various features that include, among other things, the ability to adjust product categorization, pricing data and other key metrics. Jasper's PIM also allows for automatic syncing to popular eCommerce storefronts, marketplaces, or other connected channels, whenever new products are added to the PIM