Visionstate Posts Q3 Profit on Growing Revenues 2021-08-31
Visionstate Posts Q3 Profit on Growing Revenues
2021-08-31 07:12 ET - News Release
EDMONTON, Alberta, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX-V: VIS) (“Visionstate” or the “Company”), a company that invests in the research and development of promising new technology in the realm of the Internet of Things, big data and analytics, and sustainability, today announced its third consecutive quarterly profit for the period ending June 30, 2021.
Highlights of the Third Quarter of 2021 include:
- Total Revenue of $200,916 compared to $18,156 during the same period in 2020, a tenfold increase.
- Gross Profit of $199,914 compared to $17,117 during the same period in 2020.
- Net Income (Loss) of $17,029 compared to a loss of ($63,023) during the same period in 2020.
- For the first 9 months of the current fiscal year, the Company has generated $549,085 in revenue compared with $140,126 in 2020.
To review the financial statements and MD&A for the quarter, please click here.
The development and subsequent deployment of WandaMOBILE represents a significant shift in the Company’s ability to provide a more comprehensive solution to the facility management industry. While Wanda tablets have historically been restroom centric, the mobile app expands the ability to collect data of cleaning activities throughout a facility. Management believes the addition of the mobile app to the Wanda suite of products will have a significant impact on future revenue generation.
Visionstate IoT sells its products through a large, global distributor (Bunzl) which carries inventory of the Wanda device and distributes directly to customers. In October 2020, the Company entered into a new three-year agreement with its partner that includes sales, marketing and distribution of the Wanda products. The agreement enables Visionstate to focus on developing new IoT technology while it earns residual revenue through license fees. The agreement also includes monthly retainer fees which represents a new and consistent revenue source for Visionstate.
John Putters, Founder and CEO of Visionstate, comments: “This is certainly an exciting time in the Company’s history. Revenues are driven primarily by the sale of our IoT product and derived from recurring licensing and software support fees, thus as the number of units increase, so does the revenue. With the Bunzl partnership in place, we were able to successfully focus the Company’s attention on the continued enhancement of the product software while leaving the sales and inventory management to the expertise of our partner. This will allow VIS to continue expanding the capabilities of the Wanda solution while collecting residual license and initial set up fees from Bunzl. We look forward to the rapid growth thanks to the nature of our software-as-a-service revenue model and continuing to innovate and expand into other industry verticals that are also focused on sustainability through date management.”
About Visionstate Corp.
Visionstate Corp. (TSX-V: VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of the Internet of Things, big data and analytics, and sustainability. Through Visionstate Inc., it helps businesses improve operational efficiencies, reduce costs and elevate customer satisfaction with its state-of-the-art devices that track and monitor guest activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping centres and other public facilities across and beyond North America. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences. Visit the website to learn more: https://www.visionstate.com/
Issued on behalf of the Board of Directors,
“John A. Putters”
Visionstate Corp.
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