TrackX Sees 505% Year-on-Year Revenue Growth in Q1 2017 TrackX Sees 505% Year-on-Year Revenue Growth in Q1 Fiscal 2017
Monday, February 27, 2017
TrackX Sees 505% Year-on-Year Revenue Growth in Q1 Fiscal 2017
07:00 EST Monday, February 27, 2017
DENVER, COLORADO--(Marketwired - Feb. 27, 2017) - TrackX Holdings Inc. (TSX VENTURE:TKX) ("TrackX" or the "Company"), announces the financial and operational highlights from its first quarter of fiscal year 2017, ending December 31, 2016. All results are reported in Canadian dollars.
Summary Financial Highlights for the First Quarter Ended December 31, 2016:
- TrackX reported revenues of $1,633,191, a 505% increase over the $270,067 reported in Q1 2016.
- Gross margin was $448,760, representing 27.5% of revenues versus negative ($45,377) for the comparable year-ago period.
- Loss for the quarter was $558,561 compared to the $427,629 loss for the prior year's comparable quarter.
Q1 2017 and Subsequent Operational Highlights:
- Completed Phase 1 of a national roll out with a leading U.S. used car retailer across 22 locations. The customer has requested TrackX to expand this deployment across an additional 20 locations and initiate an additional Phase 2 rollout to implement workflow tracking and analytics.
- Accelerated the nationwide implementation and deployment of asset tracking, manufacturing work-in-process and yard management solutions across multiple divisions of one of the world's largest beverage companies.
- Hired Mr. Jason Read a supply-chain logistic veteran formerly with Descartes Systems Group, as Chief Operating Officer, and hired Ms. Monica Kimbrough as strategic advisor. Ms. Kimbrough has served as Chief Enterprise Architect for Salesforce and supported the COO Lead Transformation Office at Cisco Systems.
- Partnered with All Pretium Consulting Services. All Pretium has become the primary reseller partner for the sale and delivery of TrackX products throughout Latin America.
"Since our capital raise in May of 2016, we have made significant investments to better support, serve and expand our customer base, which includes several Fortune 500 companies," said TrackX President and CEO, Tim Harvie. "Our revenue growth during the quarter and subsequent expanded customer deployments are a direct result of these investments."
Selected Financial Information
| (Canadian dollars - in thousands except per share) | | Three-month Period Ended December 31 |
| | | 2016 | | 2015 |
| Revenue | | $ 1,633 | | $ 270 |
| Gross Margin | | 449 | | (45) |
| Gain (loss) for the period | | (559) | | (428) |
| Basic gain (loss) per share | | (0.01) | | (0.14) |
| Adjusted EBITDA (Loss)* | | (422) | | (371) |
| Cash on hand | | 1,460 | | **1,281 |
| * Adjusted EBITDA is a non-IFRS (international financial reporting standards) measure and excludes stock based compensation |
| ** Cash on hand as of September 30, 2016 |