Q2 2021 Results With 135% Revenue Growth OTTAWA, ON, Aug. 24, 2021 /CNW/ - Intouch Insight Ltd., ("Intouch or the Company") (TSXV: INX) (OTCQX: INXSF) today announced its operating and financial results for the quarter ended June 30, 2021.
Revenue from Q2 2021 was $3,426,444, which was 135% higher than revenue of $1,460,149 in Q2 2020 due to recovery from the COVID-19 pandemic. Loss from operating activities was $15,496 in Q2 2021 compared to a loss of $177,952 in Q2 2020. The quarter's net loss was $45,270 compared to a loss of $247,259 in Q2 2020. Company-defined adjusted EBITDA was $383,736 for Q2 2021, compared to $176,921 in Q2 2020. Gross Margin decreased to 55.3% in Q2 2021 from 62.0% the prior year due to the shift in sales mix with returning services revenues.
"Financial results in Q2 show a significant improvement compared to prior year and a clear indication that recovery from the ongoing pandemic is underway. We continue to be pleased with the strength of the underlying business, in particular our EBITDA and operating performance," said Cameron Watt, President and Chief Executive Officer.
"We continue to ramp up our sales and marketing investments as the recovery continues and are ready to leverage opportunities and surpass pre-pandemic revenues as we look forward. While growth will be a renewed focus, we will also ensure that we maintain financial stability and retain the resources necessary. For 2021 we expect double-digit revenue growth and positive EBITDA, and in 2022 we expect to surpass our pre-pandemic revenue levels. We look forward to meeting the challenges ahead," said Watt.
https://www.newswire.ca/news-releases/intouch-insight-ltd-announces-q2-2021-results-with-135-revenue-growth-888665840.html