22.3% Year over Year Increase in Total Revenue and 37.2% Quarter over Quarter Increase in Subscription
Revenue
VANCOUVER, Nov. 27, 2018 /CNW/ - Katipult Technology Corp.
("Katipult" or the "Company"), an industry leading and award winning fintech company, is pleased to announce its third quarter
(Q3) financial results for the nine month period ended September 30, 2018.
Katipult continued new customer acquisitions during the quarter and the subscription revenue has continued to grow. Katipult
is pleased to report that the revenue recorded during the third quarter represented the Company's highest reported subscription
revenue to date. The Company also continued development efforts to ensure the platforms of new clients go live more rapidly and
and into decentralized ledger technology.
"This quarter we are delighted to report our highest quarterly subscription revenue in Katipult's history. As a software
infrastructure company, we have had a long focus on product development and R&D and we have now begun to implement our sales
and marketing strategy which we expect to drive growth in the future" said Brock Murray, CEO of
Katipult.
Financial Highlights – Third Quarter 2018
- Total revenue for quarter ended September 30, 2018 increased by 37.8% to $0.3 million, compared to $0.2 million for the quarter ended September 30, 2017.
- Subscription revenue for the quarter ended September 30, 2018 increased by 32.4% to
$0.2 million, compared to $0.1 million for the quarter ended
September 30, 2017.
- Gross margin percentage for Q3 2018 was 73.9% compared to 62.2% in 2017.
- Total comprehensive loss for the quarter ended September 30, 2018 was $0.5 million.
- As at September 30, 2018, the Company's cash balance was $2.9
million compared to $0.3 million at December 31, 2017.
- Katipult was awarded $120,000 from the National Research Council
of Canada Industrial Research Assistance Program (NRC IRAP) to support the development of an "Investor License" application on
a decentralized network. The Investor License is intended to address all mechanisms of investor onboarding and auditability
necessary for regulatory compliance.
- In November 2018, the Corporation won an award and secured a cash prize of $100,000 SGD (c $95,000) at the 2018 Singapore FinTech Festival, the world's
largest platform for the global FinTech community. 40 finalists were shortlisted from more than 280 global submissions, with
entries evaluated based on four criteria: impact, practicality, interoperability, and uniqueness and creativity. The winners
were selected by a panel of 17 judges who represented a cross-section of international and local experts from the private and
public sectors, including representatives of HSBC, Deloitte, DBS Bank. Accenture and Boston Consulting among others. This award
was strong validation of Katipult's technology and the market need it addresses.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement:
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release, including statements regarding
the increased or continued industry interest in the Company's product, converting existing sales interest and pipeline growth
into revenue, expanding the sales force, generating new sales opportunities, effectively and efficiently utilizing proceeds from
financings constitute forward-looking statements. In making the forward-looking statements in this release, the Company has
applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and
information currently available to the Company, including, but not limited to, the Company's anticipated cash needs, that the
cash available to the Company is as expected, the Company's product will continue to operate as expected, the industry will
continue to see value in the Company's product, the Company will be able to recruit talented and experienced sales, support and
other individuals required to execute the Company's plans. Although the Company considers these assumptions to be reasonable
based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this
release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from
those expressed or implied in such forward-looking statements. Such risk factors may include, among others, the risk that cash
available to the Company is not as expected, the Company's pricing and product offering is no longer relevant, the Company isn't
able to recruit the personnel it requires on terms acceptable to the Company, regulatory changes that may require significant
rework of the Company's product. Readers are cautioned not to place undue reliance on forward-looking statements. The Company
does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether
as a result of new information, future events or otherwise, except as required by law.
SOURCE Katipult Technology Corp.
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