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.
|
Consolidated Statements of Operations
|
|
|
|
Q2 2021
|
Q2 2020
|
|
|
|
|
|
|
Revenue
|
$
|
3,426,444
|
$
|
1,460,149
|
|
Cost of services
|
1,532,805
|
554,840
|
|
|
|
|
Gross margin
|
1,893,639
|
905,309
|
|
|
|
|
Total operating expenses
|
1,909,135
|
1,083,261
|
|
|
|
|
Earnings (loss) from operating activities
|
(15,496)
|
(177,952)
|
|
|
|
|
Other earnings (expense) including taxes
|
(29,836)
|
(69,307)
|
|
Net loss
|
$
|
(45,332)
|
$
|
(201,348)
|
About Intouch Insight
Intouch Insight offers a complete portfolio of customer experience management (CEM) products and services that help global brands delight their customers, strengthen brand reputation and improve financial performance. Through its flagship SaaS product, LiaCX®, Intouch helps clients collect and centralize data from multiple customer touch points, gives them actionable, real-time insights, and provides them with the tools to continuously improve customer experience. Founded in 1992, Intouch is trusted by over 300 of North America's most-loved brands for their customer experience management, customer survey, mystery shopping, mobile forms, operational and compliance audits, and event marketing automation solutions. For more information, visit intouchinsight.com.
Certain statements included in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Intouch Insight Ltd.
View original content: http://www.newswire.ca/en/releases/archive/August2021/24/c8208.html