Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Prodigy Ventures Inc. Reports Progress with Shift to Recurring Revenue Platforms, Announces Q3 Results

V.PGV

(TSXV: PGV)

TORONTO, Nov. 16, 2021 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced its financial results for the three and nine months ended September 30, 2021.

"Prodigy is actively building its pipeline for its tunl open banking and IDVerifact digital identity platforms. Market reaction to both offerings is strong, and an encouraging sign for future growth in 2021 and beyond," said Tom Beckerman, Prodigy's Chairman and CEO. "The Company's pivot to a platform-driven recurring revenue model is now well underway, with our services business also realigning to support our leading-edge platforms."

Third Quarter 2021 Financial Results

  • Revenue for the three months ended September 30, 2021 totalled $3,403,466 as compared to $3,787,029 for the three months ended September 30, 2020, a decrease of 10%.
  • Gross profit for the three months ended September 30, 2021 of $1,065,487 as compared to $1,101,009 for the three months ended September 30, 2020, a decrease of 3%.
  • Operating expenses for the three months ended September 30, 2021 of $1,460,125 as compared to $862,654 for the three months ended September 30, 2020, an increase of 69%.
  • Net loss for the three months ended September 30, 2021 totalled $390,979 as compared to net income of $163,976 for the three months ended September 30, 2020.
  • Adjusted EBITDA for the three months ended September 30, 2021 totalled negative $166,341 as compared to positive $316,762 for the three months ended September 30, 2020.
  • The Company had working capital of $3,551,956 as of September 30, 2021 compared to $2,715,694 as of December 31, 2020.

Year-to-Date 2021 Financial Results

  • Revenue for the nine months ended September 30, 2021 totalled $9,977,459 as compared to $12,365,324 for the nine months ended September 30, 2020, a decrease of 19%.
  • Gross profit for the nine months ended September 30, 2021 of $2,848,104 as compared to $3,475,420 for the nine months ended September 30, 2020, a decrease of 18%.
  • Operating expenses for the nine months ended September 30, 2021 of $3,304,039 as compared to $3,143,470 for the nine months ended September 30, 2020, an increase of 5%.
  • Net loss for the nine months ended September 30, 2021 totalled $455,372 as compared to net income of $215,234 for the nine months ended September 30, 2020.
  • Adjusted EBITDA for the nine months ended September 30, 2021 totalled negative $44,523 as compared to positive $561,764 for the nine months ended September 30, 2020.

Three months ended
September 30

Nine months ended
September 30


2021

$

2020

$

2021

$

2020

$






Revenue

3,403,466

3,787,029

9,977,459

12,365,324

Gross Profit

1,065,487

1,101,009

2,848,104

3,475,420

Expenses

1,460,125

862,654

3,304,039

3,143,470

Net and comprehensive income (loss) for the period

(390,979)

163,976

(455,372)

215,234






Net income (loss) per share – basic and diluted

(0.00)

0.00

(0.00)

0.00

Adjusted EBITDA(1)

(166,341)

316,762

(44,523)

561,764



(1)

Adjusted EBITDA is a non-GAAP financial measure, which is defined as earnings before income tax expense, finance costs, depreciation and amortization and share-based compensation. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in our business performance. Adjusted EBITDA is used by management to assess our operating performance. The presentation of Adjusted EBITDA is to provide additional useful information to investors and analysts and the measure does not have any standardized meaning under IFRS. Adjusted EBITDA should therefore not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Adjusted EBITDA differently.

(2)

For further information regarding non-GAAP financial measures including a quantitative reconciliation of Adjusted EBITDA, please see the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2021 under the heading "Non-GAAP Financial Measures".

The complete unaudited financial statements and associated Management's Discussion and Analysis are available under the Company's profile at www.sedar.com or the Company's website at www.prodigy.ventures.

The Company also announced that it has cancelled a total of 159,334 common shares issued in connection with the Ficanex acquisition earlier this year. The cancellation of the shares was completed to reflect a post-closing adjustment to the purchase price paid in connection with the acquisition. The cancellation was effective November 9, 2021.

About Prodigy Ventures Inc.

Prodigy delivers Fintech innovation. The Company provides leading edge platforms, including IDVerifact™ for digital identity, and tunl.™ for open banking and customer chat support, coupled with seamless integration of our partners best-of-breed Fintech platforms. Our services business, Prodigy Labs™, integrates and customizes our platforms for unique enterprise customer requirements, and provides technology services for digital identity, open banking, payments and digital transformation. Digital transformation services include strategy, architecture, design, project management, agile development, quality engineering and staff augmentation. Prodigy has been recognized as one of Canada's fastest growing companies with multiple awards.

Forward-Looking and Cautionary Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2021, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

Non-GAAP Financial Measures

Our financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). Certain financial measures in this press release are not prescribed by GAAP. These non-GAAP financial measures are included because management uses the information to analyze operating performance. These non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. Except as otherwise indicated, these non-GAAP measures are calculated and disclosed on a consistent basis from period to period.

Neither 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.

SOURCE Prodigy Ventures Inc.

Cision View original content: http://www.newswire.ca/en/releases/archive/November2021/16/c7152.html

Tags: