Jasper achieves strong year over year revenue growth
VANCOUVER, BC, March 31, 2022 /CNW/ - Jasper Commerce Inc. (TSXV: JPIM) ("Jasper" or the "Company"), a leading provider of Product Information Management ("PIM") solutions, announces its second fiscal quarter (Q2) financial results for the three and six month periods ended January 31, 2022 of Jasper Interactive Studios Inc ("Jasper Interactive"). Jasper Interactive was acquired by Jasper Commerce, Inc (formerly named SaaSquatch Capital Corp.) in a reverse takeover transaction on February 16, 2022, and did a concurrent financing for $6 million. Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars.
Q2 Financial Highlights – 79% Revenue Growth in Three Months Ended January 31, 2022
- Revenue was $470,732 for the three months ended January 31, 2022 compared to $262,774 for the three months ended January 31, 2021, growing 79% year-over-year. Revenue growth was driven by an increase in Enterprise license sales, as well as increased demand from existing customers of all sizes for professional services work to support additional integration between Jasper PIM and their other business systems. Revenue for the six months ended January 31, 2022 was $922,944 compared to $671,670 for the same period in 2021, growing 37% year-over-year.
- Expenses for three months ended January 31, 2022 were $1,678,985 compared to $764,707 for three months ended January 31, 2021. Preparation for the go-public event by applying pre-RTO funds for vendor scale-up and new staff hires, account materially for the increase of expenses during this period. Expenses for the six months ended January 31, 2022 were $3,122,938 compared to $1,410,720 for the same period in 2021.
- Net loss for the three months ended January 31, 2022 was $1,208,253, compared to a net loss of $501,933 for the three months ended January 31, 2022. Net loss for the six months ended January 31, 2022 was $2,199,944 compared to a net loss of $739,050 for the same period in 2021.
Subsequent Events
- On February 16, 2022, Jasper completed a business combination with SaaSquatch Capital Corp. The new combined entity will continue under the name Jasper Commerce Inc. and now trades on the TSX Venture Exchange under the symbol JPIM.
- Concurrent with the business combination Jasper completed a brokered private placement financing for $6,000,000 and is well capitalized to accelerate growth.
"I am pleased with the growth we achieved in the second quarter of fiscal 2022", said Jasper CEO Jon Marsella.
"Post Q2 we completed our go public transaction and successfully closed a $6 million financing and have been investing in sales and marketing to continue along this growth path. The Company is also advancing its discussions with new partners that should open new channels of growth."
"I expect that Jasper will continue the trend of achieving year-over-year growth as we apply the use of our new financing proceeds towards sales and marketing acceleration, expansion into new marketplaces, and through continued product innovation."
"I would like to thank all our shareholders and employees for their contributions in bringing Jasper public and look forward to updating you regularly on milestones and financial execution."
This news release should be read in conjunction with Jasper's unaudited interim condensed financial statements and the accompanying notes, as at and for the quarter ended January 31, 2022. Those documents have been filed with certain securities regulatory authorities in Canada and are available on SEDAR (www.sedar.com) and on the Jasper's website at www.jasperpim.com.
About Jasper Commerce Inc.
Jasper offers a Product Information Management ("PIM") solution that has the objective of empowering eCommerce merchants to manage and merchandise their products from a single source of truth, facilitating them to sell more, sell faster and work smarter. Jasper's PIM is accessible from anywhere via a web-browser and is intended to simplify the process by which online merchants import product data into the PIM. Once uploaded, merchants can add various product data including product attributes, images, videos, marketing information, inventory quantities and price books and efficiently merchandise their products using various features that include, among other things, the ability to adjust product categorization, pricing data and other key metrics. Jasper's PIM also allows for automatic syncing to popular eCommerce storefronts, marketplaces, or other connected channels, whenever new products are added to the PIM.
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.
Investors are cautioned that, except as disclosed in the Filing Statement prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.
Forward Looking Statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements, including statements relating to the final acceptance by the Exchange, the issuance of a final bulletin by the Exchange, the use of proceeds of the Offering and the business plans of the Company. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Any number of factors could cause actual results to differ materially from these forward‐looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
SOURCE Jasper Commerce, Inc.
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