OTTAWA, ON, May 19, 2022 /CNW/ - Intouch Insight Ltd, ("Intouch" or "the Company") (TSXV: INX) (OTCQX: INXSF) a leader in customer experience measurement solutions, today announced its operating and financial results for the quarter ended March 31, 2022.
Revenue from Q1 2022 was $5,244,316, which was 63% higher than revenue of $3,209,074 in Q1 2021 due to ongoing recovery from the COVID-19 pandemic, new business, and the acquisition of SeeLevel HX in Q4, 2021. Loss from operating activities was $93,999 in Q1 2022 compared to a loss from operating activities of $261,108 in Q1 2021. The quarter's net loss was $266,439 compared to a loss of $140,135 in Q1 2021, driven by the increased value of the contingent consideration payable related to the SeeLevel acquisition as the 2022 revenue outlook improved. Company-defined adjusted EBITDA was $191,688 for Q1 2022, compared to $238,169 in Q1 2021. Gross Margin decreased to 52.4% in Q1 2022 from 52.7% in Q1 2021 due to the shift in sales mix.
"We are pleased with the first quarter results which reflect the rapid growth and scaling underway to deliver on existing contracts as well as preparing for future growth. In 2022, we expect to deliver over 50% revenue growth through leveraging the recent acquisition, delivering on new projects from existing clients, increasing new client acquisition, and continuing SaaS revenue growth," said Cameron Watt, President & Chief Executive Officer of the Company.
"Intouch continues to illustrate its health and stability. Coming out of two years of pandemic we are maintaining focus on our key operations while exploring areas for new revenue growth such as the new data capture project. We continue to make regular improvements to our technological capabilities to ensure we are able to not only retain existing client relationships, but be in a position to secure additional contract opportunities," said Watt.
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Consolidated Statements of Operations
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2022
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2021
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Revenue
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$ 5,244,316
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$ 3,209,074
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Cost of services
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2,497,417
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1,516,821
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Gross margin
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2,746,899
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1,692,253
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Total operating expenses
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2,840,898
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1,953,361
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Earnings (loss) from operating activities
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(93,999)
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(261,108)
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Other earnings (expense)
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(172,440)
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120,973
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Income tax recovery (expense)
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-
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-
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Net loss
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$ (266,439)
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$ (140,135)
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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. 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, geolocation data capture and event marketing automation solutions. For more information, visit intouchinsight.com.
Certain statements included in this news release contain forward looking statements that are made of the date hereof, 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, including the acquisition, future revenues and references to the Company's expansion and growth of the business and operations, 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. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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.
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