Continued Cost Reduction & Renewed Focus on Customers
Vancouver, British Columbia--(Newsfile Corp. - December 22, 2023) - Jasper Commerce Inc. (TSXV: JPIM) ("Jasper" or "the Company"), a leading provider of Product Information Management ("PIM") solutions, today announced its financial performance for the first quarter of fiscal 2023 ("Q1 2023") ending October 31, 2023. All amounts are expressed in Canadian dollars unless otherwise specified.
Jasper reported a net loss of $358,627 for Q1 2024, aligning with the $357,656 loss reported in the previous quarter, and a substantial improvement over the loss of $1,312,382 reported one year ago for the 3 months ended October 31, 2022 (Q1 2023).
The total revenue for Q1 2024 was $285,959, a decline from $353,094 in the previous quarter, reflecting some churn, and customer decisions to rationalize their technology spending in a challenging high interest-rate environment. However, expenses in Q1 2024 saw a positive downturn, decreasing to $644,586 from 710,750 in the preceding quarter, underscoring the Company's concerted efforts to streamline costs.
In the quarter, Jasper was pleased to announce that Toys R Us Australia selected Jasper to manage their product information. "We couldn't be more thrilled. We're fully committed to providing exceptional service to effectively manage their wide range of products, and to ensure a seamless online sales process," commented Ken Gutierrez, Jasper's Interim CEO.
This news release should be read in conjunction with Jasper's unaudited financial statements and the accompanying notes, as at and for the quarter ended October 31, 2023. 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.
For further inquiries or additional information regarding this announcement, please contact:
Mag Saad, Chairman of the Board, magpsaad@gmail.com, (416) 930-1659.
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.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Offering and has neither approved nor disapproved the contents of this press release.
Forward-Looking Statements
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include statements based on current expectations involving several risks and uncertainties without limitation and are not guarantees of the Company's future performance. Actual results and future events could differ materially from those anticipated in such information. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Company may not receive conditional or final approval of the TSXV for the Offering; the Offering may not close on or around the intended date; the Offering may not proceed as planned; the Company may not use the proceeds of the Offering as intended; the market for product information management systems may not continue to grow as expected; and the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company's operations and economic activity in general; and the risks and uncertainties discussed in the Company's most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company's profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, the Company does not intend and undertakes no obligation to update any forward-looking statements to reflect, in particular, new information or future events.
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