/NOT FOR DISSEMINATION IN
Q1 2022 Financial Highlights:
- Revenue of
$1,315,917 in Q1 2022 compared to$1,421,342 for the three months endingMarch 31, 2021 ("Q1 2021"). - Deferred Revenue of
$1,371,801 for Q1 2022 versus$1,389,547 atDecember 31, 2021 . - Gross margins remain strong at 63% in Q1 2022 versus 65% in Q1 2021.
- Net loss of
$332,546 for Q1 2022 compared to a net loss of$42,873 in Q1 2021. - As at
March 31, 2022 , the Company had 39,052,635 common shares issued and outstanding. As atMay 26, 2022 there are 40,662,635 common shares issued and outstanding after share issuances in connection with Renoworks' recently-closed$805,000 private placement. - Cash balance of
$781,265 at the end of the quarter and$113,654 debt. Subsequent to quarter end, the Company raised$805,000 leaving the Company well capitalized to execute on its 2022 growth plans.
"Although our revenue declined year-over-year in the first quarter, I want to emphasize that we are confident that our current sales and marketing efforts will return the Company revenue growth in the second quarter of 2022," said Renoworks CEO
Financial results from operations for the first quarter 2022 versus 2021 are as follows:
Three Months | ||
2022 | 2021 | |
Revenue | ||
Gross Margin | ||
Expenses | ||
Net Loss | ||
Loss per share | ( | ( |
Adjusted EBITDA | ( | |
Weighted Average Shares Outstanding | 38,976,288 | 36,610,974 |
The Company's financial position as of
2021 | ||
Cash Balance | ||
Accounts Receivable | ||
Working Capital | ||
Deferred Revenue | ||
Long- term liabilities | ||
Shareholder's Equity | ||
Deficit | ( | ( |
Total Assets |
Adjusted EBITDA is a measure not recognized under IFRS. However, management of Renoworks believes that most shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, stock-based compensation, restructuring costs, impairment charges and other non-recurring gains or losses. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons.
Adjusted EBITDA does not have any standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that Adjusted EBITDA is not an alternative to measures determined in accordance with IFRS and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to the Renoworks' Adjusted EBITDA should be read in conjunction with the financial statements and management's discussion and analysis of Renoworks posted on SEDAR (www.sedar.com).
Certain statements in this news release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, realize a revenue or other return on technology and platform development, capitalize on actual or perceived opportunities in the marketplace, or adequately cope with the impact of COVID-19, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
The
SOURCE
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