GINSMS Announces Financial Results for the Three and Nine Months Ended September 30, 2022
November 10, 2022 at 05:01 pm EST
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CALGARY, Alberta., Nov. 10, 2022 (GLOBE NEWSWIRE) -- GINSMS Inc. (TSXV: GOK) (the “Corporation”) has announced its financial results for the third quarter ended September 30, 2022.
The complete financial results for GINSMS are available at www.sedar.com. Highlights include:
Revenue of $789,371 for the three-month period ended September 30, 2022 as compared of $739,706 for the three-month period ended September 30, 2021.
Gross Profit of $309,309 for the three-month period ended September 30, 2022 as compared to gross profit of $256,391 for the three-month period ended September 30, 2021.
Operating expenses and finance costs of $359,944 for the three-month period ended September 30, 2022 increased from $233,775 for the three-month period ended September 30, 2021.
Net loss of $72,257 for three-month period ended September 30, 2022 as compared to a net profit of $23,499 for three-month period ended September 30, 2021.
Selected Profit and Loss Information
Financial Highlights
Three-month period ended September 30, 2022 (Unaudited) $
Three-month period ended September 30, 2021 (Unaudited) $
Nine-month period ended September 30, 2022 (Unaudited) $
Nine-month period ended September 30, 2021 (Unaudited) $
Revenue ($)
A2P Messaging Service
376,476
419,237
1,057,361
990,814
Software Products & Services
412,895
320,469
1,088,426
1,045,567
789,371
739,706
2,145,787
2,036,381
Cost of sales ($)
A2P Messaging Service
235,335
316,110
722,670
787,379
Software Products & Services
244,727
167,205
619,261
514,550
480,062
483,315
1,341,931
1,301,929
Gross profit ($)
A2P Messaging Service
141,141
103,127
334,691
203,435
Software Products & Services
168,168
153,264
469,165
531,017
309,309
256,391
803,856
734,452
Gross margin
A2P Messaging Service
37.5%
24.6%
31.7%
20.5%
Software Products & Services
40.7%
47.8%
43.1%
50.8%
39.2%
34.7%
37.5%
36.1%
Adjusted EBITDA(1) ($) Adjusted EBITDA margin
(25,852) (3.3)%
45,645 6.2%
93,107 4.3%
221,136 10.9%
Net (loss)/profit ($) Net (loss)/profit margin
(72,257) (9.2)%
23,499 3.2%
(11,777) (0.5)%
149,511 7.3%
(Loss)/profit per share ($)
Basic (In Canadian cents)
(0.049)
0.015
(0.009)
0.099
Diluted
N/A
0.015
N/A
0.099
(1) Adjusted EBITDA is a non-IFRS measure which does not have any standardized meaning under IFRS. Adjusted EBITDA is related to cash earnings and is defined for these purposes as earnings before income taxes, depreciation and amortization (in both cost of sales and general and administration expenses), interest expenses, and also excludes certain non-recurring or non-cash expenditure and income. This non-IFRS measure is not recognized under IFRS and accordingly, shareholders are cautioned that this measure should not be construed as an alternative to net income determined in accordance with IFRS. The non-IFRS measure presented is unlikely to be comparable to similar measure presented by other issuers. The Corporation believes that Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations that the Corporation can use to fund working capital requirements, service interest and principal debt repayment and fund future growth initiatives.
About GINSMS GINSMS is a mobile technology and services company focusing on two areas namely its A2P Messaging Service and its Software Products and Services. GINSMS operates a cloud-based A2P messaging service that allows the termination of SMS to mobile subscribers of more than 200 mobile operators globally. GINSMS also develops and distribute innovative software products and services for mobile operators and enterprises and has successfully deployed more than 100 solutions worldwide. GINSMS has offices in China, Singapore, Hong Kong, Malaysia and Indonesia.
For further information, please contact:
GINSMS Inc. Joel Chin, CEO Tel: +65-6441-1029 Email: investor.relations@ginsms.com
NEITHER THE 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.
GINSMS Inc. is a mobile technology and services company, which is focused on two areas, namely its application-to-peer (A2P) messaging service and its software products and services. The Company operates through two segments: Messaging Business, and Software Products and Services. It operates a cloud based A2P messaging service that allows the termination of short message service (SMS) to mobile subscribers of more than 200 mobile operators globally. The Company also develops and distribute software products and services for mobile operators and enterprises. The Company, through its subsidiary, GIN International Limited, is involved in the provision of inter-operator short message services. The Company operates its Software Products and Services business, through its subsidiary, Inphosoft Group Pte Ltd (Inphosoft). It also provides outsourcing of technical resources to customers for software development. The Company is a subsidiary of Xinhua Mobile Limited.