On
Financial Highlights
- Fourth quarter 2022 revenues totaled
$8.4 million , up 121% sequentially and up 22% over the same year-ago quarter. - Full year 2022 revenues totaled
$20.3 million , down 12% partly due lower digital advertising spend industry wide and only nine months of contribution from theBattle Bridge acquisition which closed onMarch 31, 2022 . - Excluding
$10.9 million in depreciation and amortization expense; stock-based compensation of$10.8 million ; and$447,159 in bad debt expense, net loss totaled$2.7 million for the year. - Based on existing contracts and revenue streams, the company entered 2023 at a more than
$40 million annualized run-rate. Following the recent acquisition of Park Place Payments, Logiq’s annualized run-rate has increased to more than$45 million .
- Cash and cash equivalents totaled
$472,000 atDecember 31, 2022 , compared$368,000 atSeptember 30, 2022 , with the increase partly due to cash generated from operations. Cash and cash equivalents atMay 1, 2023 totaled$410,000 .
Q4 2022 Operational Highlights
- Continued to advance the completion of the company’s DataLogiq (DLQ) business with a Nasdaq- traded SPAC which was announced in
September 2022 .Logiq and the SPAC are processing comments received from theSecurities and Exchange Commission (SEC) regarding the merger and related Form S-4 filing.Logiq is also finalizing the audit of DLQ’s 2022 financial results on a stand-alone basis, which will be added to the Form S-4 filing as an amended filing upon completion. - DLQ was awarded a managed services contract valued at
$2 million to$3 million per month, the largest such contract in Logiq’s history, which contributed to the approximately$7 million in revenues DLQ booked in the fourth quarter of 2022. - Formed a strategic alliance with MediaJel, a leading marketing platform primarily serving regulated industries. Logiq’s consumer targeting and acquisition capabilities has been enhanced by access to MediaJel’s consumer audience engine and programmatic digital marketing platform. Enables clients to deploy marketing campaigns that reach a wider yet more targeted consumer audience.
- Further penetrated home improvement vertical market via both the residential and commercial EV charger installation market as well as the roofing market by deploying the company’s on-demand digital marketing platform that provides clients efficient, enhanced service.
Subsequent Event
In
Management Commentary
“Our strong sequential and year-over-year growth in the fourth quarter exceeded expectations, and demonstrated the momentum being generated from the synergies between the
“Over the course of the year, we completed the integration of
“For our continuing operations, by late November we began to see strong traction with our growth strategy with a major client win. This helped begin the year at an estimated annualized revenue run rate of more than
“We continue to see the industry environment presenting accretive M&A opportunities for
“We see our recent acquisition of
“In 2022, we launched a strategic initiative to enter regulated industry verticals. This resulted in a strategic alliance with MediaJel. The partnership gained us access to MediaJel’s consumer intelligence platform and channel reach, allowing us to strengthen our capabilities for consumer targeting and new customer acquisition. We are continuing the process of integrating MediaJel’s platform with our AI-powered programmatic advertising platform, Rebel AI, which enables brands and agencies to securely transact media and activate first-party data. We anticipate the results of this integration to enhance our revenue generation and expand our gross margins beginning in the current quarter.
“MediaJel represents an ideal partner with domain expertise in a regulated industry, solid customer base, and new targeting tools for customer acquisition and engagement. Together, we expect to become a key player in the cannabis marketing and advertising space.
“We are making good progress toward the completion of our previously announced publicly-traded SPAC merger with our DataLogiq operations and remain confident in completing it in the near future. As a stand-alone company generating strong growth from the start, we anticipate many great things ahead for DataLogiq.
“At the beginning of this year, we appointed
“For 2023, we anticipate Chris helping us lead additional transformational events designed to support further growth, and as we continue to target accretive mergers or acquisitions that would position us to scale to our goal of more than
Q4 2022 Financial Summary (Continuing Operations Pro Forma)
Revenue increased 22% to
Gross profit decreased 75% to
Net loss was
Cash and cash equivalents and restricted cash totaled
Full Year 2022 Financial Summary (Continuing Operations Pro Forma)
Revenue for 2022 totaled
For the full year, net loss totaled
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About
The company’s Digital Marketing business includes a holistic, self-serve ad tech platform. Its proprietary data-driven, AI-powered solutions allows brands and agencies to advertise across thousands of the world’s leading digital and connected TV publishers. For more information, visit www.logiq.com.
Important Cautions Reading Forward-Looking Statements
This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the Safe Harbor created by those sections. This press release also contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation that relate to Logiq’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon.
These statements speak only as of the date of this press release. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Logiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward‐looking statements regarding the consummation of our DataLogiq segment’s proposed SPAC merger, our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, potential strategic transactions, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, and other risks described in the Company’s prior press releases and in its filings with the
Company Contact
Email contact
Logiq Investor Relations:
CMA Investor Relations
Tel (949) 432-7566
Email contact
Logiq Media & ESG Contact:
CMA Media Relations
Tel (949) 432-7572
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