In Q3 2022,
- Consumers want detailed information about the products they are purchasing and are insisting that companies they purchase from provide proof of environment, social and governance (ESG) initiatives and practices. They want to make sure that manufacturers are acting responsibly and have sustainability initiatives in place to protect the environment.
- Regulatory compliance and industry mandates are requiring companies to comply or face significant penalties. The
TrackX solution platform is helping companies to comply with the ever growing increase in regulatory mandates and legal requirements. - In this post pandemic era, companies in every industry are seeking improved visibility, transparency and collaboration across all supply chain partners. In Q3 2022,
TrackX continued to enhance its technology platform to further support digital transformation efforts and increased operational efficiency. - Supply chain management solutions are imperative to helping customers speed information flow, to safely and securely share data with their entire supply chain ecosystem and to leverage their assets and labor much more effectively.
TrackX possesses decades of supply chain and process automation experience to help companies operate more efficiently with less labor expense.
In Q3 2022, while there was an increase in new pipeline activity, new customer engagements lagged behind expansion opportunities within existing accounts. This was largely due to a reduction in sales and implementation resources as well as an increase in requests from existing customers for additional customizations. For
Financial Highlights for the three months ended
- Q3 2022 net loss improved at
$0.154 million or$(0.00) /share compared to a net loss of$1.325 million or$0.02 /share for Q3 2021; - Adjusted EBITDA improved with a loss for Q3 2022 of
$0.017 million compared to a$0.328 million loss for Q3 2021; - Revenue for Q3 2022 of
$0.348 million vs$0.728 million for the three months endedJune 30, 2021 (“Q3 2021”). This decline is largely attributable to the decrease in perpetual software license fees from$0.379 million for Q3 2021 to $Nil Q3 2022; - Q3 2022 gross margin of 32%, as compared to 35% in Q2 2021 largely due to a decline in high margin revenue associated with the billable transition services previously provided to FourKites;
- Recurring revenue of
$0.113 million , a 26% decrease over$0.153 million for Q3 2021, largely due to contract renegotiation with a large insurance company.
Annual Revenue Mix
Revenue | Q3 22 | Q3 21 | ||
Perpetual Software License Fees | - % | 52% | ||
Recurring and Software License | 33% | 21% | ||
Hardware | - % | 1% | ||
Setup, implementation, and other fees | 67% | 26% | ||
TOTAL | 100% | 100% |
Selected Financial Information
C$(000s) (except per share) | Three-month Period Ended | |||||
2022 | 2021 | |||||
Revenue | $348 | $728 | ||||
Gross Margin % | 32% | 35% | ||||
Income (loss) for the period | ( | |||||
Income (loss) per share | ( | ( | ||||
Adjusted EBITDA (Loss)* | ( | ( |
Business Outlook
Like many other companies,
About
For more information, please contact:
investor@trackx.com
303-325-7300
Neither
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur including the Company’s anticipated pipeline and value of current and customer deployments and future opportunities are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law.
Source:
2022 GlobeNewswire, Inc., source