Business
01 Communique Provides Quarterly Update on Business Developments and Second Quarter Fiscal 2021 Results
TORONTO, ON / ACCESSWIRE / June 10, 2021 / 01 Communique Laboratory Inc. (the 'Company') (TS...
About this update from 01 Quantum Inc.
[{"type":"text","content":"01 Communique Provides Quarterly Update on Business Developments and Second Quarter Fiscal 2021 ResultsTORONTO, ON / ACCESSWIRE / June 10, 2021 / 01 Communique Laboratory Inc. (the 'Company') (TSXV:ONE)(OTCQB:OONEF) one of the first-to-market, enterprise level cybersecurity providers for the quantum computing era is pleased to report that the Company moved closer to profitability with increasing revenue and reducing the loss for the second quarter 2021.Andrew Cheung, CEO of 01 Communique, stated, \"I am pleased to announce we exceeded our expectations this quarter. The rising number of corporate users of our Remote Access technology have resulted in substantial revenue growth enabling us to increase our investment in our sales and marketing activities for IronCAP™. I am confident we will continue with this positive momentum in both revenue and earnings.\"Second quarter 2021 results:The Company's loss for the second quarter was $64,782 (2020 - $249,133) a decrease of $184,351. The adjusted loss was very close to breakeven at $18,401 (2020 - $205,924) a decrease of $187,523. The adjusted loss excludes stock-based compensation and depreciation which are non-cash operating expenses.Revenue for the second quarter was $297,231 (2020 - $73,297) an increase of $223,934. The upward trend for the Company's remote access service business continues as subscriber numbers and revenue are increasing.Operating expenses including withholding taxes for the second quarter were $362,291 (2020 - $294,324) an increase of $67,967. The Company increased sales and marketing activities with the goal to commercialize IronCAP X™ as well as continue its efforts to build partnerships with companies for the integration of the IronCAP™ API with third party applications. The Company expects to make significant investments in infrastructure over the next few years including marketing, sales and business development, R&D, finance and business processes. These investments are expected to support the growth of the business thereby enabling significant future levels of profitability.Business Development Highlights: The Company continued with its business development efforts forming new partnerships and building on existing partnerships:The Company's remote access service business continued to see an increase in subscriber numbers and revenue...