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Boardwalktech Reports Fourth Quarter and Fiscal 2020 Financial Results
Boardwalktech Reports Fourth Quarter and Fiscal 2020 Financial Results Canada News...
About this update from Boardwalktech Software Corp.
[{"type":"text","content":"\n\n\n\nBoardwalktech Reports Fourth Quarter and Fiscal 2020 Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCUPERTINO, CA, July 22, 2020\n\n\n\nContinued Progress to Profitability with 72% Reduction in Net Loss\n CUPERTINO, CA, July 22, 2020 /CNW/ - (TSXV: BWLK) (OTCQB: BLWKF) – Boardwalktech Software Corp. (\"Boardwalktech\" or the \"Company\"), a leading digital ledger platform and enterprise software solutions company, is pleased to report its financial results for the three and twelve-month period ended March 31, 2020. All figures are reported in U.S. dollars, unless otherwise indicated. Boardwalktech's financial statements are prepared in accordance with International Financial Reporting Standards (\"IFRS\").\n\n \n \n \n \n \n \n\n \nFinancial Highlights:\nRevenue for Q4-FY20 was $1.1 million versus $1.2 million of revenue in Q3-FY20 and $1.3 million in Q4-FY19. Total revenue for FY20 was $4.6 million versus $4.9 million with the decrease directly attributable to a decline in legacy hosting contracts and professional services, even as year-over-year recurring license revenue grew. Revenue from subscription licenses grew 24% in FY20 from FY19. Annualized Recurring Revenue for Q4-FY20 of $3.8 million increased 5% from $3.6 million in Q3-FY20 and up 6% from $3.6 million as of Q4-FY19, despite $0.2 million less of legacy business, as the Company closed four new customer deals during the quarter. Sales pipeline is now close to pre-COVID levels of $5.5 – 6.4 million. Gross margin in Q4-FY20 was 85.3%, a 0.9%-point decrease from Q3-FY20 level of 86.2%, reflecting the impact of the higher allocation to cost of sales from recent customer support investments. Cash from Operating Activities for FY20 totaled $(1.2) million compared to $(4.4) million in FY19, an improvement of 70%. Adjusted EBITDA loss of $(0.5) million in Q4-FY20, a 20% improvement from a loss of $(0.6) million in Q3-FY20, and a 5% improvement versus Q4-FY19. Adjusted EBITDA for FY20 was a loss of $(2.6) million compared ...