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Boardwalktech Reports Second Quarter Fiscal 2022 Financial Results
Boardwalktech Reports Second Quarter Fiscal 2022 Financial Results Canada NewsW...
About this update from Boardwalktech Software Corp.
[{"type":"text","content":"\n \n \n \n Boardwalktech Reports Second Quarter Fiscal 2022 Financial Results\n \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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CUPERTINO, Calif.\n \n ,\n \n Nov. 24, 2021\n \n /CNW/ - Boardwalktech Software Corp. (\"Boardwalktech\" or the \"Company\") (TSXV: BWLK) (OTCQB: BWLKF), a leading digital ledger platform and enterprise software solutions company, is pleased to report its financial results for the three and six month period ended\n \n September 30, 2021\n \n . 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 Financial Highlights:\n \n \n \n \n Revenue for Q2-FY22 was\n \n $1.1 million\n \n , a 9% sequential increase from\n \n $1.0 million\n \n in Q1-FY22 due to higher subscription revenue, and a 3% year-over-year increase from\n \n $1.1 million\n \n in Q2-FY21 (even with a 47% year-over-year drop in pre-2018 legacy revenue).\n \n \n Approximately 56% of revenue in Q2-FY22 came from new and recurring software subscription licenses (SaaS licenses). Since the Company implemented its new SaaS business model in 2018, total revenue from new contracts signed since then is now approximately 65% of total revenue and has grown at a 40% CAGR, while revenue from new SaaS licenses signed since 2018 has grown at a 35% CAGR.\n \n \n Gross margin in Q2-FY22 was 86.0%, an increase of 0.5% sequentially and flat with 86.3% in Q2-21, even with a one-time investment to upgrade and enhance its data servers (roughly 0.9% impact to gross margins).\n \n \n Adjusted EBITDA for Q2-FY22 was\n \n $(0.4) million\n \n , compared to Adjusted EBITDA of\n \n $(0.4) million\n \n in Q2-FY21, and a 19% improvement from\n \n $(0.5) million\n \n in Q1-FY22.\n \n \n Non-IFRS net loss for Q2-FY22 (as defined in the Non-IFRS Financial Measures section) totaled\n \n $(0.45) million\n \n , or\n \n $(0.01)\n \n per basic and diluted share, compared to a net loss of\n \n $(0.56) million\n \n in Q2-FY21, o...