Business
EQ Inc. Reports its Strongest Quarterly Revenue in a Decade and 2021 Year End Financial Results
Quarterly revenue increases 36% sequentially TORONTO, ON / ACCESSWIRE / April 26, 2022 /...
About this update from Eq Inc.
[{"type":"text","content":"EQ Inc. Reports its Strongest Quarterly Revenue in a Decade and 2021 Year End Financial ResultsQuarterly revenue increases 36% sequentiallyTORONTO, ON / ACCESSWIRE / April 26, 2022 / EQ Inc. (TSXV:EQ) (\"EQ Works\" or the \"Company\"), a leader in geospatial data and artificial intelligence driven software, announced its financial results today for the fourth quarter and the year ended December 31, 2021.Reporting the highest quarterly revenue in almost a decade, revenue for the fourth quarter of 2021 of $4.2 million was an increase of 36% over the previous quarter and a 16% increase from the same period a year ago. In addition to the strong revenue growth, the Company continued to invest significantly in its consumer facing application Paymi, its unique zero party data assets, its proprietary technology products, and aggressive talent recruitment for data scientists, sales, and marketing personnel. These investments, and their positioning as SaaS products, continue to generate significant market interest and early indications are very encouraging. The Company has seen significant traction and interest from clients across multiple verticals and expects to generate meaningful results in the second half of 2022 and further growth into 2023. As a result of these investments, the adjusted EBITDA loss for the quarter of approximately $1.2 million, was consistent with the third quarter of 2021 and in line with our investment strategy.Revenue for the year ended December 31, 2021 increased to $12.1 million, an improvement of 16% from the $10.4 million recorded in the previous year. This revenue growth was the result of continued traction in the data business, which increased 29% year over year. This growth was also achieved while the company continued to invest in products for analytics and media execution, recurring revenue by licensing the LOCUS platform and a continued focus on proprietary solutions for key verticals.Highlights for the Fourth Quarter and Year ended December 31, 2021Increased annual revenue by 16% year over year;Increased annual data revenue by 29% compared to the previous year;Increased quarterly revenue by 36% sequentially and by 16% compared to the fourth quarter of 2020;Increased quarterly data revenue by 18% sequentially and by 11% compared to the same period last year;Third consecutive quarter of growth in data r...