Business
EQ Inc. Reports Profitable Fourth Quarter and 2018 Year End Financial Results
TORONTO, ON / ACCESSWIRE / April 30, 2019 / EQ Inc. (TSXV: EQ) ("EQ Works", "EQ" or the "Com...
About this update from Eq Inc.
[{"type":"text","content":"EQ Inc. Reports Profitable Fourth Quarter and 2018 Year End Financial ResultsTORONTO, ON / ACCESSWIRE / April 30, 2019 / EQ Inc. (TSXV: EQ) (\"EQ Works\", \"EQ\" or the \"Company\"), North America's leader in location behaviour data and intelligence, announced its financial results today for the full year and fourth quarter ended December 31 2018.Revenue for the fourth quarter of 2018 was $2.3 million, an increase of 62% over the third quarter of 2018 and an increase of 39% from the same period a year ago. Revenue for the year increased to $5.9 million, an increase of 6% from the $5.5 million recorded in the previous year.The Company generated a positive adjusted EBITDA for the fourth quarter, an improvement of 114% over the third quarter of 2018, as many of its earlier investments in the technology platform began to perform. The adjusted EBITDA loss for the year was $1.1 million, an increase of $0.6 million from the same period a year ago resulting primarily from significant investments in proprietary systems and platforms that collect and utilize data to help brands better understand and engage with their audience. These investments contributed to the overall increase in employee compensation and operating expenses. Highlights for the year and fourth quarter ended December 31, 2018 Increased quarterly revenue by 39% when compared to the fourth quarter of 2017 Annual revenue increased by 6% compared to the same period a year ago Completed the acquisition of Tapped Mobile to further strengthen EQ's sales, data and brand profile Increased data revenue for the sixth sequential quarter resulting in 388% growth compared to the same period a year ago and 61% sequentially Completed two equity financings for a total of $1.6 million Added forty new high-value clients during the year ended December 2018 Established Blockchain partnership through a strategic relationship with Kochava's XCHNG Platform Reduced outstanding debt and interest obligations by approximately $1.9 million Non-IFRS Financial Measures We measure the success of our strategies and performance based on Adjusted EBITDA, which is outlined and reconciled with net income (loss) in the section entitled \"Reconciliation of Net Loss for the period to Adjusted EBITDA\" in the MD&A. The Company defines Adjusted EBITDA as net income (loss) from operations before; (a) deprecia...