Business
IGEN Announces Record Full Year Revenue, 175% Increase in Subscribers
IGEN Announces Record Full Year Revenue, 175% Increase in Subscribers.
About this update from Igen Networks Corp.
[{"type":"text","content":"\n\n Positioned to Accelerate Growth in 2018\n Murrieta, CA , April 04, 2018 (GLOBE NEWSWIRE) --  IGEN Networks Corporation (OTCQB: IGEN, CSE: IGN), a leading innovator of cloud-based and Internet of Things (IoT) automotive solutions for the protection and management of mobile assets, today announced 2017 unaudited financial results, including record revenue, strong backlog and accelerating deferred revenue as its subscriber base grows. Full Year 2017 and Recent Highlights: Ramped the subscriber base 175% year-over-year, to more than 35,000 assets at December 31;Reported record revenue of $1.3 million for the full year 2017, an increase of 18% compared with 2016;Expanded subscription activity and drove deferred revenue to a record $406,000 at December 31, 2017;Ended 2017 with more than $95,000 in backlog orders;Increased full-year gross profit 38% year-over-year to $544,000, or 40% of revenue, on improved mix and increased subscription services revenue, compared with 35% gross margin in 2016; Maintained close control over operating expenses, totaling $1.5 million for 2017, reflecting additional investment in sales and marketing;Reported net loss from continuing operations of $1,062,622, or ($0.03) per basic share, including $229,220 of non-cash stock-based compensation;Closed IGEN’s Canadian IBS, which accounted for $237,783 of cost in 2016; Appointed Mark Wells to the Board of Directors, bringing 25 years of wireless industry experience;Launched IGEN’s first direct-to-consumer platform, Medallion GPS, expanding the company’s total addressable market;Completed transition of IGEN’s IT architecture onto Amazon Web Services, the industry leading cloud infrastructure; andAnnounced successful certification for Sprint’s world-class IoT Platform, including activation of more than 6,500 assets on the Sprint network. CEO Neil Chan stated, “IGEN closed 2017 on a record pace, including an 18% increase in revenue and a 175% increase in subscribers compared with 2016. This growing base of tracked assets more than doubled deferred revenue, to $406,000 at year end, along with an excess of $95,000 in backlog orders.  We are now tracking to a record first quarter as our business continues to scale, both in terms of recurring subscriber revenue and new activation revenue.  “B...