Business
IGEN Announces Record Gross Profits, Full Year Revenue, Reduction of Net Losses, with Subscriber Growth for 2018
IGEN Announces Record Gross Profits, Full Year Revenue, Reduction of Net Losses, with Subscriber Growth for 2018.
About this update from Igen Networks Corp.
[{"type":"text","content":"Positioned to Accelerate Growth in 2019MURRIETA, CA / ACCESSWIRE / February 20, 2019 / 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 2018 unaudited financial results, record gross profits, significant reduction in net losses, and accelerating deferred revenue as its subscriber base continues to grow. Full Year 2018 and Recent Highlights: Ramped the subscriber base by an additional 9168 subscribers, to 44,168 automotive assets at December 31; Reported revenue of $1.240 million for the full year 2018, an 8% decrease compared with 2017; Expanded subscription activity and drove deferred revenue to a record $816,140 at December 31, 2018; Increased full-year gross profit to a record $593,713 representing 23% growth year-on-year. Gross margin percentage for the year improved from 36% to 48%; Reported net loss reduction from continuing operations of $1,063,795, or ($0.02) per basic share, compared with a net loss of $1,297,660 or ($.04) per basic share in 2017; The Company announced its partnership with Advantage Parts Solutions, a leader in sourcing automotive parts between Franchise Dealerships and Automotive Body Repair Shops across 40 markets and 2400 Dealerships groups in the US; Launched IGEN's first direct-to-customer platform, Medallion GPS Pro Fleet, expanding the company's total addressable market to include assets and fleets at less than 10,000 lbs gross weight capacity; Completed transition of IGEN's IT architecture onto Amazon Web Services (AWS), the industry leading cloud infrastructure; and the launch of the industry first vehicle centric driver score card for measuring driver behavior for the consumer automotive industry; The Company announced the launch of its White-labelled product ''CU TRAK'' marketed through Sprint Wireless channels and targeted for Credit Unions in the US and territory of Puerto Rico;CEO Neil Chan stated, ''IGEN closed 2018 by achieving its primary goals of improving its gross profits and optimizing its recently announced channels for greater sales and profitability. IGEN's next generation platform offers a broad range of compelling solutions that will continue to command higher margins and ongoing renewal of our service. Our channels are now t...