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IGEN Announces Second Quarter 2019 Financial Results and Update on Key Initiatives
IGEN Announces Second Quarter 2019 Financial Results and Update on Key Initiatives.
About this update from Igen Networks Corp.
[{"type":"text","content":"Positioned to Achieve Profitability MURRIETA, CA / ACCESSWIRE / August 12, 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 unaudited financial results and an update on key initiatives: Second Quarter 2019 and Update on Key Initiatives: Achieved revenue of $198,481 with $113,383 of gross profits and sales backlog of $168,000 for the three months Achieved revenue of $443,878 with $326,757 of gross profits and sales backlog of $168,000 for the first six months of 2019 Gross profit margin increased by 28% to 74% compared to the first six months of 2018Net loss of $194,123 for the six months; compared to Net loss of $631,584 over the same period in 2018, the smallest first-half loss-to-date and significant progress towards profitabilityIGEN’s co-branded product Sprint CU TRAK have identified 360 credit unions for marketing of IGEN services along with confirmed market trials and orders from Puerto Rico, Southern California and the Mid-West RegionsPatent-pending on “Digital Telematics Signature” for establishing an industry standard in measuring driver behavior for the insurance industryNext-generation platform with renewal store, driver-score, dealership management system integration, along with additional features for managing leased vehicles for the Ride-Share Industry. IGEN Receives Sprint IoT Factory Order to Manage Ride-Share Leased Vehicles with the first 500 vehicles to be activated in the Tri-State Area of New York CEO Neil Chan stated, “As we transition to higher-margin business through insurance companies, credit unions, and direct channels to dealerships and ultimately the consumer, we see a path to profitability. We are particularly excited as various components of our strategy are coming together including our Sprint relationship, specific to the co-branded product CU TRAK for Credit Unions and the recently announced Medallion order to manage leased vehicles for the Ride-Share industry.” “Combined with the Sprint IoT Factory orders, we have a healthy pipeline of recurring and new business revenue streams that is driving IGEN’s growth strategy for higher gross profits. During this reporting period we saw a significant increase in renewal revenues from consumers us...