Business
IGEN Announces Third Quarter Results, 264% Increase in Subscribers
IGEN Announces Third Quarter Results, 264% Increase in Subscribers.
About this update from Igen Networks Corp.
[{"type":"text","content":"\n \n \n IGEN Announces Third Quarter Results, 264% Increase in Subscribers\n \n \nIGEN Announces Third Quarter Results, 264% Increase in Subscribers\n \n MURRIETA, CA--(Marketwired - Nov 21, 2017) - 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 the filing of its third quarter 2017 financial results. \n Third Quarter and Recent Highlights:\n \n \n Grew year-to-date revenue 26% to 1.04 million, driven by increasing adoption of IGEN's mobile asset tracking platforms;\n \nRamped the subscriber base 264% year-over-year, to more than 31,000 assets at September 30;\n \nGrew deferred revenue 146%, to $182 thousand;\n \nIncreased gross margin to 39.2% through the first nine months, compared with 36.8% in the prior year period;\n \nGrew operating expenses to $1.08 million year-to-date, compared with $655 thousand in the prior year, reflecting increased sales, marketing and product development activity;\n \nReported net loss of $662 thousand year-to-date, excluding stock based compensation expenses, compared with $551 thousand in the prior year nine-month period; and\n \nLaunched IGEN's first direct-to-consumer platform, Medallion GPS, expanding the company's total addressable market. \n \n \n CEO Neil Chan stated, \"We are pleased to report a 264% year-over-year increase to now more than 31,000 assets tracked. This has led to a 26% increase in year-to-date total revenue and a 106% increase in services revenue. Deferred revenue increased 146% through the nine months ended September 30. We expect continued growth in installations and our subscriber base for the balance of the year. \n \"To achieve our goals, we continue to aggressively court new dealer relationships for our industry-leading dealer pre-load model, as well as work closely with our partners to develop additional sales channels. We also launched our first automotive aftermarket product, Medallion GPS, which has been extremely well-received within the industry. The Medallion GPS platform dramatically expands our addressable market opportunity and provides a highly valuable security, diagnostic and driver behavior solution to aftermarket consumers. \n \"We continue to invest aggressively in additional advertising, sales an...