Kneat Announces Record SaaS Revenue in Q3 2022

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[{"type":"text","content":"\n \n \n \n Kneat Announces Record SaaS Revenue in Q3 2022\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Q3 revenues increased 54% YoY to\n \n $5.8 million\n \n \n \n \n \n \n \n Q3 SaaS revenue was up 71% YoY to\n \n $4.5 million\n \n \n \n \n \n \n \n Annual recurring\n \n \n \n \n revenue (ARR) grew 60% to\n \n $19.1 million\n \n \n \n \n \n \n LIMERICK,\n \n Ireland\n \n \n ,\n \n \n Nov. 9, 2022\n \n \n /CNW/ -\n \n kneat.com, inc.\n \n (TSX: KSI) (OTC: KSIOF)\n \n (\"Kneat\" or the \"Company\")\n \n a leader in digitizing and automating validation processes, today announced financial results for the three and nine-month periods ended\n \n September 30, 2022\n \n . All dollar amounts are presented in Canadian dollars unless otherwise stated.\n \n \n \n \n \n \n \n \n \n \"I am proud of our team as we continue to deliver record results, highlighted by 71% growth in SaaS revenue and 60% growth in annual recurring revenue over Q3 2021.\" said\n \n \n Eddie Ryan\n \n , Chief Executive Officer of Kneat. \"\n \n This is testament to the growing importance of eValidation as a critical business function and our customers' appreciation for Kneat's ease of use, product vision, and proven track record.\"\n \n \n \n Q3 2022 Financial Highlights\n \n \n \n \n Total revenues increased 54% to\n \n $5.8 million\n \n , as compared to\n \n $3.7 million\n \n for the third quarter of 2021.\n \n \n SaaS revenue grew 71% to\n \n $4.5 million\n \n , versus\n \n $2.6 million\n \n for the third quarter of 2021.\n \n \n Gross profit was\n \n $3.5 million\n \n , an increase of 74% compared to\n \n $2.0 million\n \n for the third quarter of 2021.\n \n \n Gross margin was 61%, compared to 54% for the third quarter of 2021. The improvement in gross margin reflects significant growth in SaaS revenue, offset by lower one-time on-premise license revenues and a smaller increase in related cost of revenue.\n \n \n Total ARR\n \n 1\n \n , which includes SaaS license and recurring maintenance fees, was\n \n $19.1 million...

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