Business
Kneat Reports Record Revenues and Gross Margin Expansion for Q2 2021
Kneat Reports Record Revenues and Gross Margin Expansion for Q2 2021 Canada New...
About this update from Kneat.com, Inc.
[{"type":"text","content":"\n \n \n \n Kneat Reports Record Revenues and Gross Margin Expansion for Q2 2021\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 Q2 Revenues increase 104% to\n \n $3.15 million\n \n \n \n \n \n \n \n SaaS Revenues increase 170% to\n \n $1.72 million\n \n \n \n \n \n \n \n Annual Recurring\n \n \n \n \n Revenue increases 141% to\n \n $7.98 million\n \n \n \n \n \n LIMERICK,\n \n Ireland\n \n ,\n \n Aug. 10, 2021\n \n /CNW/ -\n \n kneat.com, inc.\n \n (TSXV: KSI)\n \n (\"Kneat or the Company\")\n \n a leader in digitizing and automating validation processes, today announced its strong financial results for the three and six-month periods ended\n \n June 30\n \n , 2021.  All dollar amounts are presented in Canadian dollars unless otherwise stated.\n \n \n \n \n \n \n \n \n \n \"During the second quarter, we continued to execute against our key priority, driving recurring SaaS license fees. SaaS revenues increased 170% compared with the second quarter of 2020. In keeping with our trend, Q2 delivered strong growth in both annual recurring revenue, which grew 141% since\n \n June 30, 2020\n \n , and total revenues, which grew 104% over Q2 2020, as demand for our solution is increasing,\"\n \n said\n \n Eddie Ryan\n \n , Chief Executive Officer of Kneat.\n \n \"Our SaaS revenue growth is driven by the acquisition of new customers as well as expansion within our existing customer base. During the quarter, we added a number of new customers, including one of the world's leading engineering, consultancy and design firms to digitize Commissioning, Qualification, and Validation services for both their food and life sciences clients.  These are exciting times for Kneat as the market continues to adopt our industry leading platform.  With our strong balance sheet, our team is focused on executing our plan across all areas of the business, ensuring ongoing growth and value creation for our shareholders.\"\n \n \n \n Q2 2021 Financial Highlights\n \n \n \n \n Total revenues increased 104% to\...