Business
Logiq Expects Q4 2021 Record Revenue of $12.3 Million, up more than 87%; Gross Margin Reached 34.0%, up from 21.1%
Logiq Expects Q4 2021 Record Revenue of $12.3 Million, up more than 87%; Gross Margin Reached 34.0%, up from 21.1%.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, Jan. 06, 2022 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ, NEO: LGIQ), a global provider of consumer acquisition solutions, reported preliminary unaudited results for its fourth quarter and full year ended December 31, 2021. Revenue for the fourth quarter is expected to total a record $12.3 million, up 87% from $6.6 million in the same year-ago quarter. Gross margin for the quarter is also expected to expand to record levels, exceeding 34.0%. This compares to 29.5% in the previous quarter and 21.1% in the same year-ago quarter. These results exceed the company’s earlier revenue guidance for the fourth quarter by $2.3 million, reflecting an exceptionally strong finish to the year. It also puts full year revenue on track to total approximately $36.5 million. Gross margin for Q4 2021 is expected to exceed earlier guidance by a hundred basis points. “Our improving revenue performance throughout 2021 demonstrates our team’s commitment to driving a transformation of our business overall and providing visibility on future profitability,” stated Brent Suen, president of Logiq. “As we refocused our efforts on higher quality, more profitable revenue streams and adjusted to the changing market dynamics, we also drove strong gross margin improvement every quarter of 2021. In fact, our gross margin more than doubled in Q4 2021 compared to the full year of 2020.” “We believe this strong progress across the board is keeping us on the path to profitability for both of our business segments,” continued Suen. “It also advances our plans to separate our DataLogiq and AppLogiq businesses into two independent publicly traded companies as another way to further unlock shareholder value.” The company recently reported it had finalized its agreement with Lovarra, a fully-reporting public company, to transfer Logiq’s AppLogiq assets into Lovarra. The transfer is now nearly complete. “Our strong performance and planned separation of our businesses has also strengthened our position with several M&A targets we have been pursuing,” added Suen. “We have a number of acquisition candidates, and believe that such targets would be accretive to EBITDA overall.” The company believes it already has the funding and advisors in place to facilitate such potenti...