Business
Logiq Reports 2020 Revenue up 9.4% to $37.9 Million
Logiq Reports 2020 Revenue up 9.4% to $37.9 Million.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, March 30, 2021 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ), a global provider of award-winning eCommerce and fintech solutions, reported results for the fourth quarter and full year ended December 31, 2020. All quarterly and yearly comparisons are to the same year-ago period unless otherwise noted. Financial Highlights Revenue for the full year 2020 increased 9.4% to $37.9 million.Consolidated gross profit in 2020 increased 2.0% to $6.4 million or 16.8% of consolidated revenue.Gross margins for AppLogiq, the company’s mobile commerce platform-as-a-service, improved from a low of 11.8% in Q2 to 25.6% by Q4 – a record level gross margin for this business segment.Cash and cash equivalents and restricted cash totaled $3.5 million at December 31, 2020. Q4 2020 Operational Highlights Launched AppLogiq-powered mobile micro-lending program in Indonesia in an exclusive strategic alliance with Indonesia’s social security program provider, enabling mobile financial services for millions of Indonesians and SMBs.Acquired Fixel AI, an award-winning innovator of AI-powered digital marketing technology, which added simplified marketing and critical privacy features to DataLogiq’s AI-powered consumer intent engine designed for brands and premium publishers.Initiated process to uplist the company’s common stock on the NEO Exchange (NEO), Canada's next-generation stock exchange. A listing on the NEO also presents an opportunity to eventually list on the NYSE American exchange, and become dual-listed on recognized exchanges in both Canada and the U.S. The company received conditional approval from the NEO as of last Friday, pending OSC clearance for the company’s Canadian IPO.Launched a new food delivery service, “Dine in Your Car,” under the atozGO Mall™ brand for shoppers at the Pondok Indah Mall in Indonesia.Appointed Silicon Valley martech senior executive, Steven J. Hartman, as chief product officer. He brings to Logiq more than 25 years of experience in enterprise software and marketing at major technology companies, including Yahoo!, IBM, Acxiom, Kenshoo, The Rubicon Project, and Siebel Systems.Appointed Josh Jacobs to the company’s board of directors. Jacobs is a highly accomplished technology executive with 30 years of innovation in digital media and advertising, sa...