Business
Logiq Reports First Quarter 2022 Financial Results
Logiq Reports First Quarter 2022 Financial Results.
About this update from Logiq Inc.
[{"type":"text","content":"\n AppLogiq (GoLogiq) 1Q-22 revenues rose 35.5% to $3.3 million, gross profit increased 46.0% to $1.1 million; gross margin expanded 230 basis points to 32.4%Company’s business development continues to pivot to higher margin opportunities M&A pipeline of EBITDA accretive acquisitions remains a key catalyst for 2022 growth NEW YORK, May 16, 2022 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ, NEO: LGIQ), a global provider of award-winning digital consumer acquisition solutions, today announced its results for the first quarter of 2022 ended March 31, 2022, and its outlook for full-year 2022. Recent Highlights Completed the transfer of AppLogiq (branded as GoLogiq) assets into its majority-owned public entity Lovarra (OTC: LOVA); spin-off of those shares to shareholders expected to close in mid-2022.Restructured senior leadership team to accommodate Logiq’s spin-off of AppLogiq for strengthened and focused companies’ management.Successfully executed on M&A strategy by closing acquisition of Battle Bridge Labs companies, including Section 2383, LLC (collectively, “Battle Bridge”), assets; acquisition is expected to be synergistic and accretive to 2022 earnings. Financial Highlights Consolidated revenues for the first quarter of 2022 were flat with the previous year at $8.1 million while net loss improved $100K to $3.9 million due to lower operating expenses.Year-over-year, AppLogiq 1Q-22 revenues rose 35.5% to $3.3 million, gross profit increased 46.0% to $1.1 million. Demonstrating its pivot to higher-margin business as discussed a year ago, gross margin increased another 230 basis points to 32.4%.As of March 31, 2022, cash, cash equivalents, and restricted cash totaled $3.8 million vs. $1.6 million on December 31, 2021. Operating HighlightsThe spinoff of the Company’s AppLogiq (GoLogiq) business is on track to unlock value for both businesses in mid-2022. The rebranded GoLogiq business is expected to update shareholders on recent initiatives within the coming weeks. The Battle Bridge acquisition, closed just six weeks ago, is already consolidated and generating synergy through cross-selling to expand its and Logiq’s customer base and service offerings as well as to scale its new business development activities. Management CommentaryLogiq Chief Executive Officer, Brent Suen, com...