Business
Logiq Reports Q2 2021 Results; Revenue Up 3% Sequentially to $8.3 Million, with Gross Margin at Record 29.5%
Logiq Reports Q2 2021 Results; Revenue Up 3% Sequentially to $8.3 Million, with Gross Margin at Record 29.5%.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Logiq, Inc. (NEO: LGIQ) (OTCQX: LGIQ), a global provider of award-winning e-commerce and fintech solutions, reported results for the second quarter ended June 30, 2021. The company will hold a conference call at 4:30 p.m. Eastern time today to discuss the results (see dial-in information below). Q2 2021 Financial Highlights Revenue for the second quarter increased 3% sequentially to $8.3 million.Consolidated gross margin in the second quarter increased to 29.5%, up 1.9 percentage points sequentially and up 16.4 percentage points from the year-ago quarter.Gross margin for DataLogiq, the company’s data-driven, end-to-end e-commerce marketing solution, improved from the low of 15.5% in Q2 2020 to 28.4% in Q2 2021, due to improved internal efficiencies and scale of operations.Gross margin for AppLogiq, the company’s mobile commerce platform-as-a-service (PaaS), improved from the low of 11.6% in Q2 2020 to 31.7% in Q2 2021, as it continued to transition from lower to higher margin deployments.Cash and cash equivalents and restricted cash totaled $5.8 million as of June 30, 2021. Q2 2021 Operational Highlights Launched a new audio digital marketing channel on the Logiq Digital Marketing™ (LDM) platform. Now in addition to web, mobile and Connected TV, marketing agencies and brands can now use LDM to add audio-based advertising to their overall multi-channel e-commerce marketing campaigns, such as for digital radio and podcasts.AppLogiq partnered with Mentalku, the exclusive government-licensed provider of psychological testing required for driver license applications and renewals in Indonesia, to offer a mobile payment option for Mentalku’s testing services.Released CreateApp 4.0, the company’s mCommerce platform-as-a-service, that included critical features requested by the company’s merchants to simplify stocking and inventory management processes.The total gross proceeds to the company from its initial public offering in Canada and listing on the NEO Exchange, and a partial exercise of an over-allotment option, totaled approximately US$5.3 million. “In Q2, we achieved another quarter of improvement as we continued to transform our business and focus on higher margin, higher quality revenue streams,” commented Logiq president, Brent S...