Business
Logiq Reports Q3 2020 Results, with Nine Month Revenues up 27% to $31.3 Million
Logiq Reports Q3 2020 Results, with Nine Month Revenues up 27% to $31.3 Million.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ) (formerly Weyland Tech), a global provider of award-winning eCommerce and Fintech solutions, reported results for the three and nine months ended September 30, 2020. All quarterly and nine-month comparisons are to the same year-ago period unless otherwise noted. Financial Highlights Revenue in Q3 totaled $7.0 million, declining 22% primarily due to the impact of the COVID-19 pandemic on SMB customers using the company’s AppLogiq mobile app platform-as-as-service, which was partially offset by increased revenue from DataLogiq consumer data management platforms.Revenue for the nine months ended September 30, 2020 increased 27% to $31.3 million.Consolidated gross profit for the first nine months of 2020 increased 14% to $5.0 million or 15.9% of consolidated revenue.Cash and cash equivalents and restricted cash totaled $4.8 million at September 30, 2020 versus $3.9 million at June 30, 2020.           Q3 2020 Operational Highlights Rebranded the company as Logiq, Inc., reflecting the company-wide evolution from primarily an eCommerce products and services company to a leading innovator of data-driven consumer intelligence and marketing technology.Entered an agreement to acquire Fixel AI, leading innovator in AI-powered digital marketing technology, which was completed earlier this month. Fixel furthers Logiq’s goal of adding simplified marketing and critical privacy features to the company’s AI-powered consumer intent engine designed for brands and premium publishers.Partnered with Yabx, a fintech venture of Comviva and part of $6.2 billion Tech Mahindra, to offer credit-based financial services offered through Logiq’s increasingly popular PayLogiq™ e-wallet and GoLogiq™ hyper-local food delivery platforms.Increased beneficial stake in the company’s Weyland Indonesia Perkasa (WIP) subsidiary from 31% to 51%, which will allow the future consolidation of its revenue. WIP is the Southeast Asia operator of the company’s GoLogiq food delivery service and PayLogiq mobile e-wallet.Partnered with ShopeePay, Indonesia’s integrated e-money services, to launch a new marketing campaign for Weyland’s fast-growing AtozGo™ food delivery service in Jakarta.Launche...