Business
Logiq Reports Q4 2022 Pro Forma Revenue Up 121% Sequentially and 22% Y/Y to Record $8.4 Million; Annualized Run Rate Now at $45 Million vs. $20.3 Million in 2022
Logiq Reports Q4 2022 Pro Forma Revenue Up 121% Sequentially and 22% Y/Y to Record $8.4 Million; Annualized Run Rate Now at $45 Million vs. $20.3 Million in 2022.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, May 12, 2023 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX:LGIQ), a leading provider of digital consumer acquisition solutions, reported results from continuing operations on a pro forma basis for the fourth quarter and year ended December 31, 2022. All comparisons are to the same year-ago period unless otherwise noted. On July 27, 2022, the company completed the spinoff of its GoLogiq (CreateApp/AppLogiq) business. The following pro forma financial results exclude this divested business and provide only the results from the company’s continuing DataLogiq operations. GAAP results for the full year 2022 can be found at www.sec.gov in the company’s annual report as filed on Form 10-K. Financial Highlights Fourth quarter 2022 revenues totaled $8.4 million, up 121% sequentially and up 22% over the same year-ago quarter.Full year 2022 revenues totaled $20.3 million, down 12% partly due lower digital advertising spend industry wide and only nine months of contribution from the Battle Bridge acquisition which closed on March 31, 2022.Excluding $10.9 million in depreciation and amortization expense; stock-based compensation of $10.8 million; and $447,159 in bad debt expense, net loss totaled $2.7 million for the year.Based on existing contracts and revenue streams, the company entered 2023 at a more than $40 million annualized run-rate. Following the recent acquisition of Park Place Payments, Logiq’s annualized run-rate has increased to more than $45 million. Cash and cash equivalents totaled $472,000 at December 31, 2022, compared $368,000 at September 30, 2022, with the increase partly due to cash generated from operations. Cash and cash equivalents at May 1, 2023 totaled $410,000. Q4 2022 Operational Highlights Continued to advance the completion of the company’s DataLogiq (DLQ) business with a Nasdaq- traded SPAC which was announced in September 2022. Logiq and the SPAC are processing comments received from the Securities and Exchange Commission (SEC) regarding the merger and related Form S-4 filing. Logiq is also finalizing the audit of DLQ’s 2022 financial results on a stand-alone basis, which will be added to the Form S-4 filing as an amended filing upon completion.DLQ was awarded a managed services contract valued at $2 million to $3 million per month, the largest such contract in Logiq’...