Business
Logiq Reports Third Quarter 2022 Financial Results
Logiq Reports Third Quarter 2022 Financial Results.
About this update from Logiq Inc.
[{"type":"text","content":"\n Company to host its Q3 2022 earnings call on Tuesday, November 15 at 10:30 ETLogiq delivers strong sales traction with a recent record, large new customer in a high-value industry, and expects one or more similar new customers by year endCompany reiterates its revenue run-rate guidance of $40 million to $50 million for exiting 2022 NEW YORK, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ), a provider of digital consumer acquisition solutions, today posted its financial results for the period ended September 30, 2022 and provided its outlook for the full year 2022. The third quarter’s consolidated revenue includes $334,987 from GoLogiq which was majority owned by Logiq until its successful spin off of 87.8 percent of its shares, as an independent publicly traded company, to Logiq shareholders on July 27, 2022. Q3-22 Financial Highlights Consolidated operating income for the quarter was $4.1 million vs. $7.8 million a year ago, and includes $334,987 from GoLogiqRevenue for the Company’s wholly owned DataLogiq (DLQ) operating segment was $3.8 million, an increase from $3.3 million sequentially and a decrease from $5.0 million in the prior year quarterDLQ gross margin rose to 30.6% compared with 28.2% in Q3-21DLQ quarterly net loss was $7.1 million, compared with a net loss of $5.77 million in the year-ago quarterConsolidated operating loss was $7.7 million vs $5.77 million a year agoFull details of the Company’s quarterly financials are available at no cost at www.sec.gov Operating HighlightsCommenting on the Company’s recent results, Logiq CEO Brent Suen, said, “Our November 8th announcement of our largest new customer sales contract ever – at $2 million to $3 million monthly -- indicates our excellent operational progress. Far from being an outlier, we expect to have one or more similar such large sales to announce in the current quarter. “This contract stemmed from our acquisition of Battle Bridge earlier this year, and we continue to see strategically executed M&A as a key driver of growth accelerating into 2023,” Mr. Suen added. “We expect to exit 2022 north of a $40M run-rate while our outlook for 2023 is stronger than ever.” The Company’s new business pipeline include customers within an industry in which product marketing and advertisi...