Business
Weyland Tech Reports Revenue up 86% to Record $10.0 Million in Q4 2019, and up 53% to Record $34.6 Million for the Full Year
Weyland Tech Reports Revenue up 86% to Record $10.0 Million in Q4 2019, and up 53% to Record $34.6 Million for the Full Year.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, March 30, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global provider of mCommerce platform-as-a-service (PaaS), reported results for the fourth quarter and full year ended December 31, 2019. All quarterly and yearly comparisons are to the same year-ago period unless otherwise noted. Financial Highlights Q4 2019 revenue, comprised of recurring subscription fees, totaled a record $10.0 million, up 11% from the previous quarter and up 86% from the year-ago quarter.Full-year 2019 revenue increased 53% to a record $34.6 million.Full-year 2019 gross profit increased 55% to $6.2 million, with gross margin improving 30 basis points to 18.0%Cash and cash equivalents totaled $3.0 million at December 31, 2019. Q4 2019 Operational Highlights Increased adoption of the company’s CreateApp mobile app solution for SMBs, which included new customers as well as existing customers subscribing to additional features and modules. The CreateApp user base, comprised of businesses across Southeast Asia, grew 47 percent last year to more than 360,000.Entered agreement to acquire the assets and operations of the eCommerce technology company, Push Interactive, which closed on January 8, 2020.Acquired 31% beneficial ownership of PT Weyland Indonesia Perkasa (WIP), owner and operator of the fast-growing AtozPay and AtozGo platforms. AtozGo™, a short distance food delivery service in Jakarta, Indonesia, addresses the need for a hyper-local, pedestrian-powered food delivery service that can make food delivery from local establishments quick and easy for office workers and urbanites. In the eight months since its launch, lunchtime deliveries have scaled to more than 100,000 customers. Management Commentary “For Q4 and the full year of 2019, our record topline performance was driven by continued growth in CreateApp subscription fees, with this due to the increasing adoption of our CreateApp Platform-as-a-Service by businesses in the markets we serve,” commented Weyland Tech CEO, Brent Suen. “Excluding a recent change in the accounting for our R&D expense, expensing immediately versus amortizing, we would have been adjusted EBITDA positive for the fourth quarter.” “CreateApp, which enables businesses to create and deploy native mobile applications for Apple iOS and Google A...