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Martello Reports $13M Annual Revenues with 89% Recurring and 13% Year over Year MRR Growth in Fourth Quarter
Martello Reports $13M Annual Revenues with 89% Recurring and 13% Year over Year MRR Growth...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n\n\n\nMartello Reports $13M Annual Revenues with 89% Recurring and 13% Year over Year MRR Growth in Fourth Quarter\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, ON, July 8, 2020\n\n\n\nAdjusted EBITDA loss nears break-even as MRR grows year over year. \n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n OTTAWA, ON, July 8, 2020 /CNW/ - Martello Technologies Group Inc., (\"Martello\" or the \"Company\") (TSXV: MTLO), a developer of enterprise digital experience monitoring (\"DEM\") solutions that improve the user experience of telephony and video conferencing for more than 5,000 customers around the world, today released financial results for the three months and fiscal year ended March 31, 2020. \n\n \n \n \n \n \n \n\n \n\"As COVID-19 has disrupted the global economy, it has also accelerated digital transformation, creating greater urgency for organizations to deliver reliable remote collaboration services such as video conferencing and office productivity solutions\", said John Proctor, President and CEO of Martello. \"As we focus on addressing this challenge, I'm pleased that in Q4 FY2020 Martello has achieved monthly recurring revenue growth and cut adjusted EBITDA losses dramatically to move close to breakeven. This creates a stable and resilient foundation from which to pursue the rapidly growing market for Microsoft Teams and Office 365, with the acquisition of GSX. We believe our DEM strategy will drive monthly recurring revenue growth, and as we divest from the Company's SD-WAN division, we can focus on accelerating this strategy\".\nQ4 and FY2020 Highlights\nBy prioritizing Monthly Recurring Revenue (\"MRR\") growth and ensuring responsible spending, Martello made significant progress towards breakeven adjusted EBITDA with predictable and resilient revenue streams. Monthly recurring revenue was $.99M in Q4 FY202...