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Martello Reports $3.4 Million in Revenues with 93% Gross Margins in Third Quarter Fiscal 2020 Financial Results
Martello Reports $3.4 Million in Revenues with 93% Gross Margins in Third Quarter Fiscal 2...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n\n\n\nMartello Reports $3.4 Million in Revenues with 93% Gross Margins in Third Quarter Fiscal 2020 Financial Results\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\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, Feb. 26, 2020\n\n\n\nMonthly Recurring Revenue grows by 15% over previous period and adjusted EBITDA loss decreases 15% quarter over quarter.\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, Feb. 26, 2020 /CNW/ - Martello Technologies Group Inc., (\"Martello\" or the \"Company\") (TSXV: MTLO), a leading provider of technology solutions that deliver clarity and control of complex IT environments deployed in thousands of locations around the world, today released financial results for the three and nine months ended December 31, 2019. Martello's fiscal year end is March 31.\n\n \n \n\n \n\"I'm pleased that as Martello's investments in developing our growth platform near completion, recurring revenue remains strong and adjusted EBITDA loss has decreased quarter over quarter\", said John Proctor, President and CEO of Martello. \"We now have a solid foundation from which to accelerate recurring revenue growth with the development of digital experience monitoring and optimization solutions, to address what we believe is a significant future growth market for Martello. We continue to make progress on this strategy, and appreciate the support of our investors, who recognize Martello's competitive advantage\".\nQ3 FY2020 Financial Highlights\nThe Monthly Recurring Revenue (\"MRR\") was $.99M in Q3 FY2020, an increase of 15% compared to the same quarter during the prior year. In December 2019, recurring revenue reached $1.0M. MRR is a measure which offers insight into the predictability of Martello's recurring revenue stream on an annual basis, which is now tracking to $12.0M. Total revenue in the third quarter of FY2020 was $3.4 million, a 9% increase over the same period in FY2019. The recurring po...