Business
GTX Reports 2018 Financial Summary
GTX Reports 2018 Financial Summary.
About this update from Metalert Inc
[{"type":"text","content":"\nRevenue increased 28%, Product Sales increased 49%, Subscribers increased 20%\n LOS ANGELES CALIFORNIA, April 18, 2019 (GLOBE NEWSWIRE) --  GTX Corp (OTCQB: GTXO) (“the Company”), a pioneer in the field of wearable GPS, people and asset tracking Location-Based Services (LBS) and Real-Time Location Systems (RTLS), today announced a summary for the year ended December 31, 2018. 2018 Financial Highlights Overall Revenue increased 28% over 2017 comparable period.Product Sales increased 49% over 2017 comparable period.International Subscribers increased 21% over 2017 comparable period.Domestic Subscribers increased 19% over 2017 comparable period.Military Sales increased 322% over 2017 comparable period.Gross Margin, excluding IP, increased from 50% to 67% from 2017.  Loss from Operations decreased 1% from 2017.Cash used in Operations reduced 34% from 2017. Management commentary:  Patrick Bertagna, GTX Corp CEO. As highlighted above, we had solid double-digit increases or decreases in the major metrics we measure – overall revenues and product revenues increased, total subscribers both domestic and international increased, gross margins increased, while we decreased our cost of operations and cash used. These continuing trends are certainly positive and importantly our revenues were evenly spread out, with approximately 33% B2B (Wholesale Distributors and Enterprise Institutions), 25% B2C (consumers and government agencies who buy on the behalf of consumers), 33% Military and Law Enforcement and 9% IP.  This highlights that our multi-prong revenue approach is working and now we need to scale. Three years ago, we had no IP revenue, two years ago, we had no military revenue, but in 2018 and already in 2019 we are demonstrating we can add and grow new business and revenue streams. During 2018, the Company significantly expanded its military business, continued expanding its B2B sales channels internationally and domestically, signed up new distributors, began new pilot programs, tested and launched new products, further advanced its work with George Mason University under their grant program and identified over 100 companies to contact as part of our IP licensing initiative. We expect to sign at least 4 or 5 IP licenses in the first half of 2019, however, due to the confidential nature of the...