Business
Reklaim Announces Q1-2022 Financial Results with Year-Over-Year Q1 Sales up 217%
Revenue momentum continues to build; Q1-2022 sales up 217% from Q1-2021, and the number of bra...
About this update from Reklaim Ltd
[{"type":"text","content":"Reklaim Announces Q1-2022 Financial Results with Year-Over-Year Q1 Sales up 217%Revenue momentum continues to build; Q1-2022 sales up 217% from Q1-2021, and the number of brands purchasing data up 89% year-over-year.New York, New York--(Newsfile Corp. - May 31, 2022) - Reklaim, (OTCQB: MYIDF) (TSXV: MYID) (\"Reklaim\"), the destination for consumers to access and reclaim their data, announces the filing of Q1-2022 financial results for the three months ending March 31, 2022 (\"Q1-2022\").Q1-2022 Financial HighlightsRevenue increased 217% to $390,941 from $123,468 in the same period in 2021 (\"Q1-2021\"), demonstrating increased momentum in Reklaim's sales strategy.Increased the number of customers buying data from Reklaim in Q1-2022 versus Q1-2021 by 87%,Introduced 'Reklaim Privacy', a new SaaS-based revenue line to complement the data monetization vertical. Reklaim Privacy Subscription allows those consumers who prefer to protect their data versus sell their data to sign up for a monthly or annual service to obfuscate data emanating from their device to reduce third-party surveillance.As of March 31, 2022, cash equivalents were $485,743 compared to $463,620 in the year ended December 31, 2021.Currently, 87% of North America's population can find data about themselves in Reklaim once their identity has been verified.Reklaim has over 320 million user data profiles in its ecosystem from approx 30,000 different partners.\"Data privacy remains at the forefront for governments, technology firms, and consumers,\" said Reklaim CEO Neil Sweeney. While we are seeing this trend manifest in our growing revenue line, we have begun the acceleration of reducing our cost structure. As we signaled in Q4, after two years of building scale, distribution, and a dominant consumer-facing brand, 2022 was about streamlining costs to be cash flow neutral by the end of Q2. Combining these two trends, revenue growth and a cash-neutral position, will set Reklaim up for positive operating leverage. We are excited about the progress we have made so far and look forward to providing more updates in the future on how we are tracking.Full financial results, reported in CAD dollars, and Management's Discussion and Analysis are posted to SEDAR (www.sedar.com) and on the Company's investor relations website: investors.reklaimyours.com.About Reklaim Ltd. Reklaim i...