Business
Reklaim Announces Q2-2022 Financial Results with Revenues Up 277% Year-Over-Year and 65% Quarter-Over-Quarter
Revenue momentum continues to build; year-to-date revenue up 216% over prior year, and the num...
About this update from Reklaim Ltd
[{"type":"text","content":"Reklaim Announces Q2-2022 Financial Results with Revenues Up 277% Year-Over-Year and 65% Quarter-Over-QuarterRevenue momentum continues to build; year-to-date revenue up 216% over prior year, and the number of brands purchasing data up 89% year over year.New York, New York--(Newsfile Corp. - August 25, 2022) - Reklaim, (OTCQB: MYIDF) (TSXV: MYID) (\"Reklaim\"), the destination for consumers to access and reclaim their data, announces the filing of Q2-2022 financial results for the three and six months ending June 30, 2022 (\"Q2-2022\").Q2-2022 Financial HighlightsTotal Revenue increased 277% to $645,008 from $171,070 in the same quarter in 2021 (\"Q2-2021\") and increased 65% over the prior quarter (\"Q1-2022\");Recurring Revenue was 85% of Total Revenue during Q2-2022 and 87% year-to-date;Revenue generated through platforms increased 66% in Q2-2022 over Q1-2022 and increased 234% year-over-year;Achieved 2021 Full Year revenue by end of Q2-2022;Improved margin by +99% in Q2-2022 versus Q1-2022, from -106% to -1%; Net loss of $814,713 versus a net loss of $1,472,393 in Q2-2021;As of June 30, 2022, cash equivalents were $1,097,000 compared to $463,620 in the year ended December 31, 2021;Closed non-brokered private placement for gross proceeds of $1,296,972. After quarter-end, closed final tranche for aggregate gross proceeds of approximately $268,025.Q2-2022 Operational HighlightsIncreased the number of B2B customers to 98 exiting Q2-2022 versus 65 in Q2-2021, a 51% increase or 33 additional customers;Increased the number of new customers by 63% since December 31, 2021;87% of North America's population can find data about themselves in Reklaim; Reklaim has over 320 million user data profiles in its ecosystem from approx. 30,000 different partners;Initiated a cost reduction program to drive the business toward cash flow neutral in future quarters.\"Reklaim continues to see strong growth in our organic business as evidenced by our year-over-year and quarter-over-quarter basis,\" said Reklaim CEO Neil Sweeney. \"Both our Identity and Platform revenue streams experienced triple-digit growth year-over-year, and recurring revenue comprised 85% of our business during the quarter. Although we strengthened our balance sheet with $1.5 million gross of financings, we are still focused on driving costs out of our business. And with Gartner fo...