Business
Reklaim Ltd Announces Q1 2023 Results with Record Revenue and a 169% Increase in Gross Margins
With 91% recurring revenue and reduced operating expenses of 60% year-over-year, Reklaim is posit...
About this update from Reklaim Ltd
[{"type":"text","content":"Reklaim Ltd Announces Q1 2023 Results with Record Revenue and a 169% Increase in Gross MarginsWith 91% recurring revenue and reduced operating expenses of 60% year-over-year, Reklaim is positioned for a profitable 2023.New York, New York--(Newsfile Corp. - May 8, 2023) - Reklaim, (TSXV: MYID) (OTCQB: MYIDF) (\"Reklaim\"), the destination for consumers to access and reclaim their data, announces the filing of its Q1 2023 financial results.Reklaim Highlights for Q1-2023 Q1 2023 revenue grew to $728,304, an 86% increase over Q1 2022. A second consecutive quarter of record revenue growth Q1 2023 revenue exceeded Q4 2022 revenue, seasonally the highest quarter of the year, by 1%, marking a new record revenue quarter for the Company. The Company increased its gross margin by 169% from Q4-2022 to Q1-2023, from 26% to 71% in the past 90 days. Expanded the sale of Reklaim data internationally. Recurring revenue at 91% in Q1-2023, up from 70% in Q1-2022 Platform revenue, which represents 74% of total revenue, grew by 115% in Q1-2023 vs. Q1-2022 Reduced operating expenses by 60% in Q1-2023 vs. Q1-2022 Improved EBITDA 96% in Q1-2023 vs. Q1-2022 and 84% from Q4-2022 New revenue product 'Deals,' an end-to-end vertically integrated media buy for brands and agencies, contributed 7% to total revenue in Q1-2023 in its first month, positioning it as a new growth vertical for the Company.\"The 2023 calendar year is picking up where we left off in Q4-2022 with gross margins expanding 169% over the past 90 days and Q1-2023 revenue; usually the slowest quarter of the year, hitting a new record quarter for us,\" said Reklaim CEO Neil Sweeney. \"With recurring revenue now at 91% and operating expenses down 60% year-over-year, we are positioned well for a profitable 2023.\" \"The global data market continues pivoting to consumer inclusion and privacy. Reklaim is positioned to take advantage of this massive opportunity as Fortune 500 brands look to replace historical data providers with ones that can adhere to new privacy standards,\" said Sweeney. \"We look forward to continuing our growth and profitability trajectory in Q2 and 2023.\"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.The Company also anno...