Business
Reklaim Ltd Announces Q4 and 2022 Results with a Record 136% Increase in Year-Over-Year Revenue and Improved Gross Margins
Gross Margin improved by 87% year-over-year as the Company focuses on profitability. New York, N...
About this update from Reklaim Ltd
[{"type":"text","content":"Reklaim Ltd Announces Q4 and 2022 Results with a Record 136% Increase in Year-Over-Year Revenue and Improved Gross MarginsGross Margin improved by 87% year-over-year as the Company focuses on profitability.New York, New York--(Newsfile Corp. - April 6, 2023) - Reklaim, (TSXV: MYID) (OTCQB: MYIDF) (\"Reklaim\"), the destination for consumers to access and reclaim their data, announces the filing of 2022 annual audited financial results for the year ending December 31, 2022.Reklaim Highlights for 2022Year-over-year growth of 136% to $2,361,110 from $1,000,200. This 2022 annual revenue represents a new high for the Company.Q4 2022 revenue increased to a record $718,730 from $454,585 in Q4-2021, a 58% increase over Q4 2021.Q4 2022 revenue increased to $718,730 from $606,431 in Q3 2022, a 19% increase over Q3 2022.The company increased its gross margin by 59% from Q3-2022 to Q4-2022, moving from 16% to 26% in Q4-2022.Gross Margins improved 87% to -6% for the year ended 2022, compared to -44% in 2021.Recurring revenue grew to 86% for 2022, compared to 73% in 2021.\"2023 marks the beginning of the enforcement period for state-level privacy regulation in California and Virginia, with three additional states to be added in 2023. The ability of marketers to use unconsented data will continue to deteriorate rapidly, which will create an ever-increasing opportunity for Reklaim to add more clients looking to replace their historical non-compliant data provider,\" said Reklaim CEO Neil Sweeney. \"In the past year, we have driven massive revenue and gross margin increases while streamlining costs to drive Reklaim towards profitability. Growth and profitability are our focus for 2023. As outlined in our MD&A, the privacy world is accelerating to include the consumer, and no company is better positioned to take advantage of this trend. We expect to maintain this same trajectory in 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.About ReklaimConsumer data and the evolution of privacy drive Reklaim. Offering compliant, zero-party data to Fortune 500 brands, platforms, and data companies, Reklaim allows consumers to visit the application, confirm their identity, and unveil data collecte...