Business
Reklaim Ltd Announces Record Revenue & Positive Comprehensive Income for Q2-2023 & YTD
With positive operating cash flow for Q2 and YTD, and four consecutive quarters of record revenue...
About this update from Reklaim Ltd
[{"type":"text","content":"Reklaim Ltd Announces Record Revenue & Positive Comprehensive Income for Q2-2023 & YTDWith positive operating cash flow for Q2 and YTD, and four consecutive quarters of record revenue, Reklaim is well-positioned for a profitable 2023.New York, New York--(Newsfile Corp. - August 10, 2023) - Reklaim, (TSXV: MYID) (OTC Pink: MYIDF) (\"Reklaim\"), the destination for consumers to access and reclaim their data, announces the filing of its Q2 2023 financial results.Reklaim Highlights for Q2-2023 The Company reported $255,667 in positive comprehensive income for Q2-2023.The Company experienced its first million-dollar quarter, with Q2-2023 revenue growing to $1,043,427, a 62% increase over the same period last year.The Company has now achieved four consecutive quarters of record revenue growth.Achieved positive operating cash flow for Q2 and YTD through improved efficiency and operating margins.The Company improved its gross margin by 9% from Q1 2023 to Q2 2023, moving from 71% to 80%. Achieved recurring revenue of 93% in Q2-2023 and 92% for the six months ending June 30, 2023, up from 85% to 87% for the same periods last year.Platform revenue, which represents 71% of total income, grew by 61% in Q2-2023 and 81% for the six months ending June 30, 2023, compared to the same periods last year.Reduced operating expenses by 49% in Q2-2023 and 55% for the six months ending June 30, 2023, compared to last year's reporting periods.The Company's new revenue vertical, 'Deals,' generated $215,718 and $263,673 for the three and six months ended June 30, 2023. Deal revenue grew 350% from Q1 2023 to Q2 2023, or $167,762.\"We have been clear in our signal to the market that our core focus was profitability and are pleased to see this manifest in Q2 on top of our fourth straight quarter of record revenue,\" said Reklaim CEO and Founder Neil Sweeney. \"With positive cash flow this past quarter, continued expense reduction and margin improvement, investors should feel confident in our continued path towards a profitable 2023.\"\"Since January of 2023, we have seen a palatable uptick in demand for privacy-compliant data due to the state of California beginning its enforcement period of its privacy legislation; CPRA. Additionally, twelve states have either passed or signed new comprehensive privacy laws in 2023, with an additional four states currently i...