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RIWI Releases 2022 Audited Financials
Toronto, Ontario--(Newsfile Corp. - May 12, 2023) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) (th...
About this update from Riwi Corp.
[{"type":"text","content":"RIWI Releases 2022 Audited FinancialsToronto, Ontario--(Newsfile Corp. - May 12, 2023) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) (the \"Company\" or \"RIWI\"), a global trend-tracking and prediction technology firm, reported its financial results for the year ended December 31, 2022. All figures are reported in U.S. dollars unless otherwise indicated. RIWI's financial statements are prepared in accordance with International Financial Reporting Standards (\"IFRS\").RIWI Highlights for the Year Ended December 31, 2022 - in US Dollars: RIWI completed the acquisition of Research On Mobile (ROM) on July 1, 2022. Research On Mobile is a leading research technology platform that profiles survey respondents and dynamically matches them to global research marketplaces from which commercial customers buy data. Although initial integration was completed in 2022 and some early customers benefited from the joint solution, full integration of both the technology and processes between the ROM and RIWI platforms will be ongoing throughout the 2023 calendar year with an expected completion date towards the end of Q4 2023.RIWI won 54 new contracts in 2022 including 13 new customers that had not done business with RIWI before. These customers span all of our customer segments.Revenues in 2022 include, for the first time in the Company's history, three different revenue streams: recurring revenue, transactional revenue, and project-based revenue. RIWI launched the first release of its new platform that includes a single sign-on feature across a customer's various projects, integration of both our highly secure un-incented respondents and our pre-profiled respondents, quota management, and enhanced visualization features aimed at providing customers a better experience. In addition, RIWI began to build our respondent ecosystem by partnering with additional sample providers, enhancing our ability to deliver more completed surveys in more regions of the world. RIWI began the transformative process from being a project-based organization to a more technology- and product-focused organization with diverse revenue streams. This included: (i) the launch of new subscription-based digital products like the Compass Data series with our partner David Woo, and the RIWI China Data feed, (ii) the conversion of customer projects into longer-term subscriptions, ...