Business
RIWI Releases 2023 Audited Financials and Announces Acquisition of the Majority of CoolTool Assets
Toronto, Ontario--(Newsfile Corp. - April 24, 2024) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) (...
About this update from Riwi Corp.
[{"type":"text","content":"RIWI Releases 2023 Audited Financials and Announces Acquisition of the Majority of CoolTool AssetsToronto, Ontario--(Newsfile Corp. - April 24, 2024) - 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, 2023. 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, 2023: RIWI earned $4,184,877 in revenues in the fiscal year ending December 31, 2023 compared to $2,787,380 for the fiscal year ending December 31, 2022, an increase of 50.1%. The Company's 2023 revenue consisted of $1,493,631 in transaction revenue, $1,341,418 in recurring revenue and $1,349,828 in project-based revenue. RIWI experienced an operating loss of $601,361 and a net loss of $813,341 (net loss was largely due to a non-cash goodwill impairment charge related to the Research on Mobile acquisition in 2022) for the fiscal year ending December 31, 2023, as compared to an operating loss of $1,730,567 and net loss of $1,691,209 for the fiscal year ending December 31, 2022, an improvement of 65.2% and 51.9% respectively.RIWI won 60 new contracts in 2023, including 29 new customers that had not done business with RIWI before. These customers span all of our customer segments.The RIWI platform had several significant enhancements in 2023 including the launch of RIWI Communities - the Company's trusted and validated partner network - which enables RIWI to deliver more types of survey data including business-to-business surveys, healthcare-focused surveys and other highly targeted audience surveys, with such targeting capabilities being the key initiative accelerating RIWI's new sample-only business. The RIWI platform also integrated new research marketplaces such as Toluna and Morning Consult, helping increase the daily volume of completed survey responses from 1,800 per day in December 2022 to approximately 7,000 per day at the end of December 2023.RIWI strengthened its board of directors in 2023 by conducting a board refresh. Three new board members were added, including Greg Wong, current RIWI Chief Executive Officer, David Kincaid, founder of Level 5 Con...