Business
RIWI Releases Q2 Financials
Toronto, Ontario--(Newsfile Corp. - August 21, 2024) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) ...
About this update from Riwi Corp.
[{"type":"text","content":"RIWI Releases Q2 FinancialsToronto, Ontario--(Newsfile Corp. - August 21, 2024) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) (the \"Company\" or \"RIWI\"), a market research platform and global trend-tracking and prediction technology firm, reported its financial results for the quarter ended June 30, 2024. 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 Quarter Ended June 30, 2024 – in USD: RIWI earned $1,026,112 in revenues in the second quarter of 2024 compared to $928,415 for the three months ended June 30, 2023, an increase of 10.5%. The Company's revenue in the second quarter of 2024 consisted of $360,284 in transaction revenue, $400,945 in recurring revenue and $264,883 in project-based revenue. RIWI also recorded a net loss of $108,826 for the three months ended June 30, 2024, as compared to a net loss of $162,190 for the three months ended June 30, 2023, an improvement of 32.9%.The RIWI transactional revenue segment was significantly impacted by RIWI's newly implemented data quality measures and the Company's commitment to demonstrable quality data in order to win new clients in an industry increasingly sensitive to these requirements. Management expects this segment to continue being impacted for the next two quarters as improvements are made to improve the customer experience of the RIWI Respondent Marketplace and as RIWI improves the respondent supply quality. On April 24, 2024, RIWI announced the acquisition of the majority of the assets of CoolTool Inc., a leading survey and non-conscious data collection platform. This acquisition enhances the RIWI platform by providing customers with new functionality and opens up a new Software-as-a-Service (SaaS) recurring revenue stream.RIWI signed 16 new client contracts in the three months ended June 30, 2024, including contract signings with 9 new RIWI customers.RIWI delivered its first set of marketing-related market research projects by completing both a packaging market research project and a video-testing project. Management is of the view that these successful capstone projects will help attract new areas of business opportunity for RIWI and provide references for the Company's expanding consumer packaged g...