Business
RIWI Reports Q1 Financials; Year-Over-Year Cash Grows by 18% as Company Transitions to More Subscription Sales
Toronto, Ontario--(Newsfile Corp. - May 10, 2022) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) ...
About this update from Riwi Corp.
[{"type":"text","content":"RIWI Reports Q1 Financials; Year-Over-Year Cash Grows by 18% as Company Transitions to More Subscription SalesToronto, Ontario--(Newsfile Corp. - May 10, 2022) - 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 three months ended March 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 (in U.S. Dollars):RIWI earned $897,398 in revenues in the first quarter of 2022 compared to $1,095,205 for the three months ended March 31, 2021. As a result of the Company's strategic transition to subscription-based products and annual recurring revenues, RIWI's year-over-year decrease in revenue for the three months ended March 31, 2022 is partially due to the strategic transition away from shorter-term, project-based initiatives. Those shorter-term projects historically enabled the Company to recognize a majority of revenues for most projects soon after any project launch. The Company remains committed to increasing its customer base and recurring revenue streams, along with focusing on sales activities and building out the Company's sales-focused partnership ecosystem to win new business. This decrease in revenues resulted in a net loss of $174,781 for the three months ended March 31, 2022, as compared to a net loss of $42,639 for the three months ended March 31, 2021.For the period ending March 31, 2022 the Company's total cash and cash equivalents were $4,265,781, as compared to $3,605,205 for the period ending March 31, 2021, representing a year-over-increase of $660,576, an increase of over 18 percent. This year-over-year increase is due mainly to the completion of project tasks for certain clients and the collection of payments owed to the Company for these tasks.RIWI launched two new subscription products in the first quarter of 2022, including: (i) the RIWI Compass Indexes for financial services firms and international development clients and (ii) the RIWI Omnibus solution, which enables organizations in any industry to add questions to continuous surveys in different regions of the world. RIWI also invested in the marketing and sales of its RIWI Alpha product fo...