Business
RIWI Reports Q3 Financials; Revenue Increases 110% Versus Q2 2022 as RIWI and ROM Complete Early Integration; Recurring Revenue Grows from Syndicated Product Sales
Toronto, Ontario--(Newsfile Corp. - November 8, 2022) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWC...
About this update from Riwi Corp.
[{"type":"text","content":"RIWI Reports Q3 Financials; Revenue Increases 110% Versus Q2 2022 as RIWI and ROM Complete Early Integration; Recurring Revenue Grows from Syndicated Product SalesToronto, Ontario--(Newsfile Corp. - November 8, 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 September 30, 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):1. RIWI completed the acquisition of ROM on July 1, 2022. ROM is a leading research technology platform that profiles survey respondents and dynamically matches them to global research marketplaces from which commercial customers buy data. Initial integration of the RIWI and ROM platforms and teams (\"Early Integration\") also occurred in the quarter resulting in RIWI customers benefiting from the additional respondent sample made available through ROM. In addition, ahead of management's expectations, RIWI has won new business due to the features and efficiencies of the Early Integration. The integration will continue for the next two to three quarters, and customers are already benefiting from the enriched combined offering, for example by accessing a larger number of respondents with predefined attributes (such as age and gender), which allows for the faster completion of client work.2. RIWI increased revenues through new, signed agreements for expanded business with 11 existing customers in the three months ended September 30, 2022.3. RIWI earned $773,674 in revenues in the third quarter of 2022 compared to $368,680 for the three months ended June 30, 2022, an increase of 110 percent. In addition, revenues in the third quarter include, for the first time in the Company’s history, three different revenue streams: recurring revenue, transactional revenue, and project-based revenue. RIWI will break out these different revenue streams starting in our Q1 2023 financials. Despite the added payroll costs associated with ROM staff, RIWI narrowed its loss in the third quarter of 2022 to $323,656 versus $658,318 for the second quarter of 2022.4. On a monthly basis, the subscription revenue run rat...