Business
Specificity Reports $0.2 Million Revenue and Reduces Operating Loss by 66% for the First Quarter Ended March 31, 2023
Specificity Reports $0.2 Million Revenue and Reduces Operating Loss by 66% for the First Quarter Ended March 31, 2023.
About this update from Specificity, Inc.
[{"type":"text","content":"Refocuses on Higher Margins and Better Long-Term Prospects for Future Growth, Expansion and ProfitabilityTAMPA, FL / ACCESSWIRE / May 22, 2023 / Specificity Inc. (OTCQB:SPTY) (the "Company"), a full-service digital marketing firm that delivers cutting-edge marketing solutions, today announced the Company's financial results for the first quarter ended March 31, 2023 and the filing of its Quarterly Report on Form 10-Q on May 18, 2023.Key Financial Highlights for Q1 2023Revenue decreased 15% to $0.2 millionGross profit increased 14% to $0.1 millionGross margin increased to 59.2%Operating loss decreased 66% to $0.5 millionAdjusted EBITDA loss decreased 57% to $0.3 millionKey Business Highlights for Q1 2023Initiated re-focused sales and marketing approachSigned several new clients, many of which did not start activity with Specificity until April, so will be more reflective in Q2 2023Management CommentaryJason Wood, Chief Executive Officer of Specificity, commented, "We are pleased with our start to 2023 as we continue to build on the positive momentum from 2022. While our revenue declined slightly, we increased our gross margins and greatly reduced our operating loss. This is a result of our strategy to focus on customer accounts with better margins and prospects for additional future growth and expansion."Wood, continued, "The early success of our re-focused sales and marketing approach, which started in mid-February, has dramatically increased our sales funnel of opportunities and closing rate. Of note, while we have signed several new clients, many of them did not start their work with us until April, which will be more reflective in the current quarter.These new clients represent a wide range of industries (from construction to business services) and demonstrate that our digital marketing solutions can positively impact sales no matter what industry a business serves. We look forward to continuing to expand our Specificity digital marketing solutions, nationally, regionally, and locally, as a tool in more and more companies' marketing efforts."Financial Results for the First Quarter Ended March 31, 2023:Revenue: For the three months ended March 31, 2023, revenue was $0.2 million, a decrease of $0.0 million, or 15%, compared with $0.3 million for the three months ended March 31, 2022. The decrease i...