REKLAIM ANNOUNCES Q2-2022 FINANCIAL RESULTS WITH REVENUES UP 277% YEAR-OVER-YEAR AND 65% QUARTER-OVER-QUARTER
REVENUE MOMENTUM CONTINUES TO BUILD; YEAR-TO-DATE REVENUE UP 216% OVER PRIOR YEAR, AND THE NUMBER OF BRANDS PURCHASING DATA UP 89% YEAR OVER YEAR.
New York, New York--(Newsfile Corp. - August 25th, 2022) - Reklaim, (OTCQB: MYIDF) (TSXV: MYID) ("Reklaim"), the destination for consumers to access and reclaim their data, announces the filing of Q2-2022 financial results for the three and six months ending June 30, 2022 ("Q2-2022").
Q2-2022 Financial Highlights
Total Revenue increased 277% to $645,008 from $171,070 in the same quarter in 2021 ("Q2-2021") and increased 65% over the prior quarter (“Q1-2022”);
Recurring Revenue was 85% of Total Revenue during Q2-2022 and 87% year-to-date;
Revenue generated through platforms increased 66% in Q2-2022 over Q1-2022 and increased 234% year-over-year;
Achieved 2021 Full Year revenue by end of Q2-2022;
Improved margin by +99% in Q2-2022 versus Q1-2022, from -106% to -1%;
Net loss of $814,713 versus a net loss of $1,472,393 in Q2-2021;
As of June 30, 2022, cash equivalents were $1,097,000 compared to $463,620 in the year ended December 31, 2021;
Closed non-brokered private placement for gross proceeds of $1,296,972. After quarter-end, closed final tranche for aggregate gross proceeds of approximately $268,025.
Q2-2022 Operational Highlights
Increased the number of B2B customers to 98 exiting Q2-2022 versus 65 in Q2-2021, a 51% increase or 33 additional customers;
Increased the number of new customers by 63% since December 31, 2021;
87% of North America's population can find data about themselves in Reklaim;
Reklaim has over 320 million user data profiles in its ecosystem from approx. 30,000 different partners;
Initiated a cost reduction program to drive the business toward cash flow neutral in future quarters.
"Reklaim continues to see strong growth in our organic business as evidenced by our year-over-year and quarter-over-quarter basis,” said Reklaim CEO Neil Sweeney. “Both our Identity and Platform revenue streams experienced triple-digit growth year-over-year, and recurring revenue comprised 85% of our business during the quarter. Although we strengthened our balance sheet with $1.5 million gross of financings, we are still focused on driving costs out of our business. And with Gartner forecasting that privacy regulations will cover 75% of the world’s population by 2024, Reklaim is well-positioned to be the global leader in providing high-fidelity, consumer-consented data to brands.”
Full financial results, reported in CAD dollars, and Management's Discussion and Analysis are posted to SEDAR (www.sedar.com) and on the Company's investor relations website: investors.reklaimyours.com.
About Reklaim Ltd.
Reklaim is driven by consumer data and the evolution of privacy. Offering compliant, zero-party data to Fortune 500 brands, platforms, and data companies, Reklaim allows consumers to visit the platform, confirm their identity, and unveil data that has been collected and sold without the consumer's explicit consent for years. Reklaim enables consumers to take back control of this data by setting up a Reklaim account where, should they choose to, they can be compensated for their data or choose to protect it via a suite of privacy tools. To view more information about Reklaim, visit https://investors.reklaimyours.com
For further information, please contact:
Ira Levy, CFO
1-855-908-DATA
E: investorrelations@reklaimyours.com
Investor Relations:
Sean Peasgood, Sophic Capital
1-647-977-9822
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the TSX Venture Exchange policies) accept responsibility for this news release's adequacy or accuracy.
Forward-Looking and Other Cautionary Statements
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving several risks and uncertainties and are not guarantees of the Company's future performance. Actual results and future events could differ materially from those anticipated in such information. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Company; the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company's operations and economic activity in general; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company's profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, the Company does not intend and undertakes no obligation to update any forward-looking statements to reflect, in particular, new information or future events.