Reklaim Announces Q3-2022 Financial Results with Revenue up 217%, Gross Margins up Over 142%
Revenue continues to build; year-to-date revenue up 217% over prior year, and positive gross profit
New York – (InvestorWire – Nov 17th, 2022) Reklaim (TSXV: MYID) ("Reklaim"), the destination for consumers to access and reclaim their data, announces the filing of Q3-2022 financial results for the three and six months ending Sept. 30, 2022 ("Q3-2022").
Q3-2022 Financial Highlights:
Annual revenue increased by 217% to $1,642,380 from $558,342 in 2021 ("Q3-2021"), an increase of 195% over the first nine months of 2021
Increased the number of customers buying data from Reklaim by 87% in Q3-2022 versus Q3-2021
The company recorded a gross margin of $101,033 or 17%, a 142% increase from the same period last year
Recurring revenue of 90% for 2022 YTD
Increased the number of new customers by 28% over year-end 2021
Total revenue in Fiscal 2022 is currently 189% over the total revenue earned in 2021
"The shift in the data market to one of privacy and compliance continues to accelerate with more and more companies looking for a partner who can solve these issues for them," said Reklaim CEO Neil Sweeney. Reklaim is poised to take advantage of this trend, and we believe privacy regulations, including the introduction of CPRA in California, will be increasingly enforced in 2023, creating a unique opportunity for Rekliam to expand its market share. As signaled in previous quarters, we have accelerated the reduction in our cost structure while maintaining our growth rate, and we expect a similar trajectory in the coming quarters.”
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
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 for years without the consumer's explicit consent. Reklaim enables consumers to take back control of this data by setting up a Reklaim account through which, 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
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 statements based on current expectations involving several risks and uncertainties without limitation 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’s ability to find an M&A target; the effects of changes in privacy laws governing data brokers and other privacy businesses, including but not limited to effects on revenue and compliance; expectations regarding current and future trends in the privacy market and business landscape; the company’s ability to execute on its strategic plan; the effects of changes in Apple’s privacy policy, the removal of certain third-party cookies from Google’s browser, state-level privacy changes and other developments affecting the privacy industry and companies ; 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 the company’s 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.
