Gross Margin improved by 87% year-over-year as the Company focuses on profitability.
New York, New York--(Newsfile Corp. - April 6, 2023) - Reklaim, (TSXV: MYID) (OTCQB: MYIDF) ("Reklaim"), the destination for consumers to access and reclaim their data, announces the filing of 2022 annual audited financial results for the year ending December 31, 2022.
Reklaim Highlights for 2022
Year-over-year growth of 136% to $2,361,110 from $1,000,200. This 2022 annual revenue represents a new high for the Company.
Q4 2022 revenue increased to a record $718,730 from $454,585 in Q4-2021, a 58% increase over Q4 2021.
Q4 2022 revenue increased to $718,730 from $606,431 in Q3 2022, a 19% increase over Q3 2022.
The company increased its gross margin by 59% from Q3-2022 to Q4-2022, moving from 16% to 26% in Q4-2022.
Gross Margins improved 87% to -6% for the year ended 2022, compared to -44% in 2021.
Recurring revenue grew to 86% for 2022, compared to 73% in 2021.
"2023 marks the beginning of the enforcement period for state-level privacy regulation in California and Virginia, with three additional states to be added in 2023. The ability of marketers to use unconsented data will continue to deteriorate rapidly, which will create an ever-increasing opportunity for Reklaim to add more clients looking to replace their historical non-compliant data provider," said Reklaim CEO Neil Sweeney. "In the past year, we have driven massive revenue and gross margin increases while streamlining costs to drive Reklaim towards profitability. Growth and profitability are our focus for 2023. As outlined in our MD&A, the privacy world is accelerating to include the consumer, and no company is better positioned to take advantage of this trend. We expect to maintain this same trajectory in 2023."
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
Consumer data and the evolution of privacy drive Reklaim. Offering compliant, zero-party data to Fortune 500 brands, platforms, and data companies, Reklaim allows consumers to visit the application, confirm their identity, and unveil data 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. 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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will," "may," "should," "anticipate," "expects," and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the closing of the Debt Settlement and TSXV approval of the Debt Settlement, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in preparing any forward-looking information may prove incorrect. Events or circumstances may cause actual results to differ materially from those predicted due to numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Although considered reasonable by management at the time of preparation, such information may prove incorrect and actual results may differ materially from those anticipated. This cautionary statement expressly qualifies forward-looking statements contained in this news release. The forward-looking statements in this news release are made as of the date of this news release. The Company will only update or revise any included forward-looking statements as expressly required by Canadian securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/161489
