CALGARY, Alberta, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Trakopolis IoT Corp. ("Trakopolis" or the "Company") (TSXV: TRAK) is pleased to report its financial and operating results for the period ended September 30, 2018.
Third quarter financial highlights include:
- Subscription sales for the quarter of $1.2 million, which represents a 19% increase compared to the prior year period and $3.6 million for the nine month period which represents a 28% increase over the same period in 2017.
- Total subscribers of 17,256 at September 30, 2018 representing a 22% increase compared to the prior year.
- Improved subscription gross margin to 74% in the third quarter compared to 73% in the second quarter
- EBITDA loss improvement for the third quarter of $254 thousand or 25% from the prior year third quarter, from $1.0 million to $759 thousand
- A net loss of $810 thousand in the third quarter compared to $1.2 million in 2017, representing a 32% reduction compared to the prior year period. The decreased loss is a result of increased gross margins and lower operating expenses in 2018 compared to 2017.
"In the third quarter of 2018 we were pleased with our net loss improvement of $382 thousand or 32% from Q3 2017 and our EBITDA loss also improved by 25%. We continue to focus on both revenue and subscriber growth as well as optimizing our cost structure as we strive for profitability. This positions the Company well for the remainder of 2018 and into 2019," stated Brent Moore, CEO of Trakopolis.
Trakopolis’ third quarter financial statements and MD&A have been posted to the Company’s website and can be accessed at http://trakopoliscorp.com/investors/. The MD&A and financial statements have also been filed with SEDAR and will be accessible at www.sedar.com.
About Trakopolis
Trakopolis is a Software as a Service (SaaS) company with proprietary, cloud-based solutions for real-time tracking, data analysis and management of corporate assets such as equipment, devices, vehicles and workers. The Company's asset management platform works across a variety of networks and devices. Trakopolis has a diversified revenue stream from many verticals including oil and gas, forestry, transportation, construction, rentals, urban services, mining, government and others.
For further information, please contact:
Brent Moore, President and Chief Executive Officer,
Trakopolis IoT Corp.,
Telephone: (403) 450-7854,
Email: bmoore@trakopolis.com;
Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding: growth in subscription revenue; increasing the Company’s enterprise sales funnel; and achieving organic growth. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: activation of units by end users; commercial success of our products and services; general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Non-GAAP Measures
This news release contains references to certain financial measures that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other entities. These non-GAAP financial performance measures should be viewed as a supplement to, and not a substitute for, the Company’s results of operations reported under IFRS. These financial measures are identified and defined below:
“EBITDA” is an indicator of the financial results generated by our business activities excluding the impact of any financing activities, amortization and depreciation of property, equipment and intangible assets, and taxes.
“Adjusted EBITDA” is a further refinement of EBITDA to remove the effect of share-based compensation expense and one-time costs associated with the RTO transaction. As such, Adjusted EBITDA provides more meaningful continuity with respect to the comparison of our operating results over time.
Please refer to the Company’s June 30, 2018 MD&A dated August 29, 2018 for additional information regarding these non-GAAP measures.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.