Annual Recurring Revenue up 64% to $1.22M as Sales and Marketing Momentum Continues to Build
VANCOUVER, BC--(Marketwired - August 29, 2016) - MediaValet, Inc. (
Summary of Quarterly Results (Unaudited) | |||||||||||||
3 months ended June 30'16 | 3 months ended June 30'15 | 6 months ended June 30'16 | 6 months ended June 30'15 | ||||||||||
Annualized Recurring Revenue | $ | 1,226,455 | $ | 747,622 | |||||||||
% Increase | 64% | ||||||||||||
Revenue | $ | 339,610 | $ | 185,123 | $ | 593,017 | $ | 400,412 | |||||
% Increase | 83% | 48% | |||||||||||
Cost of Revenue | $ | 1,528,689 | $ | 846,674 | $ | 3,059,576 | $ | 1,719,271 | |||||
% Increase | 81% | 78% | |||||||||||
EBITDA | $ | (1,189,079) | $ | (661,551) | $ | (2,466,559) | $ | (1,318,859) | |||||
Net loss | $ | (1,381,718) | $ | (764,520) | $ | (2,789,330) | $ | (1,497,263) | |||||
Loss per share | $ | (0.02) | $ | (0.01) | $ | (0.03) | $ | (0.02) | |||||
Total assets | $ | 914,750 | $ | 3,016,735 | |||||||||
Deferred Revenue | $ | 751,335 | $ | 492,164 | |||||||||
Debt | $ | 620,000 | $ | 117,668 |
"We had another strong quarter with our sales team continuing to establish their territories, driving net new ARR adds and Revenue to their highest levels yet," commented David MacLaren, founder & CEO of MediaValet. "In parallel with our territory sales development efforts, our velocity of feature development continues to increase with each new quarter, further driving sales wins across all industries and regions."
"We achieved a number of significant milestones in the second quarter that mark further progress toward our strategic objectives," added Mr. MacLaren. "In particular, we completed major product integrations with industry leaders including Microsoft, Hootsuite, Adobe and Wave2. These integrations significantly increase our target market and open up several new sales channels sooner than we expected. On the Corporate side, we completed a $1.5 million equity financing and established a $1.0 million credit facility, minimizing our cost of capital and ultimately maximizing shareholder value over time."
Continued Mr. MacLaren, "As we look to the future, we can't help but be excited. Our sales and marketing teams continue to deliver better results each quarter, our customer retention and satisfaction rates remain strong, and our R&D team continues to deliver new and exciting features that further differentiate us from would be competitors with each release. I'm extremely proud of our team and their ability to continually outperform their prior successes in each subsequent quarter. With the advancements we've made thus far, we are continuing to invest in our future and believe we can accelerate our sales growth to achieve cash positive operations in fiscal 2017."
Second Quarter Fiscal 2016 Highlights:
Highlights subsequent to quarter-end:
MediaValet's full financial statements and related MD&A are now available on SEDAR.
About MediaValet, Inc.
MediaValet stands at the forefront of the cloud-based digital asset management industry. Built exclusively on Microsoft Azure and available on 34 highly secure and hyper scalable data centers around the world, MediaValet is uniquely equipped to meet the digital asset management needs of any organization, no matter its size, its industry or its location. Cutting-edge technology, exceptional product design, and unlimited friendly customer service are at the core of MediaValet's DNA -- ensuring exceptional customer and user experiences are delivered at all times.
"Neither the 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."
Contact Information:
For further information, please contact:
Corporate Office
David MacLaren
CEO
david.maclaren@mediavalet.com
(604) 688-2321
Press Relations
Babak Pedram
babak.pedram@mediavalet.com
(416) 644-5081