Annual Recurring Revenue up 90% to $2.0M
VANCOUVER, BC--(Marketwired - May 30, 2017) - MediaValet Inc. (
Summary of Quarterly Results
3 months ended Mar 31'17 |
3 months ended Mar 31'16 |
||||||
Annual Recurring Revenue | $ | 2,033,045 | $ | 1,069,165 | |||
% Increase | 90 | % | |||||
Revenue | $ | 465,958 | $ | 253,407 | |||
% Increase | 84 | % | |||||
Gross Margin | $ | 383,098 | $ | 185,556 | |||
Gross Margin % | 82 | % | 73 | % | |||
Operating Expenses | $ | 1,504,433 | $ | 1,463,036 | |||
% Increase | 3 | % | |||||
EBITDA Loss | $ | (1,121,335 | ) | $ | (1,277,480 | ) | |
% Decrease | 12 | % | |||||
Net loss | $ | (1,377,199 | ) | $ | (1,407,612 | ) | |
Loss per share | $ | (0.02 | ) | $ | (0.02 | ) | |
Total assets | $ | 1,135,779 | $ | 816,418 | |||
Deferred Revenue | $ | 1,339,476 | $ | 567,965 | |||
Long-term Debt | $ | 3,370,000 | $ | 118,720 |
"We're off to a great start to fiscal 2017 with another strong quarter," commented David MacLaren, founder and CEO of MediaValet. "While we delivered on many fronts, net new additions to ARR, an increase in gross margin, and improvement in EBITDA stood out. With net new ARR increasing 132% over Q1 last year, our ARR now stands at $2.03 million; Thanks to product and process improvements, gross margin increased to 82% from 73% in Q1'16; And, with operating expenses at planned levels and expected to remain there, Q1 EBITDA improved 12%. These results give us a highly visible and predictable base to grow from."
"In addition to improving our overall financial performance, we continued to strengthen our competitive advantage with innovative new features and enhancements to our core offering," continued Mr. MacLaren. "Adding the ability to view and interact with 2D and 3D models within MediaValet, as well as in our web galleries and in Microsoft SharePoint, took everyone by surprise. The ease of use, speed and sheer power of our CAD viewer is astounding. Throughout 2017 and beyond, we'll continue pushing the boundaries of DAM and raising the bar of customer expectations."
Continued Mr. MacLaren, "With our list of customers, across industries and geographies, continuing to grow each month, our strong quarter-over-quarter growth in revenue from both new and existing customers, and the momentum of our sales, marketing and channel teams, we believe we're well positioned to deliver an exciting fiscal 2017."
First Quarter Fiscal 2017 Highlights:
Highlights subsequent to quarter end:
Outlook
With the increasing productivity of the sales and marketing teams, the impactful milestones being achieved by the product development team, and the Company's strong customer retention rate, management intends to maintain its current level of investment and continue implementing its growth strategy with a focus on optimizing excess capacity in the Company's current operating structure. While some variable costs such as cost of revenue and sales commissions will increase with revenue, management believes it has sufficient infrastructure and staff to continue growing revenues throughout 2017 without materially increasing operating costs.
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.
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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