CALGARY, Alberta, April 30, 2019 (GLOBE NEWSWIRE) -- Trakopolis IoT Corp. ("Trakopolis" or the "Company") (TSXV: TRAK) is pleased to report its financial and operating results for the year ended December 31, 2018.
"2018 produced 20% growth in subscription revenue and 15% growth in subscriber base. We continue to target the enterprise segment and expanded our solution offering through partnerships and collaboration”, stated Brent Moore, CEO of Trakopolis.
"Looking ahead, our ability to work with market leaders in different segments, combined with our customizable, hardware agnostic platform has allowed us to differentiate our services offering in the industrial internet of things market. We look forward to working with clients to deliver, comprehensive, end-to-end industrial internet of things solutions."
Fourth quarter and year-end financial highlights include:
- Subscription sales of $4.7 million for the year ended December 2018, representing a 20% increase from the prior year.
- Subscriber base increase of 2,323 for the twelve months ended December 31, 2018 which represents a 15% increase.
- Enterprise customer segment represents 54% of monthly subscription revenue up from 44% in prior year.
- Gross profit of $3.6 million for the twelve months ended December 2018, represents a 10% increase from the prior year. Gross profit for the fourth quarter was a 6% decrease from the prior year.
- A net loss of $4.2 million was recorded for the year ended December 31, 2018, compared to a loss for the prior year period of $4.1 million. The net loss included a significant increase in finance expenses as a result of debt restructuring in the year.
Trakopolis’ fourth quarter and year-end 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: the ability of the Company to achieve material sales 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: the ability of the Company to retain or attract qualified personnel to successfully implement products and services following the sales process; 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:
A “Subscriber” is defined as a customer's individual asset which is monitored by a telematics device. A Subscriber is an important metric for our investors because it provides an indication of our ability to generate Recurring Revenue from providing recurring service to our customers.
Please refer to the Company’s December 31, 2018 MD&A dated April 30, 2019 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.