The Company shows continued progress towards cash-flow break even and profitability
- Recurring Technology Fee (SaaS) revenue – over 94% of total revenue with a 76% gross margin, which rose over 400 basis points and is expected to continue to trend higher
- Gross margins improved significantly to 73.8 from 63.5% in the same period last year, and 59.6% 2 years earlier
- Reduced SG&A to $3 million, down 16% compared to same period last year
- Operating loss of $1.1 million, indicated efficiency gains of $1.2 million from the preceding year quarter – a 51.8% improvement
- Growth in revenue of 6% YOY to $3.2 million
- EBITDA and Adjusted EBITDA improved by 18.9% and 49.8%, respectively, from the corresponding period in the prior year;
- Quarter over preceding Quarter, EBITDA improved by $1M, or 36%, whereas Adjusted EBITDA improved by $1.5M or 59%.
- Comprehensive loss was reported at $6.9 million, due to one-time non-cash items of $3.2 million; removing these would have resulted in a net loss of $3.7 million, consistent with prior year levels of $3.8 million due to interest rate increases that countered the impact of efficiency gains
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