CALGARY, Alberta, May 30, 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 March 31, 2018.
First quarter financial highlights include:
- Subscription sales of $1.2 million, which represents a 36% increase compared to the prior year period.
- Revenue of $1.6 million for the quarter, which represents 9% growth compared to the prior year period.
- Total subscribers of 16,022, representing a 29% increase compared to the prior year period.
- Average revenue per unit of $25.30, representing 7% growth compared to the prior year period.
- An increase in our enterprise subscriber base from 29% in the prior year period to 40% of our subscriber base in the current quarter.
- Hardware sales revenue of $0.4 million, which represents 30% decrease compared to the prior year period.
- A net loss of $1.3 million compared to $0.7 million in the prior period quarter, representing an increased loss of $0.59 million compared to the prior year period. The increase in net loss is primarily due to $0.4 million of R&D related rebates in the prior period. Excluding these rebates, the net loss represented a 17% increase in net loss compared to the prior period
First quarter operating highlights include:
- Expansion in channel partnerships by participating in the Microsoft One Commercial Partner Co-Sell Ready Program. Through this program, the Company works with Microsoft field sales teams in North America on targeted customer opportunities and related account planning activities.
- Partnered with a North American market leading electronic logging device (“ELD”) company, as a reseller of their ELD solution in combination with Trakopolis.
- The Company completed development, integration and initial field trials of the Honeywell mesh guard solution, as well as integration of the mobile tank monitoring solution, both representing expansion of the Company’s product offerings.
"The first quarter of 2018 focused on channel expansion, business development as well significant expansion of our solution offering. This is aligned with our strategy for continued revenue growth across all verticals and positions the Company well for the remainder of 2018," stated Brent Moore, CEO of Trakopolis.
Trakopolis’ first 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: continued revenue growth across all verticals. 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:
“Subscription sales” includes monthly software subscriptions, and resale of cellular and satellite data. Subscription sales is recognized monthly as services are delivered and is derived from the subscription revenue category within the Company's financial statements. We believe that subscription sales provides useful information to our investors because it shows the long-term nature of recurring service revenue.
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 March 31, 2018 MD&A dated May 31, 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.