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EQ Inc. Reports Profitable Fourth Quarter and 2023 Year End Financial Results

EQ Inc. Reports Profitable Fourth Quarter and 2023 Year End Financial Results

EQ Inc. 公佈了盈利的第四季度和2023年年終財務業績
Accesswire ·  04/15 17:00

Positive EBITDA and quarterly revenue increased by 19%

正息稅折舊攤銷前利潤和季度收入增長了19%

TORONTO, ON / ACCESSWIRE / April 15, 2024 / EQ Inc. (TSXV:EQ.V) ("EQ Works" or the "Company"), a leader in AI and data driven software and solutions, announced its financial results today for the fourth quarter and the year ended December 31, 2023.

安大略省多倫多/ACCESSWIRE/2024年4月15日/人工智能和數據驅動軟件和解決方案領域的領導者EQ Inc.(多倫多證券交易所股票代碼:EQ.V)(“EQ Works” 或 “公司”)今天公佈了第四季度和截至2023年12月31日止年度的財務業績。

The Company is pleased to report that revenue for the fourth quarter increased by over 19% sequentially and 7% from the same period a year ago, to over $3.1 million, as client demand for data driven solutions continued to grow. Gross margin for the quarter increased to 49%, a significant improvement year over year, and as a direct result of the value generated by combining AI solutions with vital data assets and targeted media. The Company was profitable during the quarter and recorded its strongest Adjusted EBITDA in almost a decade. The Adjusted EBITDA improved to approximately $0.2 million, compared to an Adjusted EBITDA loss of $1.1 million for the same period a year ago.

該公司高興地報告,由於客戶對數據驅動解決方案的需求持續增長,第四季度的收入連續增長了19%以上,比去年同期增長了7%,達到310萬美元以上。該季度的毛利率增至49%,同比大幅提高,這是將人工智能解決方案與重要數據資產和目標媒體相結合所產生的價值的直接結果。該公司在本季度實現盈利,並創下了近十年來最強勁的調整後息稅折舊攤銷前利潤。調整後的息稅折舊攤銷前利潤提高至約20萬美元,而去年同期調整後的息稅折舊攤銷前利潤虧損爲110萬美元。

Revenue for the year ended December 31, 2023, was $10 million. After years of investing in technology, data and AI driven solutions, one of the main goals in 2023 was to drive profitability. As a result, the Company reduced its focus on campaigns that did not utilize the full potential of its data and analytics offerings, discontinued lower margin campaigns and improved its Adjusted EBITDA each quarter, resulting in a positive EBITDA for the fourth quarter. Although these changes resulted in a slight decrease in revenue from the previous year, the gross margin improved to 45%, up significantly from the 37% in 2022 and the Adjusted EBITDA loss for the year was approximately $1.4 million compared to $5.3 million in 2022. The Company also recognized a one-time gain of $0.5 million due to the reversal of acquisition related transaction expenses and an impairment of goodwill and intangible assets of $3.8 million, which were related to historical acquisitions.

截至2023年12月31日的年度收入爲1000萬美元。經過多年對技術、數據和人工智能驅動的解決方案的投資,2023年的主要目標之一是提高盈利能力。結果,該公司減少了對未充分利用其數據和分析產品潛力的活動的關注,停止了較低的利潤率活動,並提高了每個季度的調整後息稅折舊攤銷前利潤,從而使第四季度的息稅折舊攤銷前利潤爲正數。儘管這些變化導致收入比上年略有下降,但毛利率從2022年的37%大幅上升至45%,全年調整後的息稅折舊攤銷前利潤虧損約爲140萬美元,而2022年爲530萬美元。該公司還確認了50萬美元的一次性收益,這歸因於收購相關交易費用以及與歷史收購相關的380萬美元的商譽和無形資產減值。

Over the course of the year, the Company continued to invest in Paymi, its consumer facing application, and Clear Lake, its insights and analytics dashboard. These investments helped build additional scale to our proprietary zero party data assets and continued to generate significant market interest and momentum. They also formed a strong foundation for the Company, as it turned its focus to higher margin and more recurring revenue lines of business. Early results from these investments are very positive as interest and traction are being shown from clients across multiple verticals.

在過去的一年中,該公司繼續投資其面向消費者的應用程序Paymi及其洞察和分析儀表板Clear Lake。這些投資幫助擴大了我們專有的零方數據資產的規模,並繼續產生巨大的市場興趣和動力。它們也爲公司奠定了堅實的基礎,因爲該公司將重點轉向了更高的利潤率和更多的經常性收入領域。這些投資的早期業績非常樂觀,因爲來自多個垂直領域的客戶表現出了興趣和吸引力。

"Profitability will continue to be a focus for the Company in 2024," said Geoffrey Rotstein, President and CEO of EQ Works. "With our cost structure effectively streamlined and data products and licensing solutions ready for market, we expect to see the full results of our hard work and investments materialize in 2024. Innovation continues to be at the heart of our organization, and our team is poised to use our proprietary data and technology products to drive AI solutions that deliver real business value."

EQ Works總裁兼首席執行官傑弗裏·羅茨坦表示:“盈利能力將繼續是公司在2024年的重點。”“隨着我們的成本結構得到有效簡化,數據產品和許可解決方案已準備就緒,我們預計我們的辛勤工作和投資將在2024年取得全部成果。創新仍然是我們組織的核心,我們的團隊準備使用我們的專有數據和技術產品來推動提供真正商業價值的人工智能解決方案。”

Non-IFRS Financial Measures

非國際財務報告準則財務指標

EQ Works measures the success of the Company's strategies and performance based on Adjusted EBITDA, which is outlined and reconciled with net loss in the section entitled "Reconciliation of Net Loss for the period to Adjusted EBITDA" in the MD&A. The Company defines Adjusted EBITDA as net loss from operations before: (a) depreciation of property and equipment and amortization of intangible assets, (b) share-based payments, (c) finance income and costs, net, (d) depreciation of right-of-use assets (e) impairment of goodwill and intangible assets (f) gain from acquisition related transactions (g) restructuring costs. Management uses Adjusted EBITDA as a measure of the Company's operating performance because it provides information on the Company's ability to provide operating cash flows for working capital requirements, capital expenditures, and potential acquisitions. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate the overall operating performance of companies in its industry.

EQ Works根據調整後的息稅折舊攤銷前利潤來衡量公司戰略和業績的成功與否,在MD&A中題爲 “調整後息稅折舊攤銷前利潤對賬” 的章節中概述了調整後的息稅折舊攤銷前淨虧損,(b)股票支付,(c)財務收入和成本, 淨額, (d) 使用權資產折舊 (e) 商譽和無形資產減值 (f) 以下方面的收益收購相關交易 (g) 重組成本。管理層使用調整後的息稅折舊攤銷前利潤來衡量公司的經營業績,因爲它提供了有關公司爲營運資本需求、資本支出和潛在收購提供運營現金流的能力的信息。該公司還認爲,分析師和投資者使用調整後的息稅折舊攤銷前利潤作爲評估該行業公司整體經營業績的補充指標。

The non-IFRS financial measure is used in addition to, and in conjunction with, results presented in the Company's consolidated financial statements prepared in accordance with IFRS and should not be relied upon to the exclusion of IFRS financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-IFRS financial measures are not standardized, it may not be possible to compare these financial measures with other companies non-IFRS financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-IFRS adjustments described above, and exclusion of these items from the Company's non-IFRS measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring.

非國際財務報告準則財務指標與公司根據國際財務報告準則編制的合併財務報表中列報的業績一起使用,不應將其作爲依據,除非將國際財務報告準則財務指標排除在外,否則不應將其作爲依據。管理層強烈鼓勵投資者全面審查公司的合併財務報表,不要依賴任何單一的財務指標。由於非國際財務報告準則財務指標未實現標準化,因此可能無法將這些財務指標與其他名稱相同或相似的公司非國際財務報告準則財務指標進行比較。此外,公司預計將繼續產生與上述非國際財務報告準則調整相似的費用,將這些項目排除在公司的非國際財務報告準則指標之外不應被解釋爲推斷這些成本不尋常、不經常或非經常性。

The table below reconciles net loss from operations and Adjusted EBITDA for the periods presented:

下表對所列期間的運營淨虧損和調整後的息稅折舊攤銷前利潤進行了對賬:

Adjusted EBITDA for three and twelve months ended December 31, 2023 and 2022

截至2023年12月31日和2022年12月31日的三個月和十二個月的調整後息稅折舊攤銷前利潤

(In thousands of Canadian dollars) Three months ended December 31, Twelve months ended December 31,
2023 2022 2023 2022
Net loss
(3,904) (1,428) (5,903) (6,435)
Add:
Finance costs, net
32 (7) 66 46
Depreciation of property and equipment
8 13 35 67
Depreciation of right-of-use asset
- - - 6
Amortization of intangible assets
228 237 880 637
Impairment of goodwill and intangible assets
3,806 - 3,806 -
Share-based payments
13 27 53 230
Restructoring costs
- 20 122 117
Gain from acquisition-related transaction
- - (483) -
Adjusted EBITDA
183 (1,138) (1,424) (5,332)
(以千加元計) 截至12月31日的三個月 截至12月31日的十二個月
2023 2022 2023 2022
淨虧損
(3,904) (1,428) (5,903) (6,435)
添加:
財務成本,淨額
32 (7) 66 46
財產和設備的折舊
8 13 35 67
使用權資產的折舊
- - - 6
無形資產的攤銷
228 237 880 637
商譽和無形資產減值
3,806 - 3,806 -
基於股份的支付
13 27 53 230
重組成本
- 20 122 117
收購相關交易的收益
- - (483) -
調整後 EBITDA
183 (1,138) (1,424) (5,332)

About EQ Works

關於 EQ Works

EQ Works () enables businesses to understand, predict, and influence customer behaviour. Using unique data sets, advanced analytics, machine learning and artificial intelligence, EQ Works creates actionable intelligence for businesses to attract, retain, and grow the customers that matter most. The Company's proprietary SaaS platform mines insights from movement and geospatial data, enabling businesses to close the loop between digital and real-world consumer actions.

EQ Works () 使企業能夠理解、預測和影響客戶行爲。EQ Works 使用獨特的數據集、高級分析、機器學習和人工智能,爲企業創建可操作的情報,以吸引、留住和發展最重要的客戶。該公司專有的SaaS平台從運動和地理空間數據中挖掘見解,使企業能夠閉合數字和現實世界消費者行爲之間的循環。

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Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

多倫多證券交易所及其監管服務提供商(該術語在多倫多證券交易所的政策中定義)均不對本新聞稿的充分性或準確性承擔責任。

Forward-Looking Statements

前瞻性陳述

Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions, or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates, and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks, and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied, or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance, or achievements to differ materially include, but are not limited to, the risk factors discussed in the Company's MD&A for the year ended December 31, 2023. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives but cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and any other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect subsequent information, events, or circumstances or otherwise, except as required by law.

本新聞稿中包含的某些陳述構成 “前瞻性陳述”。除本新聞稿中包含的歷史事實陳述以外的所有陳述,包括但不限於有關公司未來財務狀況和經營業績、戰略、計劃、目標、目標和目標的陳述,以及前面或之後有或包含 “相信”、“期望”、“目標”、“打算”、“繼續”、“將”、“可能”、“將”、“預期” 等字樣的任何陳述、“估計”、“預測”、“預測”、“項目”、“尋求”、“應該” 或類似表述或其否定表述均爲前瞻性陳述。這些陳述不是歷史事實,而僅代表公司對未來事件的預期、估計和預測。這些陳述不能保證未來的表現,涉及難以預測的假設、風險和不確定性。因此,實際結果可能與此類前瞻性陳述中表達、暗示或預測的結果存在重大差異。可能導致實際業績、業績或成就出現重大差異的其他因素包括但不限於公司截至2023年12月31日止年度的管理與分析中討論的風險因素。管理層之所以提供前瞻性陳述,是因爲它認爲這些陳述爲投資者在考慮投資目標時提供了有用的信息,但提醒投資者不要過分依賴前瞻性信息。因此,本新聞稿中發表的所有前瞻性陳述均受這些警示性陳述以及其中包含的任何其他警示性陳述或因素的限制,無法保證實際業績或發展會實現,即使已基本實現,也無法保證它們會對公司產生預期的後果或影響。這些前瞻性陳述自本新聞稿發佈之日起作出,除非法律要求,否則公司沒有義務更新或修改這些陳述以反映後續信息、事件或情況或其他方面。

EQ Inc.
Peter Kanniah, Chief Financial Officer
1235 Bay Street, Suite 401| Toronto, Ontario |M5R 3K4
press@eqworks.com

EQ Inc.
彼得·坎尼亞,首席財務官
1235 Bay Street,401 套房 | 安大略省多倫多 |M5R 3K4
press@eqworks.com

EQ Inc.
Consolidated Statements of Financial Position
(In thousands of Canadian dollars)

EQ Inc.
合併財務狀況表
(以千加元計)

December 31, 2023 December 31, 2022
Assets
Current assets:
Cash
$ 381 $ 1,253
Restricted cash
48 $ -
Accounts receivable
3,962 3,535
Other current assets
206 234
4,597 5,022
Non-current assets:
Property and equipment
25 55
Intangible assets
985 2,156
Goodwill
- 2,914
1,010 5,125
Total assets
$ 5,607 $ 10,147
Liabilities and Shareholders' Equity (Deficiency)
Current liabilities:
Accounts payable and accrued liabilities
$ 3,237 $ 3,488
Rewards payable
1,387 1,281
Loans and borrowings
1,568 79
Contract liabilities
- 60
6,192 4,908
Shareholders' equity (deficiency)
(585) 5,239
Total liabilities and shareholders' equity (deficiency)
$ 5,607 $ 10,147
2023年12月31日 2022年12月31日
資產
流動資產:
現金
$ 381 $ 1,253
受限制的現金
48 $ -
應收賬款
3,962 3,535
其他流動資產
206 234
4,597 5,022
非流動資產:
財產和設備
25 55
無形資產
985 2,156
善意
- 2,914
1,010 5,125
總資產
$ 5,607 $ 10,147
負債和股東權益(虧損)
流動負債:
應付賬款和應計負債
$ 3,237 $ 3,488
應付獎勵
1,387 1,281
貸款和借款
1,568 79
合同負債
- 60
6192 4,908
股東權益(虧損)
(585) 5,239
負債總額和股東權益(虧損)
$ 5,607 $ 10,147

EQ Inc.
Consolidated Statements of Loss and Comprehensive Loss
(In thousands of Canadian dollars, except per share amounts)
Years ended December 31, 2023 and 2022

EQ Inc.
合併虧損和綜合虧損表
(以千加元計,每股金額除外)
截至2023年12月31日和2022年12月31日的年度

2023 2022
Revenue
$ 9,964 $ 10,979
Expenses:
Publishing costs
5,450 6,927
Employee compensation and benefits
3,768 4,955
Other operating costs
2,223 4,659
Depreciation of property and equipment
35 67
Depreciation of right-of-use asset
- 6
Amortization of intangible assets
880 637
Impairment of goodwill and intangible assets
3,806 -
Restructuring costs
122 117
16,284 17,368
Loss from operations
(6,320) (6,389)
Finance income
16 43
Finance costs
(82) (89)
Gain from acquisition-related transaction
483 -
Net loss
(5,903) (6,435)
Total comprehensive loss
(5,903) (6,435)
Loss per share:
Basic and diluted
(0.08) (0.09)
2023 2022
收入
$ 9,964 $ 10,979
費用:
出版成本
5,450 6,927
員工薪酬和福利
3,768 4,955
其他運營成本
2,223 4,659
財產和設備的折舊
35 67
使用權資產的折舊
- 6
無形資產的攤銷
880 637
商譽和無形資產減值
3,806 -
重組成本
122 117
16,284 17,368
運營損失
(6,320) (6,389)
財務收入
16 43
財務成本
(82) (89)
收購相關交易的收益
483 -
淨虧損
(5,903) (6,435)
綜合損失總額
(5,903) (6,435)
每股虧損:
基本款和稀釋版
(0.08) (0.09)

EQ Inc.
Consolidated Statements of Cash Flows
(In thousands of Canadian dollars)
Years ended December 31, 2023 and 2022

EQ Inc.
合併現金流量表
(以千加元計)
截至2023年12月31日和2022年12月31日的年度

2023 2022
Cash flows from operating activities:
Net loss
(5,903) (6,435)
Adjustments to reconcile net loss to net cash flows
from operating activities:
Depreciation of property and equipment
35 67
Depreciation of right-of-use asset
- 6
Amortization of intangible assets
880 637
Share-based payments
53 230
Unrealized foreign exchange loss (gain)
1 (41)
Impairment of goodwill and intangible assets
3,806 -
Finance costs, net
55 10
Gain from acquisition-related transaction
(483) -
Change in non-cash operating working capital
(126) (97)
Net cash used in operating activities
(1,682) (5,623)
Cash flows from financing activities:
Repayment of obligations under property lease
- (45)
Loans and borrowings
1,568 -
Repayment of loans borrowings
(80) -
Proceeds from exercise of stock options
26 -
Interest paid
(66) -
Net cash from (used) in financing activities
1,448 (45)
Cash flows from investing activities:
Interest income received
16 43
Increase in restricted cash
(48) -
Earn-out payout
- (1,305)
Purchases of property and equipment
(5) (21)
Addition of intangible assets
(600) (600)
Net cash used in investing activities
(637) (1,883)
Decrease in cash
(871) (7,551)
Foreign exchange gain (loss) on cash held in foreign currency
(1) 41
Cash, beginning of year
1,253 8,763
Cash, end of year
$ 381 $ 1,253
2023 2022
來自經營活動的現金流:
淨虧損
(5,903) (6,435)
調整淨虧損與淨現金流量
來自經營活動:
財產和設備的折舊
35 67
使用權資產的折舊
- 6
無形資產的攤銷
880 637
基於股份的支付
53 230
未實現的外匯虧損(收益)
1 (41)
商譽和無形資產減值
3,806 -
財務成本,淨額
55 10
收購相關交易的收益
(483) -
非現金運營營運資金的變化
(126) (97)
用於經營活動的淨現金
(1,682) (5,623)
來自融資活動的現金流:
償還財產租賃下的債務
- (45)
貸款和借款
1,568 -
償還貸款借款
(80) -
行使股票期權的收益
26 -
已付利息
(66) -
來自(使用)融資活動的淨現金
1,448 (45)
來自投資活動的現金流:
收到的利息收入
16 43
限制性現金增加
(48) -
賺取獎金
- (1,305)
購買財產和設備
(5) (21)
增加無形資產
(600) (600)
用於投資活動的淨現金
(637) (1,883)
現金減少
(871) (7,551)
以外幣持有的現金的外匯收益(虧損)
(1) 41
現金,年初
1,253 8,763
現金,年底
$ 381 $ 1,253

SOURCE: EQ Inc.

來源:EQ Inc.


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