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Share Name | Share Symbol | Market | Type |
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Datable Technology Corporation | TSXV:DAC | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.005 | 0.005 | 0.005 | 0.005 | 0.005 | 0.005 | 1,000 | 01:00:00 |
VANCOUVER, BC, Nov. 16, 2022 /CNW/ - Datable Technology Corporation (TSXV: DAC) (OTC Pink: TTMZF) (the "Company" or "Datable" or "DTC"), the developer of a proprietary, SaaS-based Consumer Lifecycle and Data Management Platform called PLATFORM3, is pleased to announce its financial results for the quarter ended September 30, 2022 ("Q3 2022").
For the periods three and nine months ended September 30, 2022, the Company achieved the following milestones:
The Company is also pleased to provide the following 2022 updates:
"We are encouraged with our continued revenue growth of over 10% for the first nine months of 2022 in this challenging environment. Our core customers have renewed their licenses for PLATFORM3 due to the tools it provides to drive incremental sales and enhance consumer engagement. While of some the contracted programs were delayed based on the economic environment, we are also encouraged by our sales pipeline and contracts that provide strong revenue into 2023. We expect continued revenue growth in 2023 from upselling current customers and onboarding new customers" said Robert Craig, Datable's CEO. "The acquisition of LMSG is a game-changer for Datable, adding $14 million in revenues, a highly talented sales team, and access to new customers in the U.S., both national brands and thousands of SMBs."
Results of Operations:
Revenue for three months ended September 30, 2022 decreased by 18% to $678,357 and revenue for the nine months ended September 30, 2022 increased by 12% to $2,407,471, compared with the same periods in 2021. The expected revenue growth was dampened due to the delayed implementation of some contracted programs. DTC's PLATFORM3 product is an integrated suite of digital marketing applications sold as SaaS for short-term promotions or on an annual subscription basis with recurring revenues. Revenue in the current year reflected recognition of revenue from previous year contracts and new sales of the PLATFORM3 product offering.
Revenue growth for the nine months ended September 30, 2022 and 2021 was partly due to improvements in the functionality of PLATFORM3. In late 2020, DTC launched version 5.0 of PLATFORM3 which included new modules that extended and deepened its differentiation in the market by launching a break-through feature on PLATFORM3 - Dynamic Messaging and Rewards (DMR). This feature empowers brands to deploy omnichannel communications, retargeting and contextual rewards to induce consumer purchases based on their previous and ongoing purchase behavior and Brand engagement. DMR transforms PLATFORM3 into a self-regulating continuous feedback loop for ongoing sales.
Gross profit for the three months and nine months ended September 30, 2022 decreased by 33% to $243,075 and 8% to $960,847 respectively, compared to the same periods in 2021. The Company's cost of sales for the three months and nine months ended September 30, 2022 decreased by 6% to $435,282 and increased by 31% to $1,446,624 respectively, compared to the same periods in 2021 due to change in product mix and increase in delivery resources during nine months in 2022.
Gross margin as a percentage of revenue for the three and nine months ended September 30, 2022 was 36% and 40% respectively, compared to 44% and 48% for the three and nine months ended September 30, 2021. The decrease for the nine months ended September 30, 2022 was due to higher growth in lower margin services compared to the licensing and Software as a Service product. Gross margin depends on the product mix for the reporting period. Revenues are comprised of a combination of higher margin sales of PLATFORM3, the Company's proprietary Software as a Service product, and reward service combined with some lower margin third party services. The Company's gross margin as a percentage of revenue is expected to improve in 2022, compared to 2021, due to product mix and investments in our technology to automate the integration, delivery, and testing of our services.
Cost of sales includes an API connection to third party digital rewards platforms. This service enables DTC clients to offer digital rewards such as gift cards, movie tickets and virtual visas to incentivize purchase and purchase frequency. DTC purchases these rewards on behalf of the Company's clients and charges a transaction fee for the total amount of rewards purchased. Cost of sales also includes the cost of servers to host PLATFORM3, and project management and customer support staff.
General and administrative expenses for the three and nine months ended September 30, 2022 were decreased by 27% to $330,569 and by 12% to $1,133,788 respectively, compared to $454,138 and $1,283,865 for the three and nine months ended September 30, 2021. The decrease for the nine months ended September 30, 2022 was mainly due to a decrease in corporate consultancy fees, professional fees, investor relations and general administration.
Sales and marketing expenses include wages and salaries, consulting fees, travel expenses, and advertising and licenses. Sales and marketing expenses for the three and nine months ended September 30, 2022 decreased by 67% to $163,706 and by 36% to $632,767 respectively compared to $488,847 and $991,581 for the three and nine months ended September 30, 2021. The decrease for the nine months ended September 30, 2022 was mainly due to reduction in staff resources and consultants paid in connection with advertising, sales and marketing activities.
Research and development expenditures for the three and nine months ended September 30, 2022 was $449,341 and $1,473,929 respectively compared to $515,709 and $1,241,027 for the three and nine months ended September 30, 2021. The increase in research and development expenses for the nine months ended September 30, 2022 was related to enhancement to PLATFORM3, developing platform flexxi and increased staff resources. The decrease in research and development expenses in the three months period ended September 30th was due to the completion of enhancements to PLATFORM3.
Net and comprehensive loss for the three months and nine months ended September 30, 2022 was $1,050,634 and $3,213,134 respectively, compared to $1,346,342 and $3,324,999 for the three and nine months ended September 30, 2021. The decrease in net loss for the nine months ended September 30, 2022 was mainly due to the delay of sales and marketing expenses, reduction of general and administrative spendings, and net of the growth in revenue. Datable expects a decrease in net and comprehensive loss in 2022 and 2023 due to increased revenues and gross margin, and a decrease in expenses.
About Datable Technology Corporation
Datable has developed PLATFORM3 a proprietary Consumer Lifecycle and Data Management Platform that is sold to global consumer brands. PLATFORM3 is delivered as a subscription service (Software as a Service model) and used by some of the worlds' most valuable consumer brands to access new consumer communities and engage them while collecting, analyzing, and managing their first-party data. PLATFORM3 incorporates proprietary technology to monetize the consumer data, including demographics and purchasing behaviour, by sending consumers targeted offers by email and text messages. For more information, visit datablecorp.com. For additional information about the company please visit www.sedar.com. The TSX Venture Exchange Inc. has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. 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. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds and the results of financing efforts, – that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Datable Technology Corp.
Copyright 2022 Canada NewsWire
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