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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Martello Technologies Group Inc | TSXV:MTLO | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.005 | 33.33% | 0.02 | 0.015 | 0.02 | 0.02 | 0.02 | 0.02 | 25,000 | 14:30:00 |
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./
Microsoft-recommended Vantage DX product achieves sustained double-digit quarter over quarter monthly recurring revenue growth in FY23 as the platform surpassed 1M Microsoft users in Q4.
OTTAWA, ON, June 27, 2023 /CNW/ - Martello Technologies Group Inc., ("Martello" or the "Company") (TSXV: MTLO), a provider of software that optimizes the Microsoft Modern Workplace environment, today released financial results for the three and twelve months ended March 31, 2023. Martello software provides businesses with actionable insights on the performance and user experience of cloud services such as video conferencing and voice calls, with a focus on Microsoft 365, Microsoft Teams and Mitel unified communications.
"In my many conversations with large enterprise and government executives, it is evident their focus is on improving business productivity, customer experience and employee satisfaction," said Terence Matthews, Chairman of Martello. "These are all areas where the Martello Vantage DX software has a positive impact optimizing the environment that Microsoft Teams operates in. The timing is right for this product, and I remain confident that the Martello team can accelerate client and sales opportunities as well as identify productive partnerships."
"While Legacy product decline continues to be a headwind impacting top line revenue, I am very pleased with the double-digit Vantage DX monthly recurring growth quarter over quarter through fiscal 2023", said John Proctor, President and CEO of Martello. "This growth was the result of our partnerships with Microsoft and Orange Business Services, continued Vantage DX product innovation, the unwavering support of Martello's Chairman and the hard work of our people. Getting to over one million Vantage DX user licenses in the first year is a great sign of market demand."
"Martello is exiting fiscal 2023 with a strong base of more than one million Vantage DX user licenses, a focused strategy for fiscal 2024 and an annual operating plan which will deliver sought after enhancements for our three stakeholder groups: Employees, Customers and Shareholders", said Jim Clark, Chief Financial Officer of Martello. "The improvements in financial performance in fiscal 2023 reflect management's deepening focus on delivering value to the front of our client's businesses."
Q4 and FY23 Financial Highlights
Financial Highlights | March 31, | March 31, | March 31, | March 31, | |||||
(in 000's) | 2023 | 2022 | 2023 | 2022 | |||||
(Three months ended) | (Twelve months ended) | ||||||||
Sales | $ | 4,027 | 4,271 | 16,099 | 17,540 | ||||
Cost of Goods Sold | 452 | 423 | 1,854 | 1,632 | |||||
Gross Margin | 3,575 | 3,848 | 14,246 | 15,907 | |||||
Gross Margin | % | 88.8 % | 90.1 % | 88.5 % | 90.7 % | ||||
Operating Expenses | 4,685 | 5,363 | 37,762 | 21,721 | |||||
Loss from operations | (1,110) | (1,515) | (23,517) | (5,813) | |||||
Other income/(expense) | (438) | (537) | (1,811) | (2,414) | |||||
Loss before income tax | (1,548) | (2,052) | (25,328) | (8,227) | |||||
Income tax recovery (expense) | 213 | (109) | 138 | 8 | |||||
Net loss | (1,335) | (2,161) | (25,190) | (8,219) | |||||
Total Comprehensive income (loss) | $ | (1,236) | (2,917) | (24,454) | (9,652) | ||||
EBITDA (1) | $ | (522) | (1,045) | (21,950) | (3,840) | ||||
Adjusted EBITDA (1) | $ | (549) | (830) | (2,213) | (2,860) | ||||
(1) Non-IFRS measure. See "Non-IFRS Financial Measures". | |||||||||
Conference Call Details
Martello will host a conference call with John Proctor, President & CEO and Jim Clark, CFO at 8:00 AM Eastern Time on Wednesday, June 28, 2023 to discuss the Q4 and FY23 financial results.
Canada/USA Toll Free: | 1-800-319-4610 |
International Toll: | +1-604-638-5340 |
Callers should dial in 5 – 10 min prior to the scheduled start time and ask to join the Martello call. An audio recording of the call will be available on June 28, 2023 at https://martellotech.investorroom.com/quarterly-results.
The financial statements, notes and Management Discussion and Analysis ("MD&A") are available under the Company's profile on SEDAR at www.sedar.com, and on Martello's website at www.martellotech.com. The financial statements include the wholly-owned subsidiaries of Martello. All amounts are reported in Canadian dollars.
Two institutional investment firms provide research coverage of Martello. The Company does not endorse the research of third-party institutions.
This press release does not constitute an offer of the securities of the Company for sale in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, (the "1933 Act") as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under the 1933 Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Martello Technologies Group Inc. (TSXV: MTLO) is a technology company that provides digital experience monitoring (DEM) solutions to optimize the modern workplace. The company's products provide actionable insight on the performance and user experience of cloud business applications, while giving IT teams and service providers control and visibility of their entire IT infrastructure. Martello's software products include Vantage DX, which provides Microsoft 365 and Microsoft Teams end user experience monitoring and optimization. Martello is a public company headquartered in Ottawa, Canada with employees in Europe, North America and the Asia Pacific region. Learn more at http://www.martellotech.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods and " includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including management's intent to maximize the transition of certain users currently on legacy products to Vantage DX, the expectation of a decrease in the cost of hosting instances in the future, the aim to accelerate Vantage DX growth through a channel-based strategy, and the potential for Mitel acquisitions to increase the client and revenue base.
Forward-looking information is neither a statement of historical fact nor assurance of future performance. Instead, forward-looking information is based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking information relates to the future, such statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking information. Therefore, you should not rely on any of the forward-looking information. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking information include, among others, the following:
Any forward-looking information provided by the Company in this news release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
SOURCE Martello Technologies Group Inc.
Copyright 2023 Canada NewsWire
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