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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./
Renewed discipline on business priorities and operational excellence focused on driving revenue growth, positive cash flows and earnings. Disciplined management of operating expenses and working capital have created a stable foundation for investment in growth.
OTTAWA, ON, Nov. 21, 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 months ended September 30, 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.
"I am pleased to report that the business opportunities for Martello with existing and potential clients are highly motivating for the Martello team, who are all working hard to create success for our shareholders." said Terence Matthews, Chairman of Martello. "Martello is strategically positioned amidst several promising growth avenues in a dynamic global market of over 400 million users. Recognizing Microsoft Teams has a pivotal role in employee satisfaction, business continuity, and overall enterprise customer experience, Vantage DX is a catalyst for seamless Teams collaboration and communication. Vantage DX continues to emerge as the key solution for Microsoft Operator Connect partners seeking to deliver top-tier Teams services and enhanced quality to enterprise clients. The recent acquisition of Unify by Mitel, doubling Mitel's installed base, creates another avenue for future growth for both Mitel Performance Analytics and Vantage DX. Together with the Martello Board of Directors, I am confident that Interim CEO Jim Clark and his team possess the capabilities to execute the Company's strategic vision."
"In my expanded role as Interim CEO, my foremost objective is to drive increased sales and profitability through a revitalized focus on operational excellence," said Jim Clark, Interim Chief Executive Officer and Chief Financial Officer of Martello. "Today, Vantage DX is trusted by major enterprise clients and key partners, and we've made significant improvements to our sales and demand generation processes to drive our sales pipeline. Our enhanced assessment of the voice of the customer is a primary driver to many of the compelling improvements across the value chain. By optimizing working capital and repurposing capacity, we have strengthened our growth strategy and operational performance. In hand with the entire Martello team, alignment and focus is aimed at driving customer satisfaction and sustainable profitable growth for our shareholders."
Financial Highlights | September 30, | September 30, | September 30, | September 30, | |||||
(in 000's) | 2023 | 2022 | 2023 | 2022 | |||||
(Three months ended) | (Six months ended) | ||||||||
Sales | $ | 3,982 | 3,840 | 7,986 | 8,018 | ||||
Cost of Goods Sold | 506 | 491 | 987 | 954 | |||||
Gross Margin | 3,476 | 3,349 | 6,999 | 7,064 | |||||
Gross Margin | % | 87.3 % | 87.2 % | 87.6 % | 88.1 % | ||||
Operating Expenses | 4,158 | 4,689 | 8,444 | 9,713 | |||||
Loss from operations | (683) | (1,340) | (1,445) | (2,649) | |||||
Other income/(expense) | (885) | (1,168) | (1,447) | (1,006) | |||||
Loss before income tax | (1,568) | (2,508) | (2,892) | (3,655) | |||||
Income tax recovery | 2 | 87 | 119 | 8 | |||||
Net loss | (1,566) | (2,421) | (2,773) | (3,647) | |||||
Total Comprehensive loss | $ | (1,653) | (2,661) | (2,809) | (4,604) | ||||
EBITDA (1) | $ | (358) | (1,431) | (646) | (2,590) | ||||
Adjusted EBITDA (1) | $ | (99) | (850) | (2,513) | (2,860) | ||||
(1) Non-IFRS measure. See "Non-IFRS Financial Measures". |
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.
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 the execution of a strategy to reduce hosting costs, the long-term upside potential and avenue for future growth from the recent acquisition of Unify by Mitel, the aim to drive customer satisfaction and sustainable profitable growth for shareholders, the aim to drive increased sales and profitability through a revitalized focus on operational excellence, the expectation that significant improvements to our sales and demand generation processes will drive sales pipeline, and the execution of a strategy to convert certain legacy customers to the Vantage DX platform.
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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