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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TrackX Holdings Inc | TSXV:TKX | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.01 | 0.005 | 0.01 | 0 | 01:00:00 |
During the three months ending December 31, 2021 (“Q1, 2022”), the Company continued to invest and focus on its strategy of delivering its enterprise scalable, IoT-enabled technology platform in response to increased demand by companies for better supply chain tracing, tracking, execution, and sustainability solutions. Additional enhancements in the quarter to TrackX’s SaaS based technology platform allow it to more effectively address this large market opportunity with higher margin, repeatable, partner-friendly solutions. The Company anticipates an increase in opportunities driven by current market conditions which have resulted in customers needing to accelerate their digital transformation, sustainability and Environment, Social and Governance ("ESG”) efforts in order to remain competitive in today’s global supply chain environment. Companies are seeking new technology solutions that provide improved visibility, transparency, collaboration and trust throughout their entire supply chains in order to become more efficient and able to respond to disruptions.
“As companies emerge from the impact of the most recent pandemic, supply chain visibility, sustainability and proof of ESG claims have moved near the top of the priority list for many companies,” said Tim Harvie, TrackX CEO. “In addition to these priorities, companies are also facing increased pressure to comply with new regulatory and industry mandates. Consumers are demanding that companies provide more detailed information about products they are purchasing, where they come from, how they were manufactured and their environmental impact. Over the years, TrackX has helped many companies achieve their digital transformation and supply chain objectives. Today, TrackX represents one of the only full-cycle supply chain execution platforms with the ability to scale and cater to a global market and enterprise accounts in the areas of tracing, tracking and sustainability.”
The Company saw a decline in revenue in Q1, 2022, although that decline is largely attributable to a one-time perpetual software license fee realized in three-month period ended September 31, 2021 (“Q4, 2021”) which was not present in Q1, 2022. TrackX does anticipate additional SaaS and services revenue to be generated as this perpetual software license is further leveraged in 2022 by its customer.
In the quarter, the Company appointed Kirk Ball to the Board of Directors. Mr. Ball is currently the EVP and Chief Information Officer at Giant Eagle, Inc. where he has responsibility for delivering all information technology solutions for the company. Previously, Mr. Ball served as CTO at The Kroger Company, America’s largest supermarket chain by revenue and third largest retailer (behind Walmart and Amazon).
In Q1, 2022, the Company gained additional validation of its refocused supply chain strategy. TrackX leveraged its enhanced supply chain solution platform to further expand opportunities with many of its existing customer accounts including:
Financial Highlights for the three months ended December 31, 2021 (“Q1 2022”)
Annual Revenue Mix
Revenue | Q1 22 | Q1 21 | ||
Recurring and Software License | 27% | 22% | ||
Hardware | -% | 2% | ||
Setup, implementation, and other fees | 56% | 76% | ||
Royalty fees | 17% | -% | ||
TOTAL | 100% | 100% |
Selected Financial Information
C$(000s) (except per share) | Three-month Period Ended December 31 | |||||
2022 | 2021 | |||||
Revenue | $529 | $884 | ||||
Gross Margin % | 52% | 77% | ||||
Income (loss) for the period | ($171) | $333 | ||||
Income (loss) per share | ($0.00) | ($0.00) | ||||
Adjusted EBITDA (Loss)* | ($0.073) | $0.278 |
Business Outlook
The Company will continue its focus on delivering highly configurable, scalable, partner friendly SaaS-based solutions that improve clients’ supply chain processes and drive operational efficiencies. In today’s environment, most all industries have been impacted by disruptions resulting from the most recent pandemic. As TrackX positions Keychain as the “key” to digital supply ”chain” transformation for enterprise accounts, it will further leverage technologies such as blockchain, video analytics, machine learning and additional IoT sensors to gain even more real time data attributes and to prove the origin, chain of custody, location, ownership, contents and sustainability claims of products. Developments to Keychain have evolved the TrackX solution platform from delivering efficiencies within a singular enterprise account to tracing and tracking a product from source material, through manufacturing and all the way to retail across multiple enterprises and throughout the entire partner ecosystem. The platform can deliver the transparency, trust and proof of ESG that consumers now demand, and companies must provide in order to operate efficiently, remain competitive, respond to increased regulatory requirements, prove their sustainability initiatives and protect their brands.
In order to address both new account opportunities and the expansion of implementations within its current accounts, it will be necessary for TrackX to onboard additional resources to sell, configure, implement and support its solution deployments. To achieve this goal, TrackX will not only continue to onboard resources internally, but it will also place much more of focus on leveraging its network of strategic partners in such areas as:
As we emerge from the most recent pandemic, companies across all industries are returning to more normal operations. As this continues to happen, TrackX expects not only to be able to get on site to complete implementations for its current customers, but also expects that its new supply chain and sustainability focus will create an increase in new account activity and associated revenue throughout 2022.
About TrackX
TrackX, Inc. (TSX.V: TKX), based in Denver, Colorado, is the SaaS-based enterprise tracing, tracking and collaboration solution that leading brands trust to achieve more sustainable and better performing supply chains. TrackX solutions are built on an enterprise scalable and fully customizable platform that leverages a broad array of RFID, IoT (Internet of Things) and Sensor Technologies to provide item level visibility to customers across a broad array of industries, including food, beverage, brewery, automotive, retail, financial services, technology and government. For more information, visit www.trackx.com.
For more information, please contact:
Tim Harvie, TrackX Holdings Inc.investor@trackx.com303-325-7300
Neither TSX Venture Exchange nor its Regulations 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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur including the Company’s anticipated pipeline and value of current and customer deployments and future opportunities are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law.
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