iCoreConnect Inc. Q1 2022 Results Continue the Company's Revenue Growth

Rhea-AI Summary

iCoreConnect (OTCQB: ICCT) reported strong financial results for Q1 2022, achieving $2 million in revenue, a 285% increase from Q1 2021. Annual Recurring Revenue (ARR) also surged by 317% to $1.9 million, with a notable increase of 14,000 subscribers bringing the total to approximately 25,000. The company reduced its quarterly loss to $285,000, down from $392,000, due to improved margins and lower expenses as a percentage of revenue. iCoreConnect continues to expand its cloud-based software solutions to enhance workflow productivity.

Positive

• Revenue growth of 285% to $2M for Q1 2022.
• Annual Recurring Revenue increased by 317% to $1.9M.
• Subscriber base grew by 14,000, totaling approximately 25,000 subscribers.
• Narrowed quarterly loss to $285K from $392K, improving operational efficiency.

Negative

• None.

OCOEE, FL, May 19, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- iCoreConnect, Inc. (OTCQB: ICCT), a market leading cloud-based, SaaS software and technology company focused on increasing workflow productivity and customer profitability through its enterprise platform of applications and services, announces its Q1 2022 quarterly results.

iCoreConnect continues to build off its 2021 results delivering $2M of revenue for the quarter ended March 31, 2022 versus $0.7M for the comparative period of 2021, a 285% rate of growth.

Highlights

• Annual Recurring Revenue:  $1.9MM from $0.6MM (317 % growth)
• Revenues:  $2.0MM from $0.7MM  (285% growth)
• Subscribers:  Increased subscribers by 14,000

The continued penetration of the company’s SaaS software solutions contributed to the increase in Annual Recurring Revenues (ARR) growing to $1.9MM from $0.6M. Subscriptions to iCoreExchange, iCoreVerify, iCoreHuddle and iCoreHuddle+, iCoreCodeGenius, iCoreCloud, and iCoreIT (MSaaS) substantially increased.  Subscribers grew by 227% to approximately 25,000 recurring subscribers at March 31, 2022 from approximately 11,000 at the end March of 2021.

The company improved its earnings before interest, taxes, depreciation and amortization by $107K comparatively quarter on quarter narrowing its loss to $285K compared to $392K. This was a result of improved margins, which grew by 3% comparatively quarter on quarter as well as reduced selling, general and administrative expenses down as a percentage of revenues to 95% from 121% quarter on quarter.

About iCoreConnect
iCoreConnect (OTCQB: ICCT) is a market leading, cloud-based software and technology company focused on increasing workflow productivity and customer profitability through its enterprise platform of applications and services. iCoreConnect is most notably known for its innovation in solving healthcare business problems. The company’s philosophy places a high value on customer feedback, allowing iCoreConnect to respond to the market’s needs. iCoreConnect touts a platform of 15 SaaS enterprise solutions and nearly 80 agreements with state or regional healthcare associations across the country.

Forward Looking Statements 
In this news release, the use of the words "believe," "could," "expect," "may," "positioned," "project," "projected," "should," "will," "would" or similar expressions are intended to identify forward-looking statements that represent the Company's current judgment about possible future events. The Company believes these judgments are reasonable, but these statements are not guarantees of any events or financial results, and actual results may differ materially due to a variety of important factors. 

Contact: IR@iCoreConnect.com

Archit Shah
888-810-7706
IR@icoreconnect.com

FAQ

What were iCoreConnect's Q1 2022 financial results?

iCoreConnect reported $2 million in revenue for Q1 2022, marking a 285% increase compared to the same quarter in 2021.

How much did iCoreConnect's Annual Recurring Revenue grow?

The Annual Recurring Revenue increased by 317% to $1.9 million in Q1 2022.

How many subscribers does iCoreConnect have as of Q1 2022?

As of Q1 2022, iCoreConnect has approximately 25,000 subscribers, an increase of 14,000 from the previous year.

What was iCoreConnect's quarterly loss in Q1 2022?

iCoreConnect narrowed its quarterly loss to $285,000 in Q1 2022, down from $392,000 in Q1 2021.

How did iCoreConnect improve its profit margins in Q1 2022?

iCoreConnect improved its profit margins by reducing selling, general and administrative expenses as a percentage of revenues from 121% to 95%.