Inverite Announces Financial Results for Nine Months Ending December 31, 2024
Inverite Insights Inc. (OTC: INVRF) reported financial results for the nine months ended December 31, 2024, showing significant growth and operational improvements. Verification fee revenue increased 30% to $919,379 compared to $707,304 in the same period of 2023.
The company achieved notable cost reductions, with operating expenses decreasing 4% to $2,779,844. Key expense changes include: consulting fees down 17% to $417,713, salaries and benefits reduced 9% to $937,924, and professional fees decreased 31% to $119,933. Administration costs increased 19% to $161,823 due to conference travel and IT services.
Inverite's financial database has now surpassed 25 billion data points from over six million Canadian consumer transactions, marking a significant milestone in the company's AI-driven open banking platform development.
Inverite Insights Inc. (OTC: INVRF) ha riportato i risultati finanziari per i nove mesi conclusi il 31 dicembre 2024, evidenziando una crescita significativa e miglioramenti operativi. I ricavi da commissioni di verifica sono aumentati del 30% a $919,379 rispetto ai $707,304 dello stesso periodo del 2023.
L'azienda ha ottenuto notevoli riduzioni dei costi, con spese operative diminuite del 4% a $2,779,844. Le principali variazioni delle spese includono: spese di consulenza diminuite del 17% a $417,713, stipendi e benefici ridotti del 9% a $937,924, e spese professionali diminuite del 31% a $119,933. I costi amministrativi sono aumentati del 19% a $161,823 a causa dei viaggi per conferenze e dei servizi IT.
Il database finanziario di Inverite ha ora superato 25 miliardi di punti dati provenienti da oltre sei milioni di transazioni di consumatori canadesi, segnando un traguardo significativo nello sviluppo della piattaforma di open banking guidata dall'IA dell'azienda.
Inverite Insights Inc. (OTC: INVRF) informó sobre los resultados financieros de los nueve meses que terminaron el 31 de diciembre de 2024, mostrando un crecimiento significativo y mejoras operativas. Los ingresos por comisiones de verificación aumentaron un 30% a $919,379 en comparación con $707,304 en el mismo período de 2023.
La empresa logró reducciones de costos notables, con gastos operativos disminuyendo un 4% a $2,779,844. Los cambios clave en los gastos incluyen: honorarios de consultoría bajaron un 17% a $417,713, salarios y beneficios reducidos un 9% a $937,924, y honorarios profesionales disminuidos un 31% a $119,933. Los costos administrativos aumentaron un 19% a $161,823 debido a viajes para conferencias y servicios de TI.
La base de datos financiera de Inverite ha superado ahora 25 mil millones de puntos de datos provenientes de más de seis millones de transacciones de consumidores canadienses, marcando un hito significativo en el desarrollo de la plataforma de banca abierta impulsada por IA de la empresa.
Inverite Insights Inc. (OTC: INVRF)는 2024년 12월 31일로 끝나는 9개월 동안의 재무 결과를 보고하며, 상당한 성장과 운영 개선을 보여주었습니다. 검증 수수료 수익은 2023년 같은 기간의 $707,304에 비해 30% 증가한 $919,379에 달했습니다.
회사는 운영 비용을 4% 줄여 $2,779,844를 기록하며 주목할 만한 비용 절감을 달성했습니다. 주요 비용 변화로는: 컨설팅 비용이 17% 감소하여 $417,713, 급여 및 복리후생이 9% 감소하여 $937,924, 전문 비용이 31% 감소하여 $119,933에 이르렀습니다. 관리 비용은 회의 여행 및 IT 서비스로 인해 19% 증가하여 $161,823에 달했습니다.
Inverite의 재무 데이터베이스는 이제 250억 개의 데이터 포인트를 초과하여 600만 건 이상의 캐나다 소비자 거래를 포함하고 있으며, 이는 회사의 AI 기반 오픈 뱅킹 플랫폼 개발에서 중요한 이정표를 나타냅니다.
Inverite Insights Inc. (OTC: INVRF) a annoncé les résultats financiers pour les neuf mois se terminant le 31 décembre 2024, montrant une croissance significative et des améliorations opérationnelles. Les revenus des frais de vérification ont augmenté de 30% pour atteindre 919,379 $ par rapport à 707,304 $ pour la même période en 2023.
L'entreprise a réalisé des réductions de coûts notables, avec des dépenses opérationnelles diminuant de 4% pour s'établir à 2,779,844 $. Les principaux changements de dépenses incluent : les frais de conseil en baisse de 17% à 417,713 $, les salaires et avantages réduits de 9% à 937,924 $, et les frais professionnels diminués de 31% à 119,933 $. Les coûts administratifs ont augmenté de 19% pour atteindre 161,823 $ en raison des voyages pour conférences et des services informatiques.
La base de données financières d'Inverite a désormais dépassé 25 milliards de points de données provenant de plus de six millions de transactions de consommateurs canadiens, marquant un jalon significatif dans le développement de la plateforme bancaire ouverte alimentée par l'IA de l'entreprise.
Inverite Insights Inc. (OTC: INVRF) hat die finanziellen Ergebnisse für die neun Monate bis zum 31. Dezember 2024 veröffentlicht, die ein signifikantes Wachstum und betriebliche Verbesserungen zeigen. Die Einnahmen aus Überprüfungsgebühren stiegen um 30% auf $919,379 im Vergleich zu $707,304 im gleichen Zeitraum 2023.
Das Unternehmen erzielte bemerkenswerte Kostensenkungen, wobei die Betriebsausgaben um 4% auf $2,779,844 sanken. Zu den wichtigsten Änderungen der Ausgaben gehören: Beratungskosten, die um 17% auf $417,713 gesenkt wurden, Gehälter und Sozialleistungen, die um 9% auf $937,924 reduziert wurden, und professionelle Gebühren, die um 31% auf $119,933 gesenkt wurden. Die Verwaltungskosten stiegen um 19% auf $161,823 aufgrund von Reisekosten für Konferenzen und IT-Dienstleistungen.
Die Finanzdatenbank von Inverite hat nun 25 Milliarden Datenpunkte aus über sechs Millionen kanadischen Verbrauchtransaktionen überschritten, was einen bedeutenden Meilenstein in der Entwicklung der KI-gesteuerten Open-Banking-Plattform des Unternehmens darstellt.
- Verification fee revenue up 30% to $919,379
- Operating expenses reduced by 4% to $2,779,844
- Database growth to 25 billion data points
- Consulting fees decreased 17% to $417,713
- Professional fees down 31% to $119,933
- Administration costs increased 19% to $161,823
- Investor relations expenses up 26% to $96,722
Verification Fee Revenue increased by
Operating Expenses decreased by
Continued strong Industry Interest in our proprietary AI Open Banking Platform.
Inverite's financial database has surpassed 25 billion data points from over six million Canadian consumer transactions.
Vancouver, British Columbia--(Newsfile Corp. - March 3, 2025) - Inverite Insights Inc. (CSE: INVR) (OTC Pink: INVRF) (FSE: 2V00) ("Inverite"), is a leading AI-driven software provider utilizing real-time financial data to empower businesses to transact more effectively with consumers. Inverite announces its nine-month financial results for the period ended December 31, 2024, compared to December 31, 2023. The Company achieved strong revenue growth and lowering costs, thus made strong progress in continuing towards financial sustainability.
Key financial highlights for the six-month period ended September 30, 2024, include:
During the nine-month period ending December 31, 2024, Inverite saw continued revenue growth with its opening banking platform and continued cost reductions in both operating expenses and financing costs.
- The Company increased verification fee revenue by
30% to$919,379 (December 31, 2023 -$707,304) . Inverite continues to see its transaction volumes increase which contributed to the increase in verification fee revenues over the comparative period in 2023. - The Company saw operating expenses decrease by
4% or$116,856 t o$2,779,844 (December 31, 2023 -$2,896,700) as the Company continues to improve efficiencies. - The Company saw administration costs increase by
19% or$25,631 t o$161,823 (December 31, 2023 -$136,192) due to industry conferences travel expenses and managed IT service provider. - The Company saw consulting fees decrease by
17% or$83,253 t o$417,713 (December 31, 2023 -$501,236) due to the lower use of outside consultants. - The Company saw salaries and benefits costs decrease by
9% or$92,980 t o$937,924 (December 31, 2023 -$1,030,904) due to reduction of employees. - Software and platform technology services of
$407,495 (December 31, 2023 -$439,946) decreased by$32,451 or7% related to technology and software costs with Inverite Verification transactions. - Investor relations expense of
$96,722 (December 31, 2023 -$76,555) an increase of$20,167 or26% due to the Company increasing its investor relations activities. - Professional fees of
$119,933 (December 31, 2023 -$173,091) decreased by$53,158 or31% related to legal and audit fees.
Karim Nanji, CEO of Inverite, adds, "Our continued growth in verification revenue, coupled with operational efficiencies, reinforces the strength of Inverite's real-time financial insights engine. Surpassing 25 billion data points marks a significant milestone, demonstrating the scale and impact of our technology in the evolving financial landscape. Our proprietary scoring solutions, built on alternative financial data, are helping lenders make smarter, more inclusive credit decisions while reducing default risk. As we expand our network of lenders and financial partners, we remain committed to delivering innovative solutions that drive data-backed decision-making. The increasing industry adoption of our platform underscores the growing demand for alternative data in financial services, positioning us for sustained growth and long-term value creation for our stakeholders."
A comprehensive discussion of Inverite's financial position and results of operations is provided in the condensed consolidated interim financial statements and management's discussion and analysis for the nine-month period ended December 31, 2024, are filed on SEDAR+ at www.sedarplus.ca.
About Inverite Insights Inc.
Inverite Insights Inc. ("Inverite") (CSE: INVR) (OTC Pink: INVRF) (FSE: 2V00) is a Vancouver-based, AI-driven software provider specializing in real-time financial data. With a vast database of over 22 billion financial data points from more than 5.5 million unique Canadian consumers transactions, Inverite empowers businesses to transact more effectively with consumers through innovative solutions for data enrichment, identity, risk management and compliance.
For further information about Inverite, please visit: inverite.com.
ON BEHALF OF THE BOARD
Mike Marrandino, Executive Chairman
T: (855) 661-2390 ext. 104 Email: ir@inverite.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider/Market Maker (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release, nor has in any way passed upon the merits of the proposed transaction nor approved or disapproved the contents of this press release.
Forward Looking Statements: This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes that any forward-looking statements in this news release are reasonable, there can be no assurance that any such forward-looking statements will prove to be accurate. The Company cautions readers that all forward-looking statements, are based on assumptions none of which can be assured and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements.
The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the CSE. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243011
FAQ
How much did Inverite's (INVRF) verification fee revenue grow in the nine months ending December 31, 2024?
What cost reductions did INVRF achieve in the December 2024 quarter?
How many data points does Inverite's financial database now contain?
What caused the increase in INVRF's administration costs for the period ending December 2024?
