Inverite Announces Financial Results for Six Months Ending September 30, 2024
Inverite Insights Inc. (CSE: INVR) reported strong financial results for the six months ending September 30, 2024. Verification fee revenue increased 29% to $616,449, while operating expenses decreased 11% to $1,846,153 compared to the same period in 2023. The company achieved significant cost reductions across multiple areas: administration costs (-24%), consulting fees (-29%), salaries (-13%), and marketing expenses (-57%). Inverite's AI financial database has expanded to include 22 billion data points from over 5.5 million Canadian consumer transactions. The company continues to progress towards cashflow breakeven, focusing on operational efficiency and financial sustainability.
Inverite Insights Inc. (CSE: INVR) ha riportato risultati finanziari solidi per i sei mesi terminati il 30 settembre 2024. I ricavi da fee di verifica sono aumentati del 29% a $616,449, mentre le spese operative sono diminuite dell'11% a $1,846,153 rispetto allo stesso periodo del 2023. L'azienda ha fatto significativi tagli ai costi in diverse aree: i costi di amministrazione (-24%), le spese di consulenza (-29%), i salari (-13%) e le spese di marketing (-57%). Il database finanziario AI di Inverite è stato ampliato per includere 22 miliardi di punti dati provenienti da oltre 5,5 milioni di transazioni di consumatori canadesi. L'azienda continua a progredire verso il pareggio di flusso di cassa, concentrandosi sull'efficienza operativa e sulla sostenibilità finanziaria.
Inverite Insights Inc. (CSE: INVR) reportó resultados financieros sólidos para los seis meses que finalizaron el 30 de septiembre de 2024. Los ingresos por tarifas de verificación aumentaron un 29% a $616,449, mientras que los gastos operativos disminuyeron un 11% a $1,846,153 en comparación con el mismo periodo de 2023. La empresa logró reducciones significativas de costes en múltiples áreas: costos de administración (-24%), honorarios de consultoría (-29%), salarios (-13%) y gastos de marketing (-57%). La base de datos financiera de AI de Inverite se ha expandido para incluir 22 mil millones de puntos de datos de más de 5.5 millones de transacciones de consumidores canadienses. La empresa sigue avanzando hacia el equilibrio de flujo de efectivo, centrándose en la eficiencia operativa y la sostenibilidad financiera.
인버라이트 인사이트 Inc. (CSE: INVR)는 2024년 9월 30일 종료된 6개월 동안 강력한 재무 결과를 보고했습니다. 검증 수수료 수익이 29% 증가하여 $616,449에 달하며, 운영 비용이 11% 감소하여 $1,846,153에 이릅니다, 2023년 같은 기간과 비교하여. 이 회사는 여러 분야에서 상당한 비용 절감을 구현했습니다: 관리 비용 (-24%), 컨설팅 비용 (-29%), 급여 (-13%), 및 마케팅 비용 (-57%). 인버라이트의 AI 금융 데이터베이스는 220억 개의 데이터 포인트를 포함하도록 확장되었으며, 이는 550만 건 이상의 캐나다 소비자 거래에서 수집된 데이터입니다. 회사는 운영 효율성과 재무 지속 가능성에 중점을 두고 현금 흐름 균형점에 도달하기 위해 계속해서 나아가고 있습니다.
Inverite Insights Inc. (CSE: INVR) a rapporté de solides résultats financiers pour les six mois se terminant le 30 septembre 2024. Les revenus des frais de vérification ont augmenté de 29% pour atteindre 616,449 $, tandis que les dépenses d'exploitation ont diminué de 11% pour s'établir à 1,846,153 $ par rapport à la même période en 2023. L'entreprise a réalisé des réductions de coûts significatives dans plusieurs domaines : les coûts administratifs (-24 %), les frais de consultation (-29 %), les salaires (-13 %) et les dépenses de marketing (-57 %). La base de données financière d'IA d'Inverite s'est élargie pour inclure 22 milliards de points de données provenant de plus de 5,5 millions de transactions de consommateurs canadiens. L'entreprise continue de progresser vers l'équilibre de trésorerie, en se concentrant sur l'efficacité opérationnelle et la durabilité financière.
Inverite Insights Inc. (CSE: INVR) berichtete über solide finanzielle Ergebnisse für die sechs Monate bis zum 30. September 2024. Die Einnahmen aus Verifizierungsgebühren stiegen um 29% auf $616,449, während die Betriebskosten um 11% zurückgingen auf $1,846,153 im Vergleich zum gleichen Zeitraum 2023. Das Unternehmen erzielte erhebliche Kostensenkungen in mehreren Bereichen: Verwaltungskosten (-24%), Beratungsgebühren (-29%), Gehälter (-13%) und Marketingausgaben (-57%). Die AI-Finanzdatenbank von Inverite hat sich auf 22 Milliarden Datenpunkte von über 5,5 Millionen kanadischen Verbrauchertransaktionen ausgeweitet. Das Unternehmen verfolgt weiterhin den Fortschritt hin zur Cashflow-Gleichgewicht, wobei es sich auf operative Effizienz und finanzielle Nachhaltigkeit konzentriert.
- Verification fee revenue grew 29% to $616,449
- Operating expenses reduced by 11% to $1,846,153
- Bad debts expense decreased 53% to $23,294
- Administrative costs reduced by 24% to $83,965
- Marketing expenses decreased 57% to $61,808
- Professional fees decreased 41% to $71,102
- Still operating at a loss despite cost reductions
- Increased investor relations expenses by 8% to $59,312
Verification Fee Revenue increased by
Operating Expenses decreased by
Continued strong progress towards cashflow breakeven.
Inverite's AI financial database has surpassed 22 billion data points from over 5.5 million Canadian consumer transactions.
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2024) - 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 six-month financial results for the period ended September 30, 2024, compared to September 30, 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 six-month period ending September 30, 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
29% to$616,449 (September 30, 2023 -$478,949) . 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
11% or$239,583 t o$1,846,153 (September 30, 2023 -$2,085,736) as the Company continues improve efficiencies. - The Company saw administration costs decrease by
24% or$25,829 t o$83,965 (September 30, 2023 -$109,794) due to ongoing cost management measures. - Bad debts expense and allowance for loan impairment of
$23,294 (September 30, 2023 -$49,117) decreased by$25,823 or53% due to lower balance of loan portfolio. - The Company saw consulting fees decrease by
29% or$112,153 t o$277,235 (September 30, 2023 -$389,388) due to the lower use of outside consultants. - The Company saw salaries and benefits costs decrease by
13% or$91,659 t o$621,935 (September 30, 2023 -$713,594) due to reduction of employees. - Software and platform technology services of
$279,172 (September 30, 2023 -$326,450) decreased by$47,278 or14% related to technology and software costs with Inverite Verification transactions. - Investor relations expense of
$59,312 (September 30, 2023 -$54,695) an increase of$4,617 or8% due to the Company increasing its investor relations activities. - The Company saw marketing expenses decrease by
57% or$81,816 t o$61,808 (September 30, 2023 -$143,624) , due to the Company discontinuing Accumulate.ai marketing services. - the Company incurred interest expense of
$89,279 (September 30, 2023-$95,218) a decrease of$5,939 or6% , related to convertible debentures and loans. - Professional fees of
$71,102 (September 30, 2023 -$120,316) decreased by$49,214 or41% related to legal and audit fees.
Karim Nanji, CEO of Inverite, adds, "Our focus towards cashflow break even and profitability for Inverite is our number one priority. Our fiscal Q2-2025 continues to show we are on the right path with our verification fee revenue growing by
"With the Federal Government's commitment to introducing Canada's inaugural open banking framework, Inverite continues to see strong interest from all financial sectors (lenders) in our proprietary open banking platform. Our ongoing focus on financial sustainability and operational excellence underscores our commitment to delivering long-term value to our shareholders and customers."
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 six-month period ended September 30, 2024, are filed on SEDAR+ at www.sedarplus.ca.
About Inverite Insights Inc.
Inverite Insights Inc. (CSE: INVR) (OTC Pink: INVRF) (FSE: 2V00) ("Inverite") 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/231724
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