Kneat Achieves Record Revenue for Fourth Quarter and Full Year 2024
Kneat (KSIOF) reported strong financial results for Q4 and full year 2024, with significant growth across key metrics. Total revenue reached $13.7 million in Q4 2024, up 40% year-over-year, while SaaS revenue grew 41% to $12.5 million.
The company achieved notable improvements in profitability, with Q4 2024 gross profit increasing 48% to $10.4 million and gross margin reaching 75%. Annual Recurring Revenue (ARR) grew 60% to $59.7 million, and the company maintained a strong Net Revenue Retention Rate of 151%.
Throughout 2024, Kneat added five large strategic customers and strengthened its partner program with additions like Körber and ALTEN Group. The company completed two equity financings, raising aggregate gross proceeds of $55.6 million. In early 2025, Kneat announced new partnerships, including with Capgemini, and secured additional customer wins in the specialty therapeutics and consumer products sectors.
Kneat (KSIOF) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024, con una crescita significativa in metriche chiave. Il fatturato totale ha raggiunto i 13,7 milioni di dollari nel Q4 2024, in aumento del 40% rispetto all'anno precedente, mentre il fatturato SaaS è cresciuto del 41% a 12,5 milioni di dollari.
L'azienda ha ottenuto notevoli miglioramenti nella redditività, con un utile lordo nel Q4 2024 che è aumentato del 48% a 10,4 milioni di dollari e un margine lordo che ha raggiunto il 75%. Il fatturato ricorrente annuale (ARR) è cresciuto del 60% a 59,7 milioni di dollari, e l'azienda ha mantenuto un forte tasso di retention del fatturato netto del 151%.
Durante il 2024, Kneat ha aggiunto cinque grandi clienti strategici e ha rafforzato il suo programma di partnership con aggiunte come Körber e ALTEN Group. L'azienda ha completato due finanziamenti azionari, raccogliendo proventi lordi complessivi di 55,6 milioni di dollari. All'inizio del 2025, Kneat ha annunciato nuove partnership, inclusa quella con Capgemini, e ha ottenuto ulteriori successi con clienti nei settori della terapia specialistica e dei prodotti di consumo.
Kneat (KSIOF) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con un crecimiento significativo en métricas clave. Los ingresos totales alcanzaron los 13,7 millones de dólares en el Q4 2024, un aumento del 40% interanual, mientras que los ingresos de SaaS crecieron un 41% hasta 12,5 millones de dólares.
La compañía logró mejoras notables en rentabilidad, con un beneficio bruto en el Q4 2024 que aumentó un 48% hasta 10,4 millones de dólares y un margen bruto que alcanzó el 75%. Los ingresos recurrentes anuales (ARR) crecieron un 60% hasta 59,7 millones de dólares, y la empresa mantuvo una fuerte tasa de retención de ingresos netos del 151%.
A lo largo de 2024, Kneat añadió cinco grandes clientes estratégicos y fortaleció su programa de socios con adiciones como Körber y ALTEN Group. La empresa completó dos financiamientos de capital, recaudando ingresos brutos agregados de 55,6 millones de dólares. A principios de 2025, Kneat anunció nuevas asociaciones, incluida con Capgemini, y aseguró nuevos éxitos con clientes en los sectores de terapias especializadas y productos de consumo.
Kneat (KSIOF)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했으며, 주요 지표에서 상당한 성장을 기록했습니다. 총 수익은 2024년 4분기에 1,370만 달러에 도달하여 전년 대비 40% 증가했으며, SaaS 수익은 41% 증가하여 1,250만 달러에 달했습니다.
회사는 수익성에서 주목할 만한 개선을 달성했으며, 2024년 4분기 총 이익은 48% 증가하여 1,040만 달러에 이르렀고, 총 마진은 75%에 도달했습니다. 연간 반복 수익(ARR)은 60% 증가하여 5,970만 달러에 이르렀으며, 회사는 151%의 강력한 순수익 유지율을 유지했습니다.
2024년 동안 Kneat는 5명의 대형 전략 고객을 추가하고 Körber 및 ALTEN Group과 같은 파트너 프로그램을 강화했습니다. 이 회사는 두 번의 주식 자금을 조달하여 총 5,560만 달러의 총 수익을 올렸습니다. 2025년 초, Kneat는 Capgemini와의 새로운 파트너십을 포함하여 새로운 파트너십을 발표하고, 전문 치료 및 소비재 분야에서 추가 고객 확보에 성공했습니다.
Kneat (KSIOF) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année entière 2024, avec une croissance significative dans des indicateurs clés. Le chiffre d'affaires total a atteint 13,7 millions de dollars au T4 2024, en hausse de 40 % par rapport à l'année précédente, tandis que le chiffre d'affaires SaaS a augmenté de 41 % pour atteindre 12,5 millions de dollars.
L'entreprise a réalisé des améliorations notables en matière de rentabilité, avec un bénéfice brut au T4 2024 en hausse de 48 % à 10,4 millions de dollars et une marge brute atteignant 75 %. Le revenu récurrent annuel (ARR) a augmenté de 60 % pour atteindre 59,7 millions de dollars, et l'entreprise a maintenu un taux de rétention des revenus nets solide de 151 %.
Tout au long de 2024, Kneat a ajouté cinq grands clients stratégiques et a renforcé son programme de partenaires avec des ajouts comme Körber et le groupe ALTEN. L'entreprise a réalisé deux financements par actions, levant un produit brut total de 55,6 millions de dollars. Début 2025, Kneat a annoncé de nouveaux partenariats, y compris avec Capgemini, et a sécurisé des victoires supplémentaires auprès de clients dans les secteurs des thérapies spécialisées et des produits de consommation.
Kneat (KSIOF) hat starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit signifikantem Wachstum in wichtigen Kennzahlen. Der Gesamtumsatz erreichte im Q4 2024 13,7 Millionen Dollar, was einem Anstieg von 40% im Jahresvergleich entspricht, während der SaaS-Umsatz um 41% auf 12,5 Millionen Dollar wuchs.
Das Unternehmen erzielte bemerkenswerte Verbesserungen bei der Rentabilität, mit einem Bruttogewinn im Q4 2024, der um 48% auf 10,4 Millionen Dollar anstieg, und einer Bruttomarge von 75%. Der wiederkehrende Jahresumsatz (ARR) wuchs um 60% auf 59,7 Millionen Dollar, und das Unternehmen hielt eine starke Net Revenue Retention Rate von 151% aufrecht.
Im Laufe des Jahres 2024 fügte Kneat fünf große strategische Kunden hinzu und stärkte sein Partnerprogramm mit Ergänzungen wie Körber und ALTEN Group. Das Unternehmen schloss zwei Eigenkapitalfinanzierungen ab und erzielte insgesamt 55,6 Millionen Dollar an Bruttoerlösen. Anfang 2025 kündigte Kneat neue Partnerschaften an, darunter mit Capgemini, und sicherte sich zusätzliche Kunden im Bereich der spezialisierten Therapeutika und Konsumgüter.
- Revenue growth of 40% YoY to $13.7M in Q4 2024
- SaaS revenue increased 41% to $12.5M in Q4
- Gross profit up 48% to $10.4M with improved margin of 75%
- ARR grew 60% to $59.7M
- Strong Net Revenue Retention Rate of 151%
- Positive EBITDA of $1.1M in Q4 vs -$0.1M in Q4 2023
- Successfully raised $55.6M through equity financings
- Added five new strategic customers and key partnerships
- Share dilution from equity financing of 13.6M new shares
LIMERICK, Ireland, Feb. 26, 2025 (GLOBE NEWSWIRE) -- kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, today announced financial results for the three- and twelve-month periods ended December 31, 2024. All dollar amounts are presented in Canadian dollars unless otherwise stated.
- Total revenue reaches
$13.7 million in the fourth quarter, an increase of40% year over year - Fourth-quarter gross profit grew
48% year over year to$10.4 million - Annual Recurring Revenue (ARR)1 at December 31, 2024, reaches
$59.7 million , an increase of60% year over year
“Our sustained revenue growth, expanding margins and solid traction across all areas of Validation demonstrate the durability of our business model. With companies throughout the Life Sciences adopting new technologies to drive business value, Validation’s transition to digital is set to continue, with Kneat leading the way.”
- said Eddie Ryan, Chief Executive Officer of Kneat.
Q4 2024 Highlights
- Total revenues increased
40% to$13.7 million in the fourth quarter of 2024, compared to$9.8 million for the fourth quarter of 2023. - SaaS revenue for the fourth quarter of 2024 grew
41% to$12.5 million , versus$8.9 million for the fourth quarter of 2023. - Fourth-quarter 2024 gross profit was
$10.4 million , up48% from$7.0 million (adjusted)2 in gross profit for the fourth quarter of 2023. - Gross margin in the fourth quarter of 2024 was
75% , compared to71% (adjusted)2 for the fourth quarter of 2023. - EBITDA3 in the fourth quarter of 2024 was
$1.1 million , compared with ($0.1) million (adjusted)2 for the fourth quarter of 2023. - Adjusted EBITDA3 in the fourth quarter of 2024 was
$2.6 million , compared with ($0.3) million (adjusted)2 for the fourth quarter of 2023. - Total ARR1, which includes SaaS license and recurring maintenance fees, was
$59.7 million at December 31, 2024, an increase of60% from$37.4 million at December 31, 2023. - SaaS ARR1, the proportion of ARR attributable to SaaS licenses, was
$59.6 million at December 31, 2024, an increase of60% from$37.3 million at December 31, 2023.
Full Year 2024 Highlights
- Total revenues for the full year 2024 increased
43% to$48.9 million , compared to$34.2 million for 2023. - SaaS revenue grew
48% , reaching$44.6 million for the full year 2024, versus$30.1 million for 2023. - Full-year 2024 gross profit was
$36.8 million , an increase of59% compared to$23.1 million (adjusted)2 for the full year 2023. - Gross margin for the full year 2024 was
75% , compared to68% (adjusted)2 for all of 2023. - EBITDA3 for the full year 2024 was
$5.6 million , compared with ($5.7) million (adjusted)2 for all of 2023. - Adjusted EBITDA3 for the full year 2024 was
$7.0 million , compared with ($3.2) million (adjusted)2 for all of 2023. - Net Revenue Retention Rate (NRR)1, which reflects the expansion of ARR by customers on the platform at the start of 2024 over the course of the year, was
151% for the year ended December 31, 2024.
2024 Business Highlights
- Over the course of 2024, Kneat announced the addition of five large strategic customers, including a consumer products company; a critical care company; pharmaceutical company; a contract development and manufacturing organization; and a medical device maker.
- In 2024, Kneat formalized its partner program further, exceeded its goal of new partner additions, and welcomed two large strategic partners, Körber and ALTEN Group, which plan to leverage Kneat Gx to digitize their own processes as well as those of their customers.
- Throughout 2024, a number of business functions within Kneat leveraged AI tools to enhance productivity, including Customer Success, Support and R&D. Concurrently, our product team have been evaluating the potential for AI to enhance the efficiency of the Kneat Gx platform, and we expect to incorporate some AI capabilities into it this year.
- Kneat completed two equity financings in 2024, in February and October. In total, 13,653,880 common shares of the Company were sold for aggregate gross proceeds of
$55,625,110. - For the fourth consecutive year, Kneat was recognized as one of Ireland’s fastest-growing technology companies. At the 2024 Deloitte Technology Fast 50 Awards, which ranks the 50 fastest-growing technology companies across Ireland, Kneat was also honoured with the 2024 Scale Ireland award for global expansion.
Kneat’s business momentum continues into 2025:
- In January 2025, Kneat announced that it has partnered with Capgemini. The collaboration brings together Capgemini’s expertise in enterprise IT systems integration with Kneat’s digital validation platform, Kneat Gx. The partnership is designed to enable life sciences companies to seamlessly deploy Kneat Gx enterprise-wide; connect with core systems such as ERP, QMS, and DMS; and scale digital validation processes with ease.
- Also in January 2025, Kneat announced that a European-headquartered leader in specialty therapeutics selected Kneat to digitize its validation processes.
- In February 2025, Kneat announced that a European-headquartered global consumer products company selected Kneat to digitize its validation processes within a specialized health sciences division.
“We expected 2024 to be a year of material progress toward profitability, and it was. Gross profit grew at almost four times the rate of operating expense in 2024 as our land and expand strategy continued to deliver. We enter 2025 with a solid balance sheet and well-positioned to invest in ways that best serve the needs of companies looking to modernize their data-intensive work processes.”
- said Hugh Kavanagh, Chief Financial Officer of Kneat.
_______________
1 ARR, SaaS ARR, and NRR are supplementary measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.
2 The Company has adjusted the comparative consolidated financial information for immaterial errors related to the accounting for share-based compensation. Refer to note 21 to the audited consolidated financial statements for the year ended December 31, 2024 for further details.
3 EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.
Quarterly Conference Call
Eddie Ryan, Chief Executive Officer of Kneat, and Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat’s fourth-quarter and full-year 2024 results and hold a Q&A session for analysts and investors via webcast on February 27, 2025, at 9:00 a.m. ET.
Interested parties can register for the live webcast via the following link:
Supplementary and Non-IFRS Financial Measures
The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company’s performance.
Annual Recurring Revenue (“ARR”)
ARR is used by Kneat to assess the expected recurring annual revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated as the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of
Software-as-a-Service Annual Recurring Revenue (“SaaS ARR”)
SaaS ARR is a component of ARR that is used by Kneat to assess the expected recurring revenues exclusively from license subscriptions to the Kneat Gx platform at the end of the period. SaaS ARR is calculated as the SaaS licenses delivered to customers at the period end, multiplied by the expected customer retention rate of
Net Revenue Retention Rate (“NRR”)
We believe that our Net Revenue Retention Rate is a key measure to provide insight into the long-term value of our customers and our ability to retain and expand revenue from our customer base over time. Our Net Revenue Retention Rate is calculated over a trailing twelve-month period by considering the cohort of customers on our platform as of the beginning of the period and dividing the ARR attributable to this group of customers at the end of the period by the ARR at the beginning of the period. By implication, this ratio excludes any ARR from new customers acquired during the period but includes revenue changes for this cohort base of customers during the period being measured. This measure provides insight into customer expansions, downgrades, and churn, and illustrates the level of scaling by those customers.
Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)
EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)
Adjusted EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization, foreign exchange loss (gain), and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.
About Kneat
Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show a
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat's business development activities, the use and implementation timelines of Kneat's software within the customer's validation processes, the ability and intent of the customer to scale the use of Kneat's software within the customer's organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat's platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat's actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.
Material risks and uncertainties relating to our business are described under the headings "Cautionary Note Regarding Forward-Looking Statements and Information" and "Risk Factors" in our MD&A dated February 26, 2025, under the heading "Risk Factors" in our Annual Information Form dated February 26, 2025 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedarplus.ca. Forward-looking statements are provided to help readers understand management's expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor's own risk.
For further information:
Katie Keita, Kneat Investor Relations
P: + 1 902-706-9074
E: katie.keita@kneat.com
| kneat.com, inc. | |||||||||||||||
| Consolidated Statements of Loss and Comprehensive Loss | |||||||||||||||
| (expressed in Canadian dollars) | |||||||||||||||
| Three-month period ended | Year ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| (Adjusted) | (Adjusted) | ||||||||||||||
| Revenue | |||||||||||||||
| SaaS License fees | 12,537,109 | 8,922,491 | 44,569,846 | 30,066,905 | |||||||||||
| On-premise license fees | - | - | - | 436,126 | |||||||||||
| Maintenance fees | 123,667 | 46,819 | 322,335 | 277,199 | |||||||||||
| Professional services and other | 1,072,835 | 844,689 | 4,046,238 | 3,443,178 | |||||||||||
| Total Revenue | 13,733,611 | 9,813,999 | 48,938,419 | 34,223,408 | |||||||||||
| Cost of Revenue | (3,372,387 | ) | (2,811,181 | ) | (12,179,880 | ) | (11,091,576 | ) | |||||||
| Gross Profit | 10,361,224 | 7,002,818 | 36,758,539 | 23,131,832 | |||||||||||
| Gross Margin | 75 | % | 71 | % | 75 | % | 68 | % | |||||||
| Expenses | |||||||||||||||
| Research and development | (4,545,776 | ) | (3,733,887 | ) | (17,268,722 | ) | (15,387,726 | ) | |||||||
| Sales and marketing | (4,828,335 | ) | (4,500,992 | ) | (17,163,189 | ) | (14,266,739 | ) | |||||||
| General and administrative | (1,823,992 | ) | (1,925,415 | ) | (8,273,995 | ) | (7,411,540 | ) | |||||||
| Total Expenses | (11,198,103 | ) | (10,160,294 | ) | (42,705,906 | ) | (37,066,005 | ) | |||||||
| Operating Loss | (836,879 | ) | (3,157,476 | ) | (5,947,367 | ) | (13,934,173 | ) | |||||||
| Finance Expense | (1,034,424 | ) | (629,794 | ) | (3,665,098 | ) | (1,081,853 | ) | |||||||
| Interest income | 298,308 | 621 | 678,388 | 6,635 | |||||||||||
| Foreign exchange loss/(gain) | (828,354 | ) | 1,083,675 | 1,399,547 | 545,776 | ||||||||||
| Income (loss) before income taxes | (2,401,349 | ) | (2,702,974 | ) | (7,534,530 | ) | (14,463,615 | ) | |||||||
| Income tax expense | (61,907 | ) | (47,342 | ) | (192,598 | ) | (55,891 | ) | |||||||
| Net loss for period | (2,463,256 | ) | (2,750,316 | ) | (7,727,128 | ) | (14,519,506 | ) | |||||||
| Other comprehensive loss | |||||||||||||||
| Foreign currency translation adjustment to presentation currency | 411,921 | 750,382 | (995,322 | ) | (263,950 | ) | |||||||||
| Comprehensive loss for the period | (2,051,335 | ) | (1,999,934 | ) | (8,722,450 | ) | (14,783,456 | ) | |||||||
| Loss per share - Basic and diluted | $ | (0.03 | ) | $ | (0.04 | ) | $ | (0.09 | ) | $ | (0.19 | ) | |||
| Weighted Average Number of Common Shares Outstanding - Basic and diluted | 93,005,493 | 78,093,350 | 86,545,119 | 77,833,268 | |||||||||||
| Reconciliation: | |||||||||||||||
| Total income (loss) for the period | (2,463,256 | ) | (2,750,316 | ) | (7,727,128 | ) | (14,519,506 | ) | |||||||
| Interest expense | 863,766 | 629,794 | 3,494,441 | 1,081,853 | |||||||||||
| Interest income | (298,308 | ) | (621 | ) | (678,388 | ) | (6,635 | ) | |||||||
| Income taxes | 61,907 | 47,342 | 192,598 | 55,891 | |||||||||||
| Depreciation expense | 174,751 | 192,038 | 745,639 | 786,085 | |||||||||||
| Amortization expense | 2,791,627 | 1,803,172 | 9,560,000 | 6,889,552 | |||||||||||
| EBITDA | 1,130,487 | (78,591 | ) | 5,587,162 | (5,712,760 | ) | |||||||||
| Adjustments to EBITDA | |||||||||||||||
| Foreign exchange (gain) loss | 828,354 | (1,083,675 | ) | (1,399,547 | ) | (545,776 | ) | ||||||||
| Stock-based compensation expense | 669,201 | 834,569 | 2,785,906 | 3,049,967 | |||||||||||
| Adjusted EBITDA | 2,628,042 | (327,697 | ) | 6,973,521 | (3,208,569 | ) | |||||||||
| kneat.com, inc. | |||||||
| Consolidated Statements of Financial Position | |||||||
| (expressed in Canadian dollars) | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (Adjusted) | |||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | 58,889,572 | 15,252,526 | |||||
| Amounts receivable | 18,377,009 | 11,601,558 | |||||
| Prepayments | 1,870,095 | 1,138,382 | |||||
| 79,136,676 | 27,992,466 | ||||||
| Non-current assets | |||||||
| Amounts receivable | 2,368,006 | 1,650,795 | |||||
| Property and equipment | 6,782,179 | 7,209,953 | |||||
| Intangible assets | 36,290,869 | 29,005,092 | |||||
| Total Assets | 124,577,730 | 65,858,306 | |||||
| Liabilities | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued liabilities | 8,580,104 | 7,874,332 | |||||
| Contract liabilities | 21,631,416 | 13,647,071 | |||||
| Loan payable and accrued interest | 4,116,723 | - | |||||
| Lease liabilities | 434,096 | 535,832 | |||||
| 34,762,339 | 22,057,235 | ||||||
| Non-current liabilities | |||||||
| Contract liabilities | 33,393 | 41,084 | |||||
| Lease liabilities | 5,671,952 | 5,976,380 | |||||
| Loan payable and accrued interest | 19,038,203 | 21,657,423 | |||||
| Total Liabilities | 59,505,887 | 49,732,122 | |||||
| Equity | |||||||
| Shareholders' equity | 65,071,843 | 16,126,184 | |||||
| Total Liabilities and Equity | 124,577,730 | 65,858,306 | |||||
| kneat.com, inc. | |||||||
| Consolidated Statement of Cash Flows | |||||||
| (expressed in Canadian dollars) | |||||||
| For the years ended | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (Adjusted) | |||||||
| Operating activities | |||||||
| Net loss for the year | (7,727,128 | ) | (14,519,506 | ) | |||
| Charges to loss not involving cash: | |||||||
| Depreciation of property and equipment | 745,639 | 786,085 | |||||
| Share-based compensation | 3,825,512 | 3,998,749 | |||||
| Interest Expense | 3,494,441 | 1,081,853 | |||||
| Tax expense | 192,598 | 55,891 | |||||
| Amortization of the intangible asset | 9,389,343 | 6,828,213 | |||||
| Amortization of loan issuance costs | 171,593 | 61,164 | |||||
| Write-off of property and equipment | - | 26,721 | |||||
| Impact of lease termination | - | (67,600 | ) | ||||
| Foreign exchange (gain) | (1,399,547 | ) | (545,776 | ) | |||
| Decrease in non-current contract liabilities | (9,436 | ) | (905,846 | ) | |||
| Net change in non-cash working capital related to operations | 1,107,145 | 2,868,609 | |||||
| Net cash provided by/(used in) operating activities | 9,790,160 | (331,443 | ) | ||||
| Financing activities | |||||||
| Payment of principal and interest on loans payable | (2,475,283 | ) | (630,410 | ) | |||
| Proceeds from the exercise of stock options | 2,086,699 | 295,350 | |||||
| Repayment of lease liabilities | (744,061 | ) | (752,802 | ) | |||
| Proceeds received from loan financing | - | 21,978,000 | |||||
| Issuance costs associated with loan financing | - | (624,596 | ) | ||||
| Proceeds received from public equity financing | 55,625,110 | - | |||||
| Share issuance costs associated with public equity financing | (3,869,212 | ) | - | ||||
| Net cash provided by financing activities | 50,623,253 | 20,265,542 | |||||
| Investing activities | |||||||
| Additions to the intangible asset | (19,716,562 | ) | (17,879,014 | ) | |||
| Collection of research and development tax credits | 2,360,342 | 1,185,720 | |||||
| Additions to property and equipment | (165,592 | ) | (181,358 | ) | |||
| Net cash used in investing activities | (17,521,812 | ) | (16,874,652 | ) | |||
| Effects of exchange rates on cash | 745,445 | (89,399 | ) | ||||
| Net change in cash during the year | 43,637,046 | 2,970,048 | |||||
| Cash - Beginning of year | 15,252,526 | 12,282,478 | |||||
| Cash - End of year | 58,889,572 | 15,252,526 | |||||
FAQ
What was Kneat's (KSIOF) revenue growth in Q4 2024?
How much did KSIOF's Annual Recurring Revenue (ARR) grow in 2024?
What was Kneat's (KSIOF) Net Revenue Retention Rate for 2024?
How much capital did KSIOF raise through equity financings in 2024?
What was KSIOF's gross margin improvement in Q4 2024?
