Reklaim Announces Q3-2022 Financial Results with Revenue up 217%, Gross Margins up Over 142%

Rhea-AI Summary

Reklaim (MYIDF) reported impressive Q3-2022 results, with revenue soaring 217% year-over-year to $1,642,380. Customer purchases of data increased 87%, contributing to a gross margin of 17%, up 142% from Q3-2021. The company also achieved a 90% recurring revenue rate for 2022 year-to-date. Overall, total revenue for FY2022 is projected to be 189% higher than in 2021. CEO Neil Sweeney emphasized the company's readiness to capitalize on privacy regulations, suggesting strong growth potential ahead.

Positive

• Revenue increased 217% to $1,642,380 in Q3-2022 compared to Q3-2021.
• Gross margin reached 17%, a 142% increase from the previous year.
• Customer base grew by 87% year-over-year in Q3-2022.
• Recurring revenue accounted for 90% of total revenue year-to-date.

Negative

• None.

Revenue continues to build; year-to-date revenue up 217% over prior year, and positive gross profit

NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Reklaim, (TSXV: MYID / OTCQB: MYIDF) ("Reklaim"), the destination for consumers to access and reclaim their data, announces the filing of Q3-2022 financial results for the three and six months ending Sept. 30, 2022 ("Q3-2022").

Q3-2022 Financial Highlights

• Annual revenue increased by 217% to $1,642,380 from $558,342 in 2021 ("Q3-2021"), an increase of 195% over the first nine months of 2021
• Increased the number of customers buying data from Reklaim by 87% in Q3-2022 versus Q3-2021
• The company recorded a gross margin of $101,033 or 17%, a 142% increase from the same period last year
• Recurring revenue of 90% for 2022 YTD
• Increased the number of new customers by 28% over year-end 2021
• Total revenue in Fiscal 2022 is currently 189% over the total revenue earned in 2021

"The shift in the data market to one of privacy and compliance continues to accelerate with more and more companies looking for a partner who can solve these issues for them," said Reklaim CEO Neil Sweeney. “Reklaim is poised to take advantage of this trend, and we believe privacy regulations, including the introduction of CPRA in California, will be increasingly enforced in 2023, creating a unique opportunity for Reklaim to expand its market share.  As signaled in previous quarters, we have accelerated the reduction in our cost structure while maintaining our growth rate, and we expect a similar trajectory in the coming quarters.”

Full financial results, reported in CAD dollars, and Management's Discussion and Analysis are posted to SEDAR (www.sedar.com) and on the Company's investor relations website: investors.reklaimyours.com.

About Reklaim Ltd.

Reklaim is driven by consumer data and the evolution of privacy. Offering compliant, first-party data to Fortune 500 brands, platforms, and data companies, Reklaim allows consumers to visit the platform, confirm their identity, and unveil data that has been collected and sold without the consumer's explicit consent for years. Reklaim enables consumers to take back control of this data by setting up a Reklaim account where, should they choose to, they can be compensated for their data or choose to protect it via a suite of privacy tools. To view more information about Reklaim, visit https://investors.reklaimyours.com

For further information, please contact:
Ira Levy, CFO
1-855-908-DATA
E: investorrelations@reklaimyours.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the TSX Venture Exchange policies) accept responsibility for this news release's adequacy or accuracy.

Forward-Looking and Other Cautionary Statements

This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include, without limitation, statements based on current expectations involving several risks and uncertainties and are not guarantees of the Company's future performance. Actual results and future events could differ materially from those anticipated in such information. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Company may not receive the approval of the TSXV for the Name Change or the Amendment; and the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company's operations and economic activity in general; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company's profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, the Company does not intend and undertakes no obligation to update any forward-looking statements to reflect, in particular, new information or future events.

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

FAQ

What were Reklaim's Q3-2022 revenue figures?

Reklaim reported Q3-2022 revenue of $1,642,380, up 217% from Q3-2021.

How much did Reklaim's gross margin increase in Q3-2022?

Reklaim's gross margin increased by 142%, reaching 17% in Q3-2022.

What was the year-to-date recurring revenue for Reklaim in 2022?

Reklaim achieved a recurring revenue rate of 90% year-to-date in 2022.

How many new customers did Reklaim acquire in Q3-2022?

Reklaim increased its customer base by 87% in Q3-2022 compared to Q3-2021.

What is the expected total revenue growth for Reklaim in FY2022?

Total revenue for FY2022 is projected to be 189% higher than in 2021.