Reklaim Ltd. Reports Strong Q1 2024 Results: Higher Margins and Increased Cash Flow

Rhea-AI Summary

Reklaim (TSXV: MYID) (OTC: MYIDF) announced robust Q1 2024 results, with key financial metrics demonstrating significant improvement. Gross margins increased to 82%, up from 71% in Q1 2023, and the company achieved a positive cash flow from operations of $463,645, an increase of $595,814 over Q1 2023. The cash position rose to $554,618 as of March 31, 2024, compared to $57,806 on March 31, 2023. The company reported consistent revenue in line with expectations and growth in its 'Deals' revenue stream. CEO Neil Sweeney emphasized the company's focus on operational efficiencies and cost controls. Additionally, Dean Wood was appointed as the new CFO, succeeding Ira Levy.

Positive

• Gross margins improved to 82%, up from 71% in Q1 2023.
• Positive cash flow from operations of $463,645, an increase of $595,814 over Q1 2023.
• Cash position rose to $554,618 as of March 31, 2024, compared to $57,806 on March 31, 2023.
• Consistent revenue in line with expectations.
• Growth in 'Deals' revenue stream, highlighting strategic evolution.
• Focus on operational efficiencies and cost controls.

Negative

• None.

Rekaim achieves consistent first-quarter revenue along with improved gross margins and cash flow

NEW YORK, May 31, 2024 /PRNewswire/ - Reklaim, (TSXV: MYID)  (OTC: MYIDF) ("Reklaim"), the leading platform empowering consumers to access and reclaim their data, announces its 2024 first-quarter results for the period ending March 31, 2024.

Key Highlights from Reklaim's Q1-2024 Performance:

• Gross margins improved to 82%, up from 71% in Q1 2023.
• Positive cash flow from operations of $463,645, an increase of $595,814 over Q1 2023.
• The company's cash position rose to $554,618 as of March 31, 2024, compared to $57,806 on March 31, 2023..

Reklaim announces a strong financial performance for the first quarter of 2024, showcasing consistent revenue in line with expectations and significant improvements in key financial metrics.

The company has seen substantial growth in its "Deals" revenue stream, highlighting a strategic evolution in its business model where Reklaim data is paired with publisher inventory in a vertically integrated buy. This diversification not only strengthens Reklaim's revenue base but also positions the company for accelerated growth moving forward.

Improved gross margins are a testament to Reklaim's effective cost controls and operational efficiencies, demonstrating the company's commitment to prudent financial management and sustainable growth. These enhancements reflect Reklaim's ability to navigate and succeed in a dynamic market environment.

Founder & CEO Neil Sweeney commented on the first-quarter results, expressing confidence in Reklaim's strategic direction and operational achievements. "Our focus on enhancing operational efficiencies and cost controls has significantly improved our financial performance. We remain committed to empowering consumers to reclaim their data and driving innovation in our platform to serve our users and stakeholders better. We continue to uphold our goals of growth and profitability in 2024."

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.

Additional Corporate News

The Company is pleased to announce the appointment of Dean Wood as its new Chief Financial Officer. He will succeed Ira Levy, who is departing to explore new opportunities. Ira will help facilitate a smooth transition, ensuring continuity at Rekaim. The company extends its best wishes to Ira in his future endeavors and expresses our gratitude for his dedicated service to the company.

About Reklaim

Reklaim is committed to navigating the evolving landscape of consumer data privacy. We provide compliant, zero-party data solutions to Fortune 500 brands, platforms, and data companies. Our platform empowers consumers to reclaim control over their data, enabling them to view and manage information collected with direct authorization. Moreover, users can be compensated for their data through a Reklaim account. Discover more about Reklaim at https://investors.reklaimyours.com.

Other Corporation Updates

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

This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will," "may," "should," "anticipate," "expects," and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the closing of the Debt Settlement and TSXV approval of the Debt Settlement, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulators.

The reader is cautioned that assumptions in preparing forward-looking information may prove incorrect. Events or circumstances may cause actual results to differ materially from those predicted due to numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Although considered reasonable by management during preparation, such information may prove incorrect, and actual results may differ materially from those anticipated. This cautionary statement expressly qualifies forward-looking statements contained in this news release. The forward-looking statements in this news release are made as of the date of this news release. The Company will only update or revise any included forward-looking statements as expressly required by Canadian securities law.

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SOURCE Reklaim Ltd.

FAQ

What were Reklaim's gross margins in Q1 2024?

Reklaim's gross margins improved to 82% in Q1 2024, up from 71% in Q1 2023.

How much was Reklaim's cash flow from operations in Q1 2024?

Reklaim reported a positive cash flow from operations of $463,645 in Q1 2024.

What was Reklaim's cash position as of March 31, 2024?

Reklaim's cash position was $554,618 as of March 31, 2024.

What is the ticker symbol for Reklaim?

Reklaim's ticker symbols are TSXV: MYID and OTC: MYIDF.

Who is the new CFO of Reklaim?

Dean Wood has been appointed as the new CFO of Reklaim.

What strategic changes has Reklaim made in its business model?

Reklaim has seen growth in its 'Deals' revenue stream, where Reklaim data is paired with publisher inventory in a vertically integrated buy.