RIWI Releases Audited 2024 Financials
RIWI reported its 2024 financial results, showing a 22.8% revenue increase to $5.14 million, driven by the TheoremReach acquisition and 4.1% organic growth. The company's revenue streams included $1.84M in transaction revenues, $1.67M in recurring revenues, and $1.63M in project-based revenues.
Key highlights include two strategic acquisitions: CoolTool, enhancing survey and non-conscious data collection capabilities, and TheoremReach, a survey monetization platform. The company signed 113 new client contracts, including 51 with new customers, while expanding its focus on SaaS clients and the CPG sector.
Despite revenue growth, RIWI recorded a net loss of $806,574, slightly improved from $813,341 in 2023. The company expanded its team from 21 to 33 full-time equivalents and launched several product innovations. However, RIWI faces challenges with the termination of USAID funding and will transition to OTC Pink Limited market in July 2025.
RIWI ha comunicato i risultati finanziari del 2024, evidenziando un aumento del fatturato del 22,8% a 5,14 milioni di dollari, trainato dall'acquisizione di TheoremReach e da una crescita organica del 4,1%. Le entrate dell'azienda includevano 1,84 milioni di dollari da ricavi transazionali, 1,67 milioni da ricavi ricorrenti e 1,63 milioni da ricavi basati su progetti.
I punti salienti comprendono due acquisizioni strategiche: CoolTool, che potenzia le capacità di raccolta dati tramite sondaggi e dati non consapevoli, e TheoremReach, una piattaforma per la monetizzazione dei sondaggi. L'azienda ha firmato 113 nuovi contratti con clienti, di cui 51 con clienti nuovi, ampliando inoltre il focus sui clienti SaaS e sul settore CPG.
Nonostante la crescita del fatturato, RIWI ha registrato una perdita netta di 806.574 dollari, leggermente migliorata rispetto agli 813.341 del 2023. L'azienda ha aumentato il team da 21 a 33 dipendenti a tempo pieno e ha lanciato diverse innovazioni di prodotto. Tuttavia, RIWI deve affrontare la sfida della cessazione dei finanziamenti USAID e passerà al mercato OTC Pink Limited nel luglio 2025.
RIWI informó sus resultados financieros de 2024, mostrando un aumento de ingresos del 22,8% hasta 5,14 millones de dólares, impulsado por la adquisición de TheoremReach y un crecimiento orgánico del 4,1%. Las fuentes de ingresos de la compañía incluyeron 1,84 millones en ingresos por transacciones, 1,67 millones en ingresos recurrentes y 1,63 millones en ingresos basados en proyectos.
Los aspectos destacados incluyen dos adquisiciones estratégicas: CoolTool, que mejora las capacidades de recopilación de datos mediante encuestas y datos no conscientes, y TheoremReach, una plataforma de monetización de encuestas. La empresa firmó 113 nuevos contratos con clientes, incluyendo 51 con clientes nuevos, y amplió su enfoque en clientes SaaS y el sector CPG.
A pesar del crecimiento en ingresos, RIWI registró una pérdida neta de 806.574 dólares, ligeramente mejorada respecto a los 813.341 de 2023. La empresa amplió su equipo de 21 a 33 empleados a tiempo completo y lanzó varias innovaciones de producto. Sin embargo, RIWI enfrenta desafíos por la terminación del financiamiento de USAID y hará la transición al mercado OTC Pink Limited en julio de 2025.
RIWI는 2024년 재무 실적을 발표하며 매출이 22.8% 증가하여 514만 달러를 기록했다고 밝혔으며, 이는 TheoremReach 인수와 4.1%의 유기적 성장에 힘입은 결과입니다. 회사의 매출원은 거래 수익 184만 달러, 반복 수익 167만 달러, 프로젝트 기반 수익 163만 달러를 포함합니다.
주요 성과로는 조사 및 비의식적 데이터 수집 능력을 강화하는 CoolTool과 설문조사 수익화 플랫폼인 TheoremReach 두 가지 전략적 인수가 있습니다. 회사는 신규 고객 51명을 포함해 총 113건의 신규 고객 계약을 체결했으며, SaaS 고객 및 CPG 부문에 대한 집중을 확대했습니다.
매출 증가에도 불구하고 RIWI는 806,574달러의 순손실을 기록했으며, 이는 2023년의 813,341달러에 비해 약간 개선된 수치입니다. 회사는 정규직 인력을 21명에서 33명으로 확장하고 여러 제품 혁신을 출시했습니다. 그러나 USAID 자금 지원 종료 문제에 직면해 있으며 2025년 7월에 OTC Pink Limited 시장으로 전환할 예정입니다.
RIWI a publié ses résultats financiers pour 2024, affichant une augmentation de 22,8 % du chiffre d'affaires à 5,14 millions de dollars, portée par l'acquisition de TheoremReach et une croissance organique de 4,1 %. Les sources de revenus de l'entreprise comprenaient 1,84 million de dollars de revenus transactionnels, 1,67 million de revenus récurrents et 1,63 million de revenus basés sur des projets.
Les points clés incluent deux acquisitions stratégiques : CoolTool, renforçant les capacités de collecte de données par sondages et données non conscientes, et TheoremReach, une plateforme de monétisation des sondages. L'entreprise a signé 113 nouveaux contrats clients, dont 51 avec de nouveaux clients, tout en élargissant son focus sur les clients SaaS et le secteur CPG.
Malgré la croissance du chiffre d'affaires, RIWI a enregistré une perte nette de 806 574 dollars, légèrement améliorée par rapport à 813 341 dollars en 2023. L'entreprise a étendu son équipe de 21 à 33 équivalents temps plein et lancé plusieurs innovations produits. Cependant, RIWI fait face à des défis liés à la fin du financement USAID et passera au marché OTC Pink Limited en juillet 2025.
RIWI meldete seine Finanzergebnisse für 2024 und verzeichnete einen Umsatzanstieg von 22,8% auf 5,14 Millionen US-Dollar, angetrieben durch die Übernahme von TheoremReach und ein organisches Wachstum von 4,1%. Die Einnahmequellen des Unternehmens umfassten 1,84 Mio. USD aus Transaktionsumsätzen, 1,67 Mio. USD aus wiederkehrenden Umsätzen und 1,63 Mio. USD aus projektbasierten Umsätzen.
Zu den wichtigsten Highlights zählen zwei strategische Übernahmen: CoolTool, das die Fähigkeiten zur Erfassung von Umfragedaten und unbewussten Daten verbessert, und TheoremReach, eine Plattform zur Monetarisierung von Umfragen. Das Unternehmen schloss 113 neue Kundenverträge ab, darunter 51 mit Neukunden, und erweiterte seinen Fokus auf SaaS-Kunden und den CPG-Sektor.
Trotz des Umsatzwachstums verzeichnete RIWI einen Nettoverlust von 806.574 USD, eine leichte Verbesserung gegenüber 813.341 USD im Jahr 2023. Das Unternehmen erweiterte sein Team von 21 auf 33 Vollzeitäquivalente und führte mehrere Produktinnovationen ein. RIWI steht jedoch vor Herausforderungen durch die Beendigung der USAID-Finanzierung und wird im Juli 2025 zum OTC Pink Limited Markt wechseln.
- Revenue increased 22.8% to $5.14M in 2024 vs $4.18M in 2023
- Operating loss reduced by 5.9% to $566K from $601K in 2023
- Strategic acquisitions of CoolTool and TheoremReach enhance service offerings
- Secured 113 new client contracts, including 51 new customers
- Transaction revenue grew 23.2%, subscription revenue up 24.4%, and project revenue increased 20.7%
- Team expanded from 21 to 33 full-time equivalents, improving operational capabilities
- Net loss of $806K in 2024, only marginally improved from $813K in 2023
- Cash and cash equivalents decreased to $1.85M from $3.09M in 2023
- Operating expenses increased to $5.70M from $4.79M in 2023
- Downgrade to OTC Pink Limited market may affect stock liquidity
- Loss of USAID and government-funded agency contracts due to new U.S. administration
- Total liabilities increased significantly to $4.29M from $1.38M in 2023
Toronto, Ontario--(Newsfile Corp. - April 28, 2025) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) (the "Company" or "RIWI"), a market research platform, global trend-tracking and prediction technology firm, reported its financial results for the year ended December 31, 2024. All figures are reported in U.S. dollars unless otherwise indicated. RIWI's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
RIWI Highlights for the year ended December 31, 2024 - in US Dollars:
a) RIWI earned
b) RIWI completed two acquisitions in 2024:
- On April 24, 2024, RIWI acquired the majority of the assets of CoolTool Inc. ("CoolTool"), a leading platform for surveys and non-conscious data collection. This acquisition gives RIWI the only fully integrated platform that measures both what people say (conscious, or "System 2" data) and what they feel (non-conscious, or "System 1" data)-a unique capability in market research. It also marks RIWI's entry into offering a SaaS platform.
- On October 10, 2024, RIWI further enhanced its platform by acquiring TheoremReach, a leading survey monetization platform. This acquisition enhances the RIWI platform by providing both an application programming interface (API) option and a self-service option for customers looking to gather rapid access to global audiences for surveys, predictive analytics, or message tests.
c) The Transaction revenue stream is expected to be RIWI's fastest-growing segment in the coming quarters, driven by the benefits of the TheoremReach acquisition, the full integration of Research on Mobile and TheoremReach platforms, and renewed growth in RIWI's global audience entering the RIWI marketplace. Management anticipates that these developments, along with ongoing improvements to transactional revenue solutions, will steadily enhance both total revenues and operational profitability throughout 2025.
d) RIWI signed 113 new client contracts in the twelve months ended December 31, 2024, including 51 with new customers. During this period, RIWI shifted its focus to acquiring more SaaS clients and expanding within the Consumer Packaged Goods (CPG) sector, particularly in marketing research. Management believes this strategic shift will drive more recurring revenue and higher-margin projects in the coming quarters. Some illustrative examples of work undertaken in 2024 include: tracking of the US presidential election, a premium packaging study for a global consumer packaged goods customer, an eye-tracking study on product packaging for televisions; implicit testing for a chocolate manufacturer; a study of high-net-worth individuals in several countries; brand tracking in Kazakhstan; tracking of the efficacy of economic stimulus in the People's Republic of China; a study on what creates meaning in people's lives; and, a study on the availability of francophone workers and jobs in specific area codes in Canada
e) RIWI launched several product and platform innovations, including: a new implicit selection test that uncovers users' subconscious associations with brands or stimuli; an enhanced reporting framework featuring faceted search and filtering to pinpoint specific fragrances, ingredients, or attributes that drive perceptions such as richness; and an API-based B2B sample management solution that automates the fulfillment of B2B survey respondents to third-party platforms.
f) The RIWI team increased from 21 full-time equivalents at December 31, 2023 to 33 (includes contractors) at December 31, 2024, providing RIWI with enhanced capabilities, better customer support and greater resilience in all parts of the business.
g) RIWI dedicated significant resources in 2024 to building its brand, actively participating in major industry events such as SampleCon, Quirk's Chicago, the Insights and Innovation Exchange in both North America and Europe, and the Society of Sensory Professionals annual conference. These efforts supported RIWI's strategy to scale its business, strengthen its leadership in non-conscious market research technology and services, and generate new opportunities with target customers. RIWI plans to continue investing in brand visibility and industry engagement throughout 2025 to further accelerate growth and expand its market presence.
h) As previously disclosed in the Company's news release dated March 5, 2025, the new U.S. administration announced the abrupt termination of funding for USAID and several other government-funded agencies for which RIWI conducted projects. RIWI is actively redeploying resources to minimize the impact of these developments.
RIWI CORP.
Consolidated Statements of Loss and Comprehensive Loss
For the years ended December 31, 2024 and 2023
(Expressed in U.S. dollars)
| 2024 | 2023 | ||||||||||
| | |||||||||||
| Revenues (Note 10) | $ | 5,138,098 | $ | 4,184,877 | |||||||
| | |||||||||||
| Operating expenses | |||||||||||
| General and administrative (Note 11) | 1,766,770 | 2,048,520 | |||||||||
| Operations (Note 11) | 2,769,225 | 1,730,930 | |||||||||
| Technology costs (Note 11) | 491,834 | 349,440 | |||||||||
| Sales and marketing (Note 11) | 676,390 | 657,348 | |||||||||
| Total operating expenses | 5,704,219 | 4,786,238 | |||||||||
| | |||||||||||
| Operating loss before other income/(expense) | (566,121 | ) | (601,361 | ) | |||||||
| | |||||||||||
| Other income/(expense) | |||||||||||
| Interest income | 71,195 | 92,942 | |||||||||
| Interest expense | (19,596 | ) | - | ||||||||
| Gain on asset disposal | - | 971 | |||||||||
| Impairment of goodwill | - | (291,074 | ) | ||||||||
| Other expenses (Note 11) | (211,151 | ) | (37,228 | ) | |||||||
| Total other income/(expense) | (159,552 | ) | (234,389 | ) | |||||||
| Net loss before income taxes | (725,673 | ) | (835,750 | ) | |||||||
| | |||||||||||
| Income tax expense/(recovery) (Note 15) | 80,901 | (22,409 | ) | ||||||||
| Net loss and comprehensive loss for the year | $ | (806,574 | ) | $ | (813,341 | ) | |||||
| | |||||||||||
| Net loss per share | |||||||||||
| | Basic and diluted | $ | (0.04 | ) | $ | (0.05 | ) | ||||
| | |||||||||||
| Weighted average number of common shares outstanding | |||||||||||
| Basic and dliuted | 18,004,428 | 18,004,428 | |||||||||
RIWI CORP.
Consolidated Statements of Financial Position
As at December 31, 2024 and December 31, 2023
| December 31, 2024 | December 31, 2023 | ||||||||||
| Assets | |||||||||||
| | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents (Note 6) | $ | 1,845,224 | $ | 3,094,542 | |||||||
| Accounts receivable (Note 13(a)) | 1,636,810 | 637,894 | |||||||||
| Unbilled revenue (Note 10(b)) | 112,069 | 81,948 | |||||||||
| Contract costs | 38,082 | 43,182 | |||||||||
| Prepaid expenses and other assets | 128,921 | 53,571 | |||||||||
| Total current assets | 3,761,106 | 3,911,137 | |||||||||
| | |||||||||||
| Property and equipment | 24,652 | 3,116 | |||||||||
| Intangible assets (Note 7) | 1,496,485 | 151,381 | |||||||||
| Goodwill (Note 7) | 1,047,092 | - | |||||||||
| Total assets | $ | 6,329,335 | $ | 4,065,634 | |||||||
| | |||||||||||
| Liabilities | |||||||||||
| | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable and accrued liabilities | $ | 1,179,152 | $ | 472,703 | |||||||
| Acquisition holdbacks payable (Note 5) | 775,991 | - | |||||||||
| Deferred revenue (Note 10(b)) | 1,092,815 | 902,884 | |||||||||
| Notes payable (Note 8) | 58,073 | - | |||||||||
| Total current liabilities | 3,106,031 | 1,375,587 | |||||||||
| Long-term liabilities | |||||||||||
| Long-term portion of notes payable (Note 8) | 967,473 | - | |||||||||
| Deferred tax liability (Note 15) | 215,270 | - | |||||||||
| Total liabilities | 4,288,774 | 1,375,587 | |||||||||
| | |||||||||||
| Shareholders' equity | |||||||||||
| | |||||||||||
| Share capital (Note 9) | 4,940,930 | 4,940,930 | |||||||||
| Contributed surplus (Note 9) | 2,990,225 | 2,833,137 | |||||||||
| Accumulated deficit | (5,890,594 | ) | (5,084,020 | ) | |||||||
| Total shareholders' equity | 2,040,561 | 2,690,047 | |||||||||
| Total liabilities and shareholders' equity | $ | 6,329,335 | $ | 4,065,634 | |||||||
"RIWI completed two acquisitions in 2024 that lay the foundation for the industry's only all-in-one AI-powered neuromarketing platform that combines survey, implicit testing, eye-tracking and facial expression analysis with access to both global and specialized audiences," said Greg Wong, Chief Executive Officer of RIWI. "As we look forward into 2025, the market is evolving quickly, but RIWI's continued transformation positions us for sustained profitable growth over the next several years."
Change of Status to OTC Pink Limited Market
As of July 1, 2025, RIWI shares will be moved from the OTC market to the OTC Pink Limited market due to new regulatory requirements for the OTCID Basic Market, which would require additional annual costs to maintain. This change may affect the liquidity of RIWI shares held on the OTC.
About RIWI
RIWI is a market research platform and global trend-tracking and prediction technology firm. On a monthly or annual subscription basis, RIWI offers its clients tracking surveys, continuous risk monitoring, predictive analytics and ad effectiveness tests in all countries. https://riwi.com
RIWI CORP.
Signed: "Greg Wong"
Greg Wong, Chief Executive Officer
For more information, please contact investors@riwi.com or call 1-833-FOR-RIWI (367-7494)
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION:
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and RIWI does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Company's expectations or beliefs regarding future events. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250027
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