Voxtur Announces Financial Results for Q3 Ended September 30, 2024
Voxtur Analytics reported Q3 2024 financial results showing revenue of $8,491,000, down from $10,137,000 in Q3 2023. Gross profit decreased to $4,925,000 from $6,510,000, with margins declining to 58% from 64%. The company completed the sale of its AMC business for $35,135,000 on November 1, 2023. The new CEO, Ryan Marshall, emphasized focus on debt reduction, operational streamlining, and achieving cash flow positivity. Management also announced plans to sell its controlling interest in Blue Water capital markets business unit, which is now classified as discontinued operations.
Voxtur Analytics ha riportato i risultati finanziari del terzo trimestre 2024, con un fatturato di $8,491,000, in calo rispetto ai $10,137,000 del terzo trimestre 2023. Il profitto lordo è sceso a $4,925,000 da $6,510,000, con un margine che è diminuito dal 64% al 58%. L'azienda ha completato la vendita della sua attività AMC per $35,135,000 il 1 novembre 2023. Il nuovo CEO, Ryan Marshall, ha sottolineato l'importanza della riduzione del debito, dell'ottimizzazione operativa e del raggiungimento della positività del flusso di cassa. La direzione ha anche annunciato piani per vendere la sua partecipazione di controllo nella divisione Blue Water capital markets, attualmente classificata come operazioni cessate.
Voxtur Analytics reportó los resultados financieros del tercer trimestre de 2024, mostrando ingresos de $8,491,000, una disminución desde los $10,137,000 en el tercer trimestre de 2023. La utilidad bruta disminuyó a $4,925,000 desde $6,510,000, con márgenes que cayeron al 58% desde el 64%. La compañía completó la venta de su negocio AMC por $35,135,000 el 1 de noviembre de 2023. El nuevo CEO, Ryan Marshall, enfatizó la importancia de reducir la deuda, optimizar las operaciones y lograr un flujo de efectivo positivo. La dirección también anunció planes para vender su participación controladora en la unidad de negocios de mercados de capital de Blue Water, que ahora se clasifica como operaciones discontinuadas.
Voxtur Analytics는 2024년 3분기 재무 결과를 보고하며, 매출이 $8,491,000으로 감소했다고 발표했으며, 이는 2023년 3분기의 $10,137,000에서 줄어든 수치입니다. 총 이익은 $4,925,000에서 $6,510,000으로 감소했고, 마진은 64%에서 58%로 하락했습니다. 회사는 2023년 11월 1일에 AMC 비즈니스를 $35,135,000에 매각하는 계약을 완료했습니다. 새로운 CEO인 Ryan Marshall은 부채 감소, 운영 효율화 및 현금 흐름 긍정성을 달성하는 데 집중할 것이라고 강조했습니다. 경영진은 또한 Blue Water 자본 시장 사업 부문의 지배 지분을 매각할 계획을 발표했으며, 이는 현재 중단된 사업으로 분류되고 있습니다.
Voxtur Analytics a annoncé ses résultats financiers pour le troisième trimestre 2024, affichant un chiffre d'affaires de 8 491 000 $, en baisse par rapport à 10 137 000 $ pour le troisième trimestre 2023. Le bénéfice brut a diminué à 4 925 000 $ contre 6 510 000 $, avec des marges passant de 64 % à 58 %. L'entreprise a finalisé la vente de son activité AMC pour 35 135 000 $ le 1er novembre 2023. Le nouveau PDG, Ryan Marshall, a souligné l'importance de la réduction de la dette, de la rationalisation des opérations et de l'atteinte d'un flux de trésorerie positif. La direction a également annoncé des plans pour vendre sa participation majoritaire dans l'unité commerciale des marchés de capitaux Blue Water, actuellement classée comme opérations abandonnées.
Voxtur Analytics hat die Finanzergebnisse für das dritte Quartal 2024 veröffentlicht und berichtet von einem Umsatz von 8.491.000 $, der im Vergleich zu 10.137.000 $ im dritten Quartal 2023 zurückgegangen ist. Der Bruttogewinn sank auf 4.925.000 $ von 6.510.000 $, während die Marge von 64 % auf 58 % fiel. Das Unternehmen hat am 1. November 2023 den Verkauf seines AMC-Geschäfts für 35.135.000 $ abgeschlossen. Der neue CEO, Ryan Marshall, betonte den Fokus auf Schuldenreduzierung, betriebliche Effizienz und die Erreichung eines positiven Cashflows. Das Management gab auch Pläne bekannt, seine Mehrheitsbeteiligung an der Geschäftseinheit Blue Water Capital Markets zu verkaufen, die jetzt als eingestellte Operationen klassifiziert wird.
- Sale of AMC business for $35.1M strengthens balance sheet
- Maintained high gross profit margin of 58%
- Strategic restructuring to improve operational efficiency
- Revenue declined 16.2% YoY to $8.49M in Q3 2024
- Gross profit decreased 24.3% YoY to $4.93M
- Gross margin deteriorated from 64% to 58% YoY
TORONTO and TAMPA, Fla., Nov. 28, 2024 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) ("Voxtur" or the "Company"), a North American technology company creating a more transparent and accessible real estate lending ecosystem, today announced its financial results for the three and nine months ended September 30, 2024. The Unaudited Condensed Interim Consolidated Financial Statements and the related Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2024, are available at www.sedarplus.ca and at www.voxtur.com.
“Over the past ninety days since I joined as CEO, my primary focus has been on addressing our financial foundation to ensure long-term stability and success. We are taking decisive actions to reduce the company’s debt, streamline operations, and implement the necessary changes to become cash flow positive from our core operations,” said Ryan Marshall, CEO of Voxtur. “While there is still work to be done, I am encouraged by the progress we’ve made in identifying opportunities to enhance efficiency and strengthen our financial position. These changes are not just about immediate results but about setting the stage for sustainable growth and creating value for our shareholders.”
Financial Results:
| Continuing Operations | Unaudited | Unaudited | ||||||||||||
| Three months ended September 30 | Nine months ended September 30 | |||||||||||||
| (In thousands of Canadian dollars) | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Revenue 1 | $ | 8,491 | $ | 10,137 | $ | 25,745 | $ | 30,706 | ||||||
| Gross profit 1 | 4,925 | 6,510 | 14,595 | 18,040 | ||||||||||
| Gross profit as a % of Revenue 1 | 58 | % | 64 | % | 57 | % | 59 | % | ||||||
Discussion with respect to the above-noted results can be found in the Company’s MD&A available at www.sedarplus.ca and at www.voxtur.com.
1 Calculations include only the results from continuing operations and do not include results of discontinued operations. On November 1, 2023, the Company finalized the sale of its wholly owned appraisal management company (“AMC”) business for
Earnings Call Details:
The Company will host a conference call on Monday, December 2nd, 2024, at 9:00 a.m. Eastern Time, to discuss financial results and highlights for the three and nine months ended September 30, 2024.
The conference call can be accessed live by dialing +1(800)-717-1738, +1(646)-307-1865 or +1(289)-514-5100. Please dial in ten minutes prior to the scheduled start time. A digital recording of the call will be available for replay on Voxtur's website.
About Voxtur
Voxtur is a transformational proptech company that is redefining industry standards in a dynamic lending environment. The company offers targeted data analytics to simplify the multifaceted aspects of the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value real estate assets, providing critical due diligence that enables market participants to effectively originate, trade, or service defaults on mortgage loans. As an independent and transparent mortgage technology provider, the company offers primary and secondary market solutions in the United States and Canada. For more information, visit www.voxtur.com.
Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities. These forward-looking statements reflect management’s current expectations regarding future events and the Company’s financial and operating performance and speak only as of the date of this press release. By their very nature, forward-looking statements require management to make assumptions and involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to the anticipated financial performance of the Company and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions, integration of acquired businesses, and implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions related to defaulted mortgage loans, and the failure of clients to send foreclosure and bankruptcy referrals in volumes similar to those prior to the COVID-19 global pandemic; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein. Factors relating to the Company’s financial guidance and targets disclosed in this press release include, in addition to the factors set out above, the degree to which actual future events accord with, or vary from, the expectations of, and assumptions used by, Voxtur‘s management in preparing the financial guidance and targets.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Voxtur's common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Contact:
Jordan Ross
Chief Operating Officer
Tel: (416) 708-9764
jordan@voxtur.com
For media inquiries:
Jacob Gaffney
Tel: (817)471-7627
jacob@gaffneyaustin.com
FAQ
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