ARR Growth of 50%, Recurring SaaS licenses up
105%, while generating positive operating cash in FY2023
CUPERTINO, Calif., June 28,
2023 /CNW/ - (TSXV: BWLK) (OTCQB: BWLKF)
Boardwalktech Software Corp ("Boardwalktech" or the "Company"), the
leading Digital Ledger application platform and enterprise software
applications company, is pleased to report its financial results
for full year fiscal 2023 ended March 31,
2023. All figures are reported in U.S. dollars, unless
otherwise indicated. Boardwalktech's financial statements are
prepared in accordance with International Financial Reporting
Standards ("IFRS").
Financial Highlights:
- Revenue for Fiscal 2023 was $6.5
million, an increase of 48% year over year. Revenue
from recurring SaaS licenses in Fiscal 2023 grew 105%
year-over-year from higher incremental licenses executed with both
new and existing customers.
- Annual Recurring Revenue ("ARR") at March 31, 2023 was $5.5
million up from $3.7 million
at March 31, 2022, an increase of 50%. The Company defines
ARR, a non-IFRS metric, as the annualized recurring revenue
expected based on trailing quarterly revenue from license
subscriptions and recurring services.
- Gross Margin for Fiscal 2023 increased to 90.6% up from 86.6%
in Fiscal 2022. Gross margin was higher than 90% for
every quarter in Fiscal 2023.
- Adjusted EBITDA for Fiscal 2023 was $(1.6) million, a 16% improvement compared to
$(1.9) million for Fiscal 2022.
- Non-IFRS net loss for Fiscal 2023 improved 17% (as defined in
the Adjusted EBITDA and Non-IFRS Financial Measures section)
totaling $(1.7) million, or a loss of
$(0.04) per basic and diluted share,
versus a $(2.0) million non-IFRS loss
in Fiscal 2022, or a loss of $(0.05)
per basic and diluted share.
- Reported IFRS loss $(3.6)
million in Fiscal 2023, or $(0.08) per basic and diluted share, versus
$(3.6) million, or a loss of
$(0.08) per basic and diluted share,
in Fiscal 2022.
- The ending cash balance for Fiscal 2023 was $2.2 million, plus $1.3
million of trade receivables, with cash from operations a
positive $1.1 million during in
Fiscal 2023, with overal cash inflows of $1.3 million. Thus, the Comany was
able to hit its guidance without any financing.
Outlook and Guidance:
- Based upon the Company's recent contract closings, those in the
process of closing, and its qualified sales pipeline the Company
projects revenue for the upcoming Fiscal 2024 to be $8.5 million to $10.0
million (45% growth at the midpoint).
Operational Highlights
- On February 2, 2023 the Company
announced it had added Jeff Evans,
former EVP at Walmart to its corporate Advisory Board, joining
a seasoned group of Advisory Board members, three of whom joined
within the last year, including: Ryan
Tweedie (former Strategic Advisor to Global CIO at
Accenture); Drue Freeman (former
President of ACG Silicon Valley and longtime semiconductor
executive); Marc LaCarrubba (former senior leader at EY and
current CTO at Humantelligence, Inc.); and, (Don Haderle, former IBM Fellow known as "the
father of DB").
- On June 1, 2023, the Company
announced that it had both added another new customer (Nintex) to
its list of growing clients while securing a fourth license with an
existing global customer (Estee
Lauder), with incremental revenue from these contracts
expected to exceed $200,000 in the
next twelve months, including over $100,000 of recurring revenue in the first
year.
"As we previously discussed when the year began, Fiscal 2023 was
an inflection point in Boardwalktech's overall business. We
expanded revenue with existing clients, landed new Fortune 100
logos, and experienced growth across all financial metrics in the
Company. While we are pleased with our progress last year, we are
far from being satisfied," stated CEO Andrew T. Duncan. "The issues around digital
transformation of enterprise data, management of unstructured data
and supply chain visibility continues to persist as a challenge
across the enterprise. Boardwalktech is meeting and exceeding these
challenges with outstanding solutions and will continue to
capitalize on this generational opportunity. We remain incredibly
excited about the future of the business and look forward to
realizing and then reporting the tremendous growth that we see in
front of us."
Earnings Conference Call Details:
Boardwalktech management will be hosting its earnings conference
call today (June 28, 2023)
Time:
|
4:15PM Eastern Time
|
To join the call, please use the following dial-in information:
North American:
|
Please dial 1-888-664-6383 or 416-764-8650 for
Toronto participants
|
International:
|
Please dial 0800 724 0293 (Germany), 0800 312 635
(Switzerland), 0800 652 2435 (UK)
|
Rapid Connect URL:
Replay:
|
https://app.webinar.net/BDKO8LOXkxM (copy & paste
to your browser)
A replay of the call will be available until July 5,
2023 and can be accessed by dialing 1-888-390-0541 and entering
access code 328848#
|
|
About Boardwalktech Software Corp.
Boardwalktech has developed a patented Digital Ledger Technology
Platform currently used by Fortune 500 companies running
mission-critical applications worldwide. Boardwalktech's digital
ledger technology and its unique method of managing vast amounts of
structured and unstructured data is the only platform on the market
today where multiple parties can effectively work on the same data
simultaneously while preserving the fidelity and provenance of the
data. Boardwalktech can deliver collaborative, purpose-built
enterprise information management applications on any device or
user interface with full integration with enterprise systems of
record in a fraction of the time it takes other non-digital ledger
technology-based platforms. Boardwalktech is headquartered in
Cupertino, California with offices
in India and operations in
North America. For more
information on Boardwalktech, visit our website at
www.boardwalktech.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
legislation and may also contain statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Such forward-looking information and statements are not
representative of historical facts or information or current
condition, but instead represent only the Company's beliefs
regarding future events, plans or objectives, many of which, by
their nature, are inherently uncertain and outside of the Company's
control. Generally, such forward-looking information or statements
can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or may contain statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken",
"will continue", "will occur" or "will be achieved."
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of the Company is speculative and
subject to several risks including, without limitation, the risks
discussed under the heading "Risk Factors" in the Company's filing
statement dated May 30, 2018.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in the forward-looking information and forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions. Although the Company believes
that the assumptions and factors used in preparing, and the
expectations contained in, the forward-looking information and
statements are reasonable, undue reliance should not be placed on
such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information and
statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws. All subsequent written and oral
forward- looking information and statements attributable to the
Company or persons acting on its behalf is expressly qualified in
its entirety by this notice.
Neither 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.
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content:https://www.prnewswire.com/news-releases/boardwalktech-reports-fourth-quarter-and-annual-fiscal-2023-financial-results-301865629.html
SOURCE BoardwalkTech