Year-Over-Year EBITDA Growth of 40% and
Positive Cash from Operations
CUPERTINO, Calif., Nov. 29,
2023 /CNW/ - (TSXV: BWLK) (OTCQB: BWLKF) -
Boardwalktech Software Corp. ("Boardwalktech" or the "Company"), a
leading digital ledger platform and enterprise software solutions
company, is pleased to report its financial results for the three-
and six-month period ended September 30,
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 Q2- 2024 was $1.53
million, a 3% increase from $1.48
million in Q2-FY23 and versus $1.55
million in Q1-FY23. Revenue from recurring SaaS licenses in
Q2-FY24 increased 10% year-over-year from incremental licenses
executed with new and existing customers, but was offset by a 21%
decline in professional services.
- Annual recurring revenue ("ARR"), a non-IFRS metric, at
September 30, 2023 was $5.7 million, a 3.6% year-over-year increase
versus ARR of $5.5 million at
September 30, 2022. The Company
defines ARR as the annual recurring revenue expected based on
license subscriptions and recurring services recognized in the
quarter.
- Gross margin for Q2-FY24 was 90.1%, comparable with the 90.3%
level in Q2-FY23 and 90.0% in Q1-FY24.
- Adjusted EBITDA for Q2-FY24 was a loss of $(0.36) million, a 47% improvement over the
$(0.68) million loss in Q2 Fiscal
2023 and a 30% improvement over the $(0.51)
million loss in Q1 Fiscal 2024.
- Cash inflow from Operating Activities was a positive
$0.2 million, the third time over the
last six quarters.
- Non-IFRS net loss for Q2-FY24 (as defined in the Non-IFRS
Financial Measures section) totaled $(0.38)
million, or a loss of $(0.01)
per basic and diluted share, versus a $(0.7)
million non-IFRS loss in Q2-FY23, or a loss of $(0.02) per basic and diluted share, and versus a
$(0.52) million non-IFRS loss in
Q1-FY24, or a loss of $(0.01) per
basic and diluted share.
- Net loss for Q2-FY24 was $(0.7)
million, or a loss of $(0.02)
per basic and diluted share, a 40% improvement from a $(1.2) million loss in Q2-FY23, or $(0.03) per basic and diluted share, and a 22%
improvement from $(0.9) million loss
in Q1 Fiscal 2024, or $(0.02) per
basic and diluted share. The year-over-year improvement was due
primarily from higher recurring revenue levels and prudent cost
management.
Subsequent Operations Highlights
- On November 27, 2023, the Company
announced the extension and expansion of its existing engagement
with a leading Fortune 50 technology company, including the first
annual license. Combined license and services revenue from this
expanded plan is expected to exceed US$400,000 over the next 12 months.
"After experiencing a breakout year of growth in Fiscal 2023,
Boardwalktech is positioned to return to that level of growth as we
enter into our next phase of expansion. While recent market
headwinds and customer centric issues means these deals have taken
longer to close, we believe the longer-term impact to growth and
earnings have, and will be, worth the wait," stated Andrew T. Duncan, President and Chief Executive
Officer of Boardwalktech. "As our land and expand strategy for our
digital ledger solution continues to deliver consistent growth,
additional growth will be driven by our expanded sales efforts
through strategic teaming agreements, new complementary product
offerings such as Unity Central, and new logos. The holistic
Boardwalktech platform is emerging as the go-to, high ROI solution
for enterprise data management and supply chain visibility
solutions."
Earnings Conference Call Details
Boardwalktech management will be hosting its earnings conference
call today (November 29, 2023).
Detail:
Time: 4:15PM Eastern Time /
1:15 PM Pacific Time
To join the call, please use the following dial-in
information:
North American Participants: Please dial
1-888-664-6383 (Toll Free) or 416-764-8650
(Local – Toronto)
European Participants: 0800 724 0293 (Germany), 0800 312 635 (Switzerland), 0800 652 2435
(UK).
Rapid Connect URL:
https://emportal.ink/3tKxxpi (copy & paste to your
browser)
A replay of the call will be available until December 6, 2023 and can be accessed by dialing
1-888-390-0541 and entering access code 235054#
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-second-quarter-fiscal-2024-financial-results-301999955.html
SOURCE BoardwalkTech