Jasper reports 50% year over year
subscription revenue growth for nine months ended April 30, 2022
VANCOUVER, BC, June 28,
2022 /CNW/ - Jasper Commerce Inc. (TSXV: JPIM)
("Jasper" or the "Company"), a leading provider of Product
Information Management ("PIM") solutions, announces its
third fiscal quarter (Q3 2022) financial results for the three and
nine month periods ended April 30,
2022. Jasper Interactive Studios Inc was acquired by Jasper
in a reverse takeover transaction on February 16, 2022, and did a concurrent financing
for $6 million. Unless otherwise
indicated, all dollar amounts are expressed in Canadian
dollars.
Financial Highlights – 50%
Subscription Revenue Growth in Nine Months Ended April 30, 2022
- Total revenue was $1,306,291 for
the nine months ended April 30, 2022
growing 30% year-over-year from $1,007,331 for the nine months ended April 30, 2021. Revenues from subscriptions were
up 50% year-on-year to $888,540,
compared to $591,570 in 2021. Revenue
growth from subscriptions was driven by an increase in Enterprise
license sales. Revenue for Q3 2022 was $383,297 versus $335,661 for the three months ended April 30, 2021 (Q3 2021), a 14% year-over-year
growth rate.
- Expenses for the nine months ended April 30,
2022 were $8,305,875 versus $2,430,352 for
the nine months ended April 30, 2021.
Expenses for Q3 2022 were $5,182,937 compared
to $1,019,632 in Q3 2021. Listing costs related to the
reverse takeover, the fair value of additional shares issued on
conversion of debentures to equity, and hiring of new staff and
vendor scale up accounted materially for the increase of expenses
during Q3 2022. Non-recurring RTO listing costs represented
the bulk of these expenses and comprised $2,292,750 in Q3 2022, the fair value of
additional shares issued on conversion of debentures to equity,
also non-recurring, comprised another $813,988.
- Net loss for the nine months ended April
30, 2022 was $6,999,584,
compared to a net loss of $1,423,021
for the nine months ended April 30,
2022. Net loss for Q3 2022 was $4,799,640 versus a $683,971 net loss for Q3 2021. The larger
net-loss was largely associated with the go public transaction as
well as some increase in expenses for new personnel.
"This quarter we completed our go public transaction and
successfully closed a $6 million
financing and have been investing in sales and marketing to
continue along this growth path," said Jasper CEO Jon Marsella. "I'm pleased with the Company's
nine month performance with 50% growth in subscription revenue and
am optimistic for our future prospects as we advance discussions
with new partners that should open new channels of
growth."
"I expect that Jasper will continue the trend of achieving a
strong year-over-year organic growth as we apply the use of our new
public proceeds towards sales and marketing acceleration, expansion
into new marketplaces, channel partnerships, and continued product
innovation. I would like to thank all our shareholders and
employees for their contributions in bringing Jasper public and
look forward to providing further updates on milestones and
financial execution."
This news release should be read in conjunction with Jasper's
unaudited interim condensed consolidated financial statements and
the accompanying notes, as at and for the quarter ended April
30, 2022. Those documents have been filed with certain securities
regulatory authorities in Canada and are available on
SEDAR (www.sedar.com) and on the Jasper's website
at www.jasperpim.com.
About Jasper Commerce
Inc.
Jasper offers a Product Information Management ("PIM")
solution that has the objective of empowering eCommerce merchants
to manage and merchandise their products from a single source of
truth, facilitating them to sell more, sell faster and work
smarter. Jasper's PIM is accessible from anywhere via a web-browser
and is intended to simplify the process by which online merchants
import product data into the PIM. Once uploaded, merchants can add
various product data including product attributes, images, videos,
marketing information, inventory quantities and price books and
efficiently merchandise their products using various features that
include, among other things, the ability to adjust product
categorization, pricing data and other key metrics. Jasper's PIM
also allows for automatic syncing to popular eCommerce storefronts,
marketplaces, or other connected channels, whenever new products
are added to the PIM.
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.
Investors are cautioned that, except as disclosed in the
Filing Statement prepared in connection with the Transaction, any
information released or received with respect to the Transaction
may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be
considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the Transaction and has neither approved nor disapproved
the contents of this press release.
Forward Looking
Statements
The information in this news release includes certain
information and statements about management's view of future
events, expectations, plans and prospects that constitute forward
looking statements, including statements relating to the final
acceptance by the Exchange, the issuance of a final bulletin by the
Exchange, the use of proceeds of the Offering and the business
plans of the Company. These statements are based upon assumptions
that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of
factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and
indicated by these forward looking statements. Any number of
factors could cause actual results to differ materially from these
forward‐looking statements as well as future results. Although the
Company believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurances that the
expectations of any forward looking statements will prove to be
correct. Except as required by law, the Company disclaims any
intention and assumes no obligation to update or revise any forward
looking statements to reflect actual results, whether as a result
of new information, future events, changes in assumptions, changes
in factors affecting such forward looking statements or
otherwise.
SOURCE Jasper Commerce, Inc.