Subscription revenue grows Jasper reports
8% year over year, aided by new sales strategy
VANCOUVER, BC, Dec. 19,
2022 /CNW/ - Jasper Commerce Inc. (TSXV: JPIM)
("Jasper" or the "Company"), a leading provider of
Product Information Management ("PIM") solutions, announces
its first fiscal quarter ("Q1 2023") financial results for
the three month period ended October 31, 2022. Unless
otherwise indicated, all dollar amounts are expressed in Canadian
dollars.
Financial Highlights – 8% Subscription Revenue Growth in
Three Months Ended October 31,
2022
- Revenues from subscriptions grew 8% year-on-year in Q1 2023 to
$308,554 versus $285,038 for the three months ended October
31, 2021 ("Q1 2022"). Revenue growth from subscriptions was
driven by an increase in Enterprise license sales and is consistent
with management's plan to steadily add subscription revenue every
month.
- Total revenue was $379,726 for the three months
ended October 31, 2022, declining 16% year-over-year
from $452,262 in Q1 2022. The year-over-year decline was
due to a $96,052 reduction in lower
margin professional services, as the Company reduced focus on
custom projects.
- Expenses for Q1 2023 were $1,691,366
versus $1,443,953 for Q1 2022. Expenses increased primarily
due to increased investment in employee headcount and outsourced
services.
- Net loss for Q1 2023 was $1,311,640 compared to a net
loss of $991,691 for Q1 2022.
The larger net-loss in Q1 2023 was primarily due to an increase in
headcount compared to Q1 2022 in order to support the Company's
growth strategy.
Management Commentary and Outlook
Looking forward to fiscal 2023, management expects the revenue
growth of the SaaS PIM Subscription business to accelerate. Revenue
from professional services will likely decline as a percentage of
overall revenue.
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 October 31, 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.