IGEN Networks Files 2016 Annual Report

IGEN Networks (CSE:IGN; OTCQB:IGEN) has reported that it has filed its 2016 annual report.

As quoted in the press release:

In 2016, IGEN continued to focus its efforts on generating more revenues, increasing shareholder value through increased investment or acquisition in portfolio companies, and managing growth of its invested companies.

Financial highlights reported for the year include:

  • Record recognized revenues of $1,143,117
  • Record gross profits of $394,739
  • Total annual sales growth of 33% (includes $313,153 deferred revenue from service sales)
  • Record new service sales of $493,235 (163% growth)
  • Increased gross margins from 31% to 35%
  • Significant reduction in annual net losses (from -$1,613,130 to -$836,758)
  • Improved funds flow from operations (from -$484,495 to -$394,596)

Significant achievements

  • On January 5, 2016, after successful completion of a previously announced field trial, the Company announced receipt of its largest single order to date for Nimbo Tracking solutions to be deployed across several large automotive dealerships in Southern California throughout 2016.
  • On March 8, 2016, the Company announced the signing of a master purchase order for the provision of up to 12,000 activations for BHPH and SVR solutions.
  • On June 21, 2016, the Company announced its first order for pre-loaded solutions for automotive dealerships and their customers. This order represented the Company’s largest revenue order to date, supporting multiple automotive OEM brands, where all vehicles pre-installed and service activated.
  • On August 8, 2016, the Company announced a new record of over 3,000 activations per month achieved in fulfilling its previously announced orders.

Click here to read the full press release.

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