IGEN Network announce a record revenue of $1.3 Million

IGEN Networks (CSE: IGN) in their 2017 financial results reported a record revenue of $1.3 million which is an 18 per cent increase over 2016. The company that delivers cloud based services ramped up their subscriber base by 175 per cent year over year.

As quoted in their press release:

CEO Neil Chan stated, “IGEN closed 2017 on a record pace, including an 18% increase in revenue and a 175% increase in subscribers compared with 2016. This growing base of tracked assets more than doubled deferred revenue, to $406,000 at year end, along with an excess of $95,000 in backlog orders.  We are now tracking to a record first quarter as our business continues to scale, both in terms of recurring subscriber revenue and new activation revenue.

“Building on this success, we expect continued growth in installations and our subscriber base throughout 2018, in particular from our growing partnership with leading mobile carriers and continued penetration of the new and aftermarket automotive verticals. This includes continued expansion of our industry leading new dealer pre-load model, as well as launch of our first used-car dealer pre-load program.

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