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Trakopolis IoT Corp (TSXV:TRAK) reported its financial and operating results for the period ending March 31, 2018. The company had a revenue of $1.6 million for the quarter which represents nine percent growth as compared to the previous year while its subscription sales of $1.2 million represents a 36 percent increase in the same period. …

Trakopolis IoT Corp (TSXV:TRAK) reported its financial and operating results for the period ending March 31, 2018.

The company had a revenue of $1.6 million for the quarter which represents nine percent growth as compared to the previous year while its subscription sales of $1.2 million represents a 36 percent increase in the same period.

As quoted in the press release:

  • Total subscribers of 16,022, representing a 29% increase compared to the prior year period.

  • Average revenue per unit of $25.30, representing 7% growth compared to the prior year period.

  • An increase in our enterprise subscriber base from 29% in the prior year period to 40% of our subscriber base in the current quarter.

  • Hardware sales revenue of $0.4 million, which represents 30% decrease compared to the prior year period.

  • A net loss of $1.3 million compared to $0.7 million in the prior period quarter, representing an increased loss of $0.59 million compared to the prior year period. The increase in net loss is primarily due to $0.4 million of R&D related rebates in the prior period. Excluding these rebates, the net loss represented a 17% increase in net loss compared to the prior period

First quarter operating highlights include:

  • Expansion in channel partnerships by participating in the Microsoft One Commercial Partner Co-Sell Ready Program. Through this program, the Company works with Microsoft field sales teams in North America on targeted customer opportunities and related account planning activities.
  • Partnered with a North American market leading electronic logging device (“ELD”) company, as a reseller of their ELD solution in combination with Trakopolis.
  • The Company completed development, integration and initial field trials of the Honeywell mesh guard solution, as well as integration of the mobile tank monitoring solution, both representing expansion of the Company’s product offerings.

“The first quarter of 2018 focused on channel expansion, business development as well significant expansion of our solution offering. This is aligned with our strategy for continued revenue growth across all verticals and positions the Company well for the remainder of 2018,” stated Brent Moore, CEO of Trakopolis.

Click here for the full text release.

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