AnalytixInsight Reports Third Quarter 2018 Financial Results

AnalytixInsight (TSXV:ALY) announced the financial results for the third quarter ended September 30, 2018 with the company’s revenues reported to be flat on a sequential basis.

The company engaged in artificial intelligence solutions reported revenues of C$1.3 million for the third quarter as compared to C$1.3 million in the previous quarter.

As quoted in the press release:

• Revenue for the nine months ended September 30, 2018 was $3.6 million, an increase of 21% when compared to revenue of $3.0 million in the same period in the previous year.

• Working capital at September 30, 2018 was $1.8 million.

• The Company has expanded the scope of its AI-driven research distribution agreement with Thomson Reuters to include nearly all small & mid-cap companies that do not otherwise have analyst coverage. Content delivery is expected to be initiated prior to year-end.

• Intesa Sanpaolo has launched the stock-trading app “Investo”, developed by AnalytixInsight’s subsidiary Marketwall, a developer of FinTech solutions for financial institutions. Investo is accessible in Google Play and the App Store by Intesa Sanpaolo’s approximate 12 million customers.

• The Company has initiated discussions to prepare the spinout and/or initiatives that will allow the Company to recognize the corresponding value associated with its 49% ownership of Marketwall and expects this strategy to be finalized during H1 2019.

• Marketwall revenue for the nine months ended September 30, 2018 was $2.8 million and net income was $0.5 million.

• During the quarter, the Company advanced discussions with members of FinTech hub, “The Floor”, to collaborate on opportunities which would employ the Company’s machine-learning capabilities and solutions architects.

Prakash Hariharan, President & CEO, commented: “We are pleased with our financial performance in this quarter, and the developments we have achieved. We are witnessing increasing interest from companies seeking AI and machine-learning solutions, and we are well positioned within this increasing sector trend shift.”

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