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Engagement Labs (TSXV:EL), an industry-leading data and analytics firm that focuses on the entire social ecosystem and its impact on businesses announced the preliminary results for the three months quarter that ended on March 31, 2018. The company said that it expects to report quarterly revenue of approximately CDN $998,500 which would represent 24 per …

Engagement Labs (TSXV:EL), an industry-leading data and analytics firm that focuses on the entire social ecosystem and its impact on businesses announced the preliminary results for the three months quarter that ended on March 31, 2018.

The company said that it expects to report quarterly revenue of approximately CDN $998,500 which would represent 24 per cent increase year over year.

The company also expects the gross profits to rise to 48 per cent from 36 per cent in Q1 2017.

As quoted in the press release:

“Revenue growth is a key priority for Engagement Labs in 2018, and we began investing in Q4 to drive sales, including the hiring of a Chief Revenue Officer to build out our sales organization,” said Ed Keller, CEO of Engagement Labs. “I am therefore pleased to report the 24% revenue growth year-over-year, which I see as clear evidence that our TotalSocial® product is gaining acceptance in the marketplace. Further, our clients span nine different vertical sectors, demonstrating its broad appeal.”

Recently, Engagement Labs released an update on the performance of TotalSocial in the 18 months since its launch, including the fact that over CDN $7.3M in TotalSocial contracts have been signed with a diverse group of Fortune 500 companies and brands in nine sectors, demonstrating the broad appeal of TotalSocial.

The Company also released results for its fiscal year ended December 31, 2017. For the year ended December 31, 2017, the Company had reduced revenue versus 2016 as a result of the shuttering of Canadian business units in Montreal and Toronto that were losing money, and as part of the Company’s focus on the development of TotalSocial only in the US and the UK. The company had 2017 revenue of $3,469,767 compared to revenue of $4,697,118 for the year ended December 31, 2016. The decrease of $1,227,351is fully attributable to the decline of revenue generated by the Canadian units and was largely compensated by a reduction of associated expenses of $2,648,409. Gross margin increased to 42% for the year ended December 31, 2017 from 25% for the year ended December 31, 2016. EBITDA loss improved by 68% or $5,773,701 from $8,481,574 for the year of 2016 to an EBITDA loss of $2,707,873 for the year of 2017. Non-GAAP Adjusted EBITDA loss improved by 38% or $1,657,033 from $4,341,185 for the year of 2016 to a non-GAAP Adjusted EBITDA loss of $2,684,152 for the year of 2017. Basic and diluted loss per share decreased by 62% to -$0.05 for the year of 2017 from -$0.13for the year of 2016.

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