Peeks Social Ltd. Announces Financial Results for the Year Ended February 28, 2018

Peeks Social (TSXV:PEEK) announced the audited consolidated Financial results for the year ended February 28, 2018 with the company generating a gross revenue of $5.5 million.

The company said that its costs of revenue is equal to $3.9 million for the 12 month period ended February 28, 2018.

As quoted in the press release:

The Company reports that it generated $488k in licensing revenue from the Peeks Social Platform, which is equal to 30% of the gross profit of $1.6 million generated by Personas.com Corporation (“Personas”) in accordance with the former license agreement with Personas. It is important to note that this is the last reporting period of the Company prior to completion of the acquisition of Personas in May 2018, see press release dated May 8, 2018.  As a result of the acquisition of Personas, the Company now receives 100% of the revenues generated by the Peeks Social Platform.

Select year-over-year highlights for the Company include the following:

• FY2018 total revenue was $498,918 as compared to $95,921 for the year ended February 28, 2017 (“FY2017”). The Peeks Social platform was launched in Q3 2017.

• FY2018 user sessions on the Peeks Social platform grew to 21.8 million, up from 3.3 million in FY2017.

• FY2018 net loss was $6,803,760 as compared to $4,259,179 for FY2017. Net loss for FY2018 includes $1,109,010 of stock-based compensation and $2,809,653 of marketing expenses focused on user growth initiatives (FY2017 – $2,124,626 and $175,579 respectively).

• FY2018 net loss per share was $0.11 as compared to $0.10 for FY2017.

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