UpSnap Announces Q2 2018 Financial Results

UpSnap (CSE:UP), a leading provider of mobile and intent based advertising solutions announced its second quarter financial results for the three and six month period ended June 30, 2018.

The company reported total operating revenue of C$977,000 as compared to C$1.2 million for Q2, 2017.

As quoted in the press release:

“We continue to see robust growth and demand for our proprietary IDM solution and are quickly onboarding resellers, advertisers and brands onto the platform,” said Bruce Howard, CEO of UpSnap. “Most importantly, our clients are experiencing tremendous results not often seen in digital advertising. Our legacy business, including our mobile DSP, provides a steady revenue base and a solid foundation to continue building our IDM platform to scale.”

Second Quarter Financial Highlights

• IDM mailers sent increased by 247% from Q1 2018 to Q2 2018. Revenue from IDM is recognized upon mailers being sent.

• The average IDM Reseller order increased from USD $1,182 in Q1 2018 to USD $1,600 in Q2 2018, an increase of 35%.

• Total operating revenue was $977,000 for Q2 2018 compared to $1.2 million for Q2 2017. Total operating revenue was $1.8 million for six months ended June 30, 2018 compared to $2.2 million for six months ended June 30, 2017.

• Total operating cost of $1.1 million for Q2 2018 compared to $1.1 million for Q2 2017. Total operating cost for six months ended June 30, 2018 was $2.1 million compared to $2.3 million for six months ended June 30, 2017. Total operating cost of $286,000 for Q2 2018 and $382,000 for the first six months of the year were contributed to the development and launch of the IDM technology.

• Loss from operations was $148,000 for Q2 2018 compared to gain of $70,000 for Q2 2017. Loss from operations was $275,000 for six months ended June 30, 2018 compared to loss of $62,000 for six months ended June 30, 2017.

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