To date, the software-as-a-service company’s share price has dropped over 50 percent, reaching C$0.03 on Thursday (December 12).
Datable Technology Corporation (TSXV:DAC), a software-as-a-service company for digital marketing announced C$2.3 million in revenues for 2019 to date. Driving revenues are larger contracts, shorter sales cycles and client contract renewals over the year.
As quoted in the press release:
In 2019 year to date, Datable has license agreements for PLATFORM3 which account for approximately $2.3 million in total contract value, of which close to 65% is expected to be recognized as revenue in 2019. About 63% of the new license agreements are with returning customers, including renewals from all of the Company’s largest customers.
Datable expects revenue growth in fourth quarter in 2019 compared to the same period in 2018 based on signed contracts, such that the Company will report revenue growth for the year ended December 31, 2019.
The Company is in discussions with its largest customers, comprised mosty of leading consumer brands in the USA, to renew their annual and multi-year year licenses for 2020 and future years. If such discussions are successful, the Company anticipates significant increases in contract values and revenues in 2020.