Glance Technologies (CSE:GET) has announced its financial results for Q1 ended February 28, 2018. As quoted in the press release: “In recent months we have made great strides in expanding beyond the initial success we achieved in the Vancouver market with our core mobile payments product,” said Glance CEO Desmond Griffin. “We have a clear …
Glance Technologies (CSE:GET) has announced its financial results for Q1 ended February 28, 2018.
As quoted in the press release:
“In recent months we have made great strides in expanding beyond the initial success we achieved in the Vancouver market with our core mobile payments product,” said Glance CEO Desmond Griffin. “We have a clear technology roadmap that will enable us to deliver further value to our merchants and end users. Our customer base extends across multiple industry verticals, and we now have offices on three continents with plans for further international expansion in 2018. I believe we are very well positioned to capitalize on the continuing shift towards mobile devices as the platform of choice for payments and consumer engagement.”
Q1 2018 Financial Highlights:
(all figures are rounded to the nearest thousand)
- Revenue of $1,174,000, compared to $17,000 in Q1 2017. The current period includes a royalty fee ($1,000,000) and marketing revenue ($44,000), in addition to application and service fees ($130,000). It should be noted that the fourth quarter 2017 and first quarter 2018 revenues may be higher than can be expected in future near-term quarters due to timing of licensing related revenue;
- Operating expenses of $5,447,000 compares to $981,000 in Q1 2017, reflecting the significant ramping of the business over the past year;
- The largest change in expenses this quarter was a $2,353,000 increase in corporate communications and investor media expense, which the Company expects to reduce significantly in future quarters as it evolves to a more focused outreach strategy;
- Another notable increase was a $1,199,000 increase in sales and marketing expense. A significant part of this was related to the increase in the number of employees in sales and marketing, commencing work in the Blockchain sector and preparing the Company’s rebrand. The Company expects this expense category to reduce in future near term quarters;
- Net loss was $4,869,000 or $(0.04) per share, compared to $964,000 or $(0.02) per share in Q1 2017;
- Completed a bought deal public offering during the quarter for net proceeds of $10,180,000 and raised an additional $808,000 through the exercise of outstanding warrants and incentive options;
- As at February 28, 2018, the Company had $13,377,000 of cash ($10,294,000 at November 30, 2017) and no long-term debt ($nil at November 30, 2017).