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Weyland Tech Projects Over 40 Percent Revenue Acceleration
Oct. 18, 2019 09:05AM PST
Fintech Investing
Growth has been driven largely by its CreateApp service designed for small and medium-sized businesses, raising revenues to US$9 million.
Weyland Tech (OTCQX:WEYL), a mobile commerce platform company anticipates over 40 percent year-over-year revenue increases in its third quarter financial results. With a projected record US$9 million in revenue, this will make it the first quarter that the company is positive adjusted earnings before interest, tax, depreciation and amortization.
As quoted in the press release:
“These anticipated record results reflect the accelerating growth in our recurring revenue from CreateApp subscription fees,” said Brent Suen, CEO of Weyland Tech. “While we expect to generate positive adjusted EBITDA in the third quarter, we plan to continue to reinvest in efforts designed to gain customers and market share.”
“The growth in recurring revenue was largely due to greater adoption of CreateApp by SMBs in our existing markets as driven by our highly-productive channel partners,” continued Suen. “The increased adoption included new customers as well as existing customers subscribing to additional features and modules. This momentum has continued into the fourth quarter, keeping us on track for another year of record growth.”