Consolidated Statements of Loss and Comprehensive Loss(expressed in Canadian dollars) Three-month period ended Year ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 (Adjusted) (Adjusted)Revenue SaaS License fees 12,537,109 8,922,491 44,569,846 30,066,905 On-premise license fees - - - 436,126 Maintenance fees 123,667 46,819 322,335 277,199 Professional services and other 1,072,835 844,689 4,046,238 3,443,178 Total Revenue 13,733,611 9,813,999 48,938,419 34,223,408 Cost of Revenue (3,372,387) (2,811,181) (12,179,880) (11,091,576)Gross Profit 10,361,224 7,002,818 36,758,539 23,131,832 Gross Margin 75% 71% 75% 68% Expenses Research and development (4,545,776) (3,733,887) (17,268,722) (15,387,726)Sales and marketing (4,828,335) (4,500,992) (17,163,189) (14,266,739)General and administrative (1,823,992) (1,925,415) (8,273,995) (7,411,540)Total Expenses (11,198,103) (10,160,294) (42,705,906) (37,066,005) Operating Loss (836,879) (3,157,476) (5,947,367) (13,934,173) Finance Expense (1,034,424) (629,794) (3,665,098) (1,081,853)Interest income 298,308 621 678,388 6,635 Foreign exchange loss/(gain) (828,354) 1,083,675 1,399,547 545,776 Income (loss) before income taxes (2,401,349) (2,702,974) (7,534,530) (14,463,615)Income tax expense (61,907) (47,342) (192,598) (55,891) Net loss for period (2,463,256) (2,750,316) (7,727,128) (14,519,506) Other comprehensive loss Foreign currency translation adjustment to presentation currency 411,921 750,382 (995,322) (263,950) Comprehensive loss for the period (2,051,335) (1,999,934) (8,722,450) (14,783,456) Loss per share - Basic and diluted$(0.03) $(0.04) $(0.09) $(0.19) Weighted Average Number of Common Shares Outstanding - Basic and diluted 93,005,493 78,093,350 86,545,119 77,833,268 Reconciliation: Total income (loss) for the period (2,463,256) (2,750,316) (7,727,128) (14,519,506)Interest expense 863,766 629,794 3,494,441 1,081,853 Interest income (298,308) (621) (678,388) (6,635)Income taxes 61,907 47,342 192,598 55,891 Depreciation expense 174,751 192,038 745,639 786,085 Amortization expense 2,791,627 1,803,172 9,560,000 6,889,552 EBITDA 1,130,487 (78,591) 5,587,162 (5,712,760) Adjustments to EBITDA Foreign exchange (gain) loss 828,354 (1,083,675) (1,399,547) (545,776)Stock-based compensation expense 669,201 834,569 2,785,906 3,049,967 Adjusted EBITDA 2,628,042 (327,697) 6,973,521 (3,208,569) kneat.com, inc.
Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat's business development activities, the use and implementation timelines of Kneat's software within the customer's validation processes, the ability and intent of the customer to scale the use of Kneat's software within the customer's organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat's platform under regulatory audit and inspection.
With companies throughout the Life Sciences adopting new technologies to drive business value, Validation’s transition to digital is set to continue, with Kneat leading the way.” - said Eddie Ryan, Chief Executive Officer of Kneat. Q4 2024 Highlights Total revenues increased 40% to $13.7 million in the fourth quarter of 2024, compared to $9.8 million for the fourth quarter of 2023.
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