Unaudited Condensed Interim Consolidated Statements of Loss and Comprehensive Loss(expressed in Canadian dollars) Three-month period ended Six-month period ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023Revenue SaaS License fees 10,835,107 7,017,938 20,553,609 13,405,573 On-premise license fees - - - 436,126 Maintenance fees 63,888 55,063 134,478 206,157 Professional services and other 776,739 966,238 1,754,648 1,956,291 Total Revenue 11,675,734 8,039,239 22,442,735 16,004,147 Cost of Revenue (2,982,094) (2,711,323) (5,816,109) (5,302,933)Gross Profit 8,693,640 5,327,916 16,626,626 10,701,214 Gross Margin 74% 66% 74% 67% Expenses Research and development (4,761,889) (4,224,316) (8,807,437) (8,088,001)Sales and marketing (4,368,485) (3,338,280) (8,400,169) (6,293,020)General and administrative (2,194,999) (1,709,361) (4,300,588) (3,615,243)Total Expenses (11,325,373) (9,271,957) (21,508,194) (17,996,264) Operating Loss (2,631,733) (3,944,041) (4,881,568) (7,295,050)Interest expense (870,905) (53,594) (1,738,356) (108,540)Interest income 172,999 2,185 208,075 4,119 Foreign exchange (loss) gain 258,049 (1,403,261) 19,286 (465,047) Loss before income taxes (3,071,590) (5,398,711) (6,392,563) (7,864,518)Income taxes (28,553) - (44,440) (8,550) Net loss for period (3,100,143) (5,398,711) (6,437,003) (7,873,068) Other comprehensive (loss) / income Foreign currency translation adjustment to presentation currency (234,170) 910,009 (43,276) 344,603 Comprehensive loss for the period (3,334,313) (4,488,702) (6,480,279) (7,528,465) Loss per share - basic and diluted$(0.04) $(0.07) $(0.08) $(0.10) Weighted Average Number of Common Shares Outstanding Basic and diluted 85,581,420 77,720,905 83,293,224 77,704,046 Reconciliation: Total loss for the period (3,100,143) (5,398,711) (6,437,003) (7,873,068) Interest expense 870,905 53,594 1,738,356 108,540 Interest income (172,999) (2,185) (208,075) (4,119) Income taxes 28,553 - 44,440 8,550 Depreciation expense 190,394 199,637 381,615 403,253 Amortization expense 2,688,851 1,678,581 4,523,062 3,242,884 EBITDA 505,561 (3,469,084) 42,395 (4,113,960) Adjustments to EBITDA Foreign exchange loss (gain) (258,049) 1,403,261 (19,286) 465,047 Stock-based compensation expense 1,338,990 784,680 2,151,163 1,274,079 Adjusted EBITDA 1,586,502 (1,281,143) 2,174,272 (2,374,834) kneat.com, inc.
All dollar amounts are presented in Canadian dollars unless otherwise stated. Second-quarter 2024 total revenue reaches $11.7 million, an increase of 45% year over yearAnnual Recurring Revenue (ARR)1 at June 30, 2024 grows 60% year over year, to $45.4 millionGross margin for the quarter ended June 30, 2024 reaches 74% "With these second-quarter results, our business momentum continues in 2024 and sets the tone for another solid year of growth. We are enhancing efficiency and collaboration for our customers and are proud that Kneat is making a big difference for companies that are focused on health and wellness".– Eddie Ryan, Chief Executive Officer of Kneat.
Annual Recurring Revenue Growth Accelerates to 60%LIMERICK, Ireland, Aug.06, 2024 (GLOBE NEWSWIRE) -- kneat.com, inc.(TSX: KSI, OTC: KSIOF) ("Kneat” or the "Company”) a leader in digitizing and automating validation and quality processes, today announced financial results for the three-month period ended June 30, 2024.
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