- EQ (EQ) reported its financial results for the second quarter ended June 30, 2022, announcing highest second quarter revenue in over a decade
- Revenue for Q2 of over $3.2 million, was an increase of 19 per cent from the previous quarter and an increase of 8 per cent compared to Q2 of 2021
- Data revenue of approximately $0.9 million, increased 56 per cent from the previous quarter and 14 per cent against Q2 of 2021
- EQ Works enables businesses to understand, predict, and influence customer behavior
- EQ Inc. (EQ) is up 2.59 per cent, trading at C$1.19 per share at 12:21 pm ET
EQ (EQ) reported its financial results for the second quarter ended June 30, 2022, announcing the highest second-quarter revenue in over a decade.
Q2 highlights:
- Revenue for Q2 of over $3.2 million, was an increase of 19 per cent from the previous quarter and an increase of 8 per cent compared to Q2 of 2021
- Data revenue of approximately $0.9 million, increased 56 per cent from the previous quarter and 14 per cent against Q2 of 2021
- Retail dashboarding product was rolled out in beta during the quarter. It incorporates hundreds of millions of transactions and billions of dollars of consumer spend, into a solution. It provides significant insights and a deeper understanding into consumer trends and behavior in Canada
- Data integration completed with one of the largest automotive solution providers to create Canada’s leading automotive data management platforms. It reinforce EQ’s strength in the automotive vertical; and
- 35 per cent increase in the number of new merchant partners for Paymi. This includes tier 1 brands like Mastermind Toys, Skip the Dishes and Comark.
During the quarter, the company had 11 new client engagements. It focused on key verticals, including financial services, automotive, and retail, which resulted in this revenue growth. Demand also continued to increase for EQ’s proprietary data solutions.
The adjusted EBITDA loss for the quarter of approximately $1.2 million was in line with forecasts. It represents the company’s continued investments in AI and data products. Both are expected to drive recurring revenue and earnings growth for the later part of this year and into 2023.
The automotive and retail verticals represent multi-billion-dollar industries, and the company expects these solutions to address a significant market need. EQ is anticipating more new client engagements during the second half of the year.
Subsequent to quarter-end, the company granted 75,000 stock options to employees at $1.14 per stock option, expiring on August 18, 2027.
EQ Works enables businesses to understand, predict, and influence customer behavior. Using unique data sets, advanced analytics, machine learning, and artificial intelligence, EQ creates actionable intelligence for businesses to attract, retain, and grow the customers that matter most.
EQ Inc. (EQ) is up 2.59 per cent, trading at C$1.19 per share at 12:21 pm ET.
