- IGEN Networks (IGN) released its unaudited financial results for its Q2 2022, reporting a net income and profit for the first time since its inception
- The company had total current assets of $252,227, a 45 per cent increase from December 31, 2021
- IGEN also achieved revenues of $91,976, compared to $82,998 from Q2 2021, and net income of $10,582 compared to a $325,937 net loss from the prior Q2
- IGEN Networks (IGN) is up 24.14 per cent, trading at $0.0036 per share as of 10:20 am ET
IGEN Networks (IGN) released its unaudited financial results for its Q2 2022, reporting a net income and profit for the first time since its inception.
The company had total current assets of $252,227, a 45 per cent increase from December 31, 2021.
IGEN also achieved revenues of $91,976, compared to $82,998 from Q2 2021, and net income of $10,582 compared to a $325,937 net loss from the prior Q2.
The subscriber base grew by 1,680 new asset activations across consumer and commercial brands.
IGEN’s CEO, Neil G. Chan called this the culmination of new sales channels, partnerships, and patent portfolio created over the last several years.
“The development of the most cost-efficient and scalable platforms in the industry has enabled the company to achieve profitability and improve our balance sheet in 2022. Our pipeline for the second half looks promising, as our recurring and new business revenues will continue to drive growth for both the consumer and commercial IoT markets.”
IGEN Networks offers IoT cloud-based services including stolen vehicle protection and real-time updates on asset health and driver behavior.
IGEN Networks (IGN) is up 24.14 per cent, trading at $0.0036 per share as of 10:20 am ET.
