- INEO achieved a 74 per cent increase in year-over-year revenue and a 90 per cent increase in gross profit in Q1, 2023
- Despite the challenging macroeconomic environment, INEO has reported increased sales activity, with a total sales pipeline of over $40 million in annual recurring revenue
- INEO recently completed capital raises for total proceeds of C$2.74 million
- CEO Kyle Hall sat down with Daniella Atkinson to discuss the results
- INEO operates the INEO Media Network, a digital advertising and analytics solution for retailers
- INEO Tech Corp. (INEO) opened trading at C$0.11
INEO Tech Corp. (INEO) has achieved a 74 per cent increase in year-over-year revenue and a 90 per cent increase in gross profit in Q1, 2023.
Q1 2023 financial highlights:
- Revenue of $416,086 for the three months ended September 30, 2022, an increase of 74 per cent as compared to revenue of $238,671 for the three months ended September 30, 2021.
- Gross profit of $207,646 for the three months ended September 30, 2022, an increase of 90 per cent over Q1, 2021
- Gross margin of 50.1 per cent for the three months ended September 30, 2022, compared to 45.7 per cent for the quarter ended September 30, 2021.
- Net loss for the three months ended September 30, 2022, was $590,614 or $0.01 per share compared to $731,466 or $0.01 per share for the three months ended September 30, 2021.
- Adjusted EBITDA loss for the three months ended September 30, 2022, was $512,285, compared to $629,651 for the three months ended September 30, 2021.
- INEO had $938,740 of cash and cash equivalents as of September 30, 2022, compared to $1,706,048 of cash and cash equivalents as of June 30, 2022.
- The company has 60,190,138 shares issued and outstanding.
Q1 2023 business highlights:
- On July 26, 2022, the company signed a Programmatic Partnership with Broadsign, solidifying INEO’s position as a solutions provider in the DOOH advertising market focused on the retail segment.
- On August 18, 2022, the company signed a Strategic Partnership with Adapt Media. With Adapt Media’s assistance, INEO will gain access to increased national advertising campaigns and a broader range of potential customers.
- On September 15, 2022, the company provided an update on the significant progress it made on its direct sales pipeline. The company expanded its footprint with major retail clients and has begun the next phase of its roll-out by deploying the INEO Welcoming System into large groups of stores in concentrated geographic regions.
Kyle Hall, CEO of INEO, sat down with Daniella Atkinson to discuss the financing.
“We are very appreciative of our shareholders who supported us in our recent financing, and we welcome new investors to the INEO family. This funding will strengthen our balance sheet, thereby allowing us to continue to execute our existing commitments with our large retail chain customers and accomplish our growth plans for 2023. This financing represents a key component of INEO’s roll-out and expansion plans across the globe.”
INEO Tech Corp., through its wholly-owned subsidiary, INEO Solutions Inc., operates the INEO Media Network, a digital advertising and analytics solution for retailers.
INEO Tech Corp. (INEO) opened trading at C$0.11.
