Remarkable $872K
Profit Marks a $5M Improvement Over
the Past 12 Months.
NEW
YORK, April 9, 2024 /CNW/ - Reklaim, (TSXV:
MYID) (OTC: MYIDF) ("Reklaim"), the leading platform
empowering consumers to access and reclaim their data, announces
the release of its 2023 annual audited financial results for the
year ending December 31, 2023.
Key Highlights from Reklaim's 2023 Performance:
Remarkable Financial Growth:
- Reklaim achieved 74% year-over-year revenue growth, reaching
$4,111,927 in 2023 compared to
$2,361,110 in 2022.
- Recorded profit of $872,139 for
2023, a substantial improvement from a loss of ($4,147,069) in 2022, representing a remarkable
$5,019,208 turnaround over the past
12 months.
- Gross margins surged to 77% in 2023, reflecting an impressive
83% improvement compared to -6% in 2022.
- Reklaim demonstrated a consistent growth trajectory in Cash
Flow From Operations over the year, reaching $58,513 in 2024 vs. -$3,331,098 in 2022, a significant enhancement of
$3,389,611 compared to the previous
fiscal year.
Record-Breaking Q4 Performance:
- Q4 2023 revenue reached an all-time high of $1,416,230, marking an impressive 97% surge
compared to the same period in 2022.
- Sequentially, Q4 2023 revenue increased to $1,416,230 from $923,966 in Q3 2023, demonstrating a robust 53%
growth.
Recurring Revenue and Operational Efficiency:
- Achieved a recurring revenue rate of 92% in 2023, a notable
increase from 86% in 2022.
- Implemented significant cost-saving measures, reducing
operating expenses by 38% in 2023 to $2,716,815 compared to $4,405,729 in 2022, showcasing an improvement of
$1,688,914.
In 2023, Reklaim demonstrated exceptional performance across all
key metrics, showcasing its resilience and strategic focus amidst a
dynamic market landscape, said Reklaim Founder &
CEO Neil Sweeney. With a
remarkable 74% year-over-year revenue growth, the company's revenue
surged to $4,111,927, underlining its
ability to capitalize on emerging opportunities and deliver value
to its stakeholders. Additionally, Reklaim's achievement of
profitability, marked by a $872,139
profit, signifies a significant turnaround from previous years,
highlighting the effectiveness of its strategic initiatives and
operational efficiency. Moreover, the impressive increase in gross
margins to 77% underscores the company's commitment to driving
sustainable growth and maximizing profitability. Reklaim's
record-breaking Q4 performance further solidifies its position as a
market leader, with revenue reaching an all-time high of
$1,416,230, reflecting a remarkable
97% surge compared to the same period in 2022. In line with
our unwavering commitment to sustainable growth and operational
excellence, Reklaim is poised to maintain full-year profitability
and sustain a robust growth trajectory in 2024, building upon the
remarkable achievements of 2023. Our steadfast dedication to
innovation and value creation ensures that we continue to seize
emerging opportunities and deliver optimal outcomes for all
stakeholders.
Full financial results, reported in CAD dollars, and
Management's Discussion and Analysis are posted to SEDAR
(www.sedar.com) and on the Company's investor relations website:
investors.reklaimyours.com.
About Reklaim
Reklaim is committed to navigating the evolving landscape of
consumer data privacy. We provide compliant, zero-party data
solutions to Fortune 500 brands, platforms, and data companies. Our
platform empowers consumers to reclaim control over their data,
enabling them to view and manage information collected with direct
authorization. Moreover, users can be compensated for their data
through a Reklaim account. Discover more about Reklaim at
https://investors.reklaimyours.com.
Other Corporation
Updates
The Company announces a revision to its share issuance agreement
with AGORA Internet Relations Corp. ("Agoracom"), which was
initially established on September 9,
2022, under a share for services agreement ("Services
Agreement"). Under this agreement, instead of the initially
stipulated $113,000 (HST included), a
total of $67,800 (HST included) or
1,832,214 shares was remitted. The original issuance of shares
amounted to 282,500 at $0.08 per
share, as approved by the Exchange on October 19, 2022, contrary to the previously
announced 301,333 shares at $0.075
per share. Subsequently, on April 3,
2023, the Exchange approved the issuance of 645,714 shares
at $0.035 per share and 904,000
shares at $0.025 per share. Notably,
the Company ceased payments for June
2023 and September 2023,
ending the agreement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
This news release contains forward-looking statements and
other statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will," "may,"
"should," "anticipate," "expects," and similar expressions. All
statements other than statements of historical fact included in
this release, including, without limitation, statements regarding
the closing of the Debt Settlement and TSXV approval of the Debt
Settlement, are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are risks detailed from
time to time in the filings made by the Company with securities
regulators.
The reader is cautioned that assumptions in preparing
forward-looking information may prove incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted due to numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. As a result, the Company cannot guarantee
that any forward-looking statement will materialize, and the reader
is cautioned not to place undue reliance on any forward-looking
information. Although considered reasonable by management during
preparation, such information may prove incorrect, and actual
results may differ materially from those anticipated. This
cautionary statement expressly qualifies forward-looking statements
contained in this news release. The forward-looking statements in
this news release are made as of the date of this news release. The
Company will only update or revise any included forward-looking
statements as expressly required by Canadian securities
law.
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SOURCE Reklaim Ltd.