Intouch Insight Ltd. Announces Q1 2021 Results
By: Sarah Beckett May 20, 2021
OTTAWA, May 20, 2021 – Intouch Insight Ltd., (“Intouch or the Company”) (TSXV: INX) (OTCQX: INXSF) today announced its operating and financial results for the quarter ended March 31, 2021.
Revenue from Q1 2021 was $3,209,074, which was 32% lower than revenue of $4,754,107 in Q1 2020 due to impacts resulting from the COVID-19 pandemic. Loss from operating activities was $261,108 in Q1 2021 compared to a loss of $293,782 in Q1 2020. The quarter’s net loss was $137,114 compared to a loss of $201,348 in Q1 2020. Company-defined adjusted EBITDA was $238,169 for Q1 2021, compared to $415,702 in Q1 2020. Gross Margin increased to 52.7% in Q1 2021 from 50.4% the prior year.
“Financial results in Q1 were solid despite the impact on revenue from the ongoing pandemic, and we are very pleased that the strength of the underlying business is shining through as we continue to recover with the economy and plan for future growth. Investment in sales and marketing increased in Q1 and will accelerate as the year progresses. With a light at the end of the tunnel in the form of vaccines, Intouch is ready to take advantage of opportunities as 2021 unfolds,” said Cameron Watt, President and Chief Executive Officer.
“We remain focused on supporting our clients whether they are up and running today or rebuilding post-pandemic. We will continue to search for opportunities to accelerate growth while maintaining financial stability and retaining the resources necessary,” said Watt.
Consolidated Statement of Operations
|Q1 2021||Q1 2020|
|Revenue||$ 3,209,074||$ 4,754,107|
|Cost of services||1,516,821||2,356,589|
|Total operating expenses||1,953,361||2,691,300|
|Earnings (loss) from operating activities||(261,108)||(293,782)|
|Other earnings (expense) including taxes||123,994||92,434|
|Net loss||$ (137,114)||$ (201,348)|
About Intouch Insight
Intouch Insight offers a complete portfolio of customer experience management (CEM) products and services that help global brands delight their customers, strengthen brand reputation and improve financial performance. Through its flagship SaaS product, LiaCX®, Intouch helps clients collect and centralize data from multiple customer touch points, gives them actionable, real-time insights, and provides them with the tools to continuously improve customer experience. Founded in 1992, Intouch is trusted by over 300 of North America’s most-loved brands for their customer experience management, customer survey, mystery shopping, mobile forms, operational and compliance audits, and event marketing automation solutions. For more information, visit intouchinsight.com.
Certain statements included in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company’s current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Chief Financial Officer