Intouch Insight Announces Q3 2023 Financial Results

OTTAWA, November 21, 2023 – Intouch Insight Ltd (“Intouch” or “the Company”) (TSXV: INX) (OTCQX: INXSF), a leader in customer experience measurement solutions, today announced its operating and financial results for the quarter ended September 30, 2023.

Key highlights for Q3 2023

• Gross margin increased to 51.7% year to date from 50.1% in 2022 due to a one-time lower margin project in 2022 and decreased to 51.7% in Q3 compared to 53.1% in Q3 2022 due to a change in revenue mix
• SaaS revenues grew 10% organically for Q3, compared to the prior year, and 15% year to date over the prior year
•  Revenue was 4% higher at $5,634,594 compared to $5,414,630 in Q3 2022; year-to-date      revenues were $16,413,744 compared to $17,942,254 in the prior year due to a one-time project in the prior year
• Q3 net income was $175,455 compared to $366,713 in Q3 2022; year-to-date net income was $295,425 compared to $691,539 in the prior year due to an increase in selling expenses
• Adjusted EBITDA was $509,762 for Q3 compared to $831,774 in Q3 2022, year to date EBITDA was $1,165,451 compared to $1,829,388 in 2022

“We believe the growth in Q3 2023 revenues over the prior year represents a turning point in the underlying economic conditions so many of our clients have been facing,” said Cameron Watt, President and Chief Executive Officer. 

“We have just completed the acquisition of Alta360 Research, Inc (Alta) and its sister company, a new venture, Ardent Retail Services Inc (Ardent). The Alta revenues will bolster existing recurring services revenues, and Ardent is expected to bring significant revenue opportunities through new business segments with our existing clients.  These opportunities, combined with our increased investments in sales and marketing, are expected to drive stronger growth as we look forward,” said Watt.

Consolidated Statements of Operations

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. Intouch helps clients collect and centralize data from multiple customer touch points, gives them actionable, real-time insights, and provides the tools to continuously improve customer experience. Founded in 1992, Intouch is trusted by over 300 of North America’s most-loved brands for customer experience management, customer surveys, mystery shopping, mobile forms, operational and compliance audits, geolocation data capture and event marketing automation solutions. For more information, visit intouchinsight.com.

Certain statements included in this news release contain forward-looking statements that are made of the date hereof, 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 concerning future events, including the acquisition, future revenues and references to the Company’s expansion and growth of the business and operations, 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. Please refer to the risks outlined in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com.   The Company does not intend and disclaims any obligation, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact: 
Cathy Smith
Chief Financial Officer
csmith@intouchinsight.com 
613-270-7916