RIWI Reports 2019 Second Quarter Financial Results: Record Quarterly Revenue and Year-over-Year Revenue Growth of 72%
Toronto, Ontario--(Newsfile Corp. - August 15, 2019) - RIWI Corp. (CSE: RIW) (OTC: RWCRF) (the "Company" or "RIWI"), a global trend-tracking and prediction technology firm, reported its financial results for the three and six months ended June 30, 2019. All figures are reported in U.S. dollars unless otherwise indicated. RIWI's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
RIWI Highlights for the Second Quarter of 2019 (in U.S. Dollars)
• RIWI's second quarter of revenue was its highest in the Company's history. Revenue grew by 23% to $841,431, compared to the three months ended June 30, 2018. For the six months ended June 30, 2019, revenue grew by 46%, to $1,515,006.
• Although the Company had a net loss of $151,052 for three months ended June 30, 2019, this was mainly affected by the non-cash share-based payment expense of $538,392 related to the stock option grant in May 2019 to non-executive directors. For the six months ended June 30, 2019, the Company was profitable, having net income of $85,848 despite the non-cash share-based payment expense noted above.
• The Company generated $228,449 in cash from operations for the six months ended June 30, 2019, ending the second quarter with over $2.07 million in cash.
• For the last 12 months, RIWI grew its revenue year-over-year by 72%, reaching revenues of $3,142,230 for the 12 months ended June 30, 2019, compared to the same period last year.
• On June 13, 2019, RIWI announced that it has signed a one-year contract expansion with a G7 government agency valued at US$780,000. RIWI is committed to serving the international security community with innovative data solutions that meet demanding technical requirements.
|In U.S. Dollars||Three months ended June 30||Six months ended June 30|
|Operating cash generated||55,614||112,723||228,449||34,461|
|Trailing 12-month revenues||3,142,230||1,826,935|| || |
"I am pleased to report our growth, culminating in our highest quarter of revenue to date," said Neil Seeman, RIWI's Chief Executive Officer. "We care about foundational metrics of value to our shareholders: increasing year-over-year revenues, strong annual profitability, increasing cash, and staying debt-free."
"We continue our unwavering pursuit of operational and sales excellence. Our goals in 2019 remain the same: increasing our long-term contracts and recurring revenues across all our business lines," he added.
RIWI's unaudited interim Financial Statements and Management Discussion and Analysis for the three and six months ended June 30, 2019 and 2018, are available via RIWI's website at https://riwi.com and on SEDAR at www.sedar.com.
New Major Study Authored by Harvard Researchers Describes Advantages of RIWI
A paper published on August 7, 2019 in the top-tier medical journal PLOS Medicine, studying the expectations of healthcare quality expressed by 18,000 people in 12 low- and middle-income countries, describes why the authors selected RIWI - "it has important advantages over other internet surveying methods such as internet panels and email-based sampling." The paper, led by researchers at Harvard University, is the latest independent support for RIWI's scientific validity:
RIWI is a global trend-tracking and prediction technology firm. On a monthly or annual subscription basis, RIWI offers its clients tracking surveys, continuous risk monitoring, predictive analytics and ad effectiveness tests in all countries - without collecting any personally identifiable data. https://riwi.com.
Signed: "Neil Seeman"
Neil Seeman, Chief Executive Officer
For more information, please contact:
Daniel Im, Chief Financial Officer
[email protected] | +1-416-205-9984 ext. 2
CAUTION REGARDING FORWARD-LOOKING INFORMATION:
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and RIWI does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Company's expectations or beliefs regarding future events. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.
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