Reklaim Announces Q1-2022 Financial Results with Year-Over-Year Q1 Sales up 217%
Revenue momentum continues to build; Q1-2022 sales up 217% from Q1-2021, and the number of brands purchasing data up 89% year-over-year.
New York, New York--(Newsfile Corp. - May 31, 2022) - Reklaim, (OTCQB: MYIDF) (TSXV: MYID) ("Reklaim"), the destination for consumers to access and reclaim their data, announces the filing of Q1-2022 financial results for the three months ending March 31, 2022 ("Q1-2022").
Q1-2022 Financial Highlights
- Revenue increased 217% to $390,941 from $123,468 in the same period in 2021 ("Q1-2021"), demonstrating increased momentum in Reklaim's sales strategy.
- Increased the number of customers buying data from Reklaim in Q1-2022 versus Q1-2021 by 87%,
- Introduced 'Reklaim Privacy', a new SaaS-based revenue line to complement the data monetization vertical. Reklaim Privacy Subscription allows those consumers who prefer to protect their data versus sell their data to sign up for a monthly or annual service to obfuscate data emanating from their device to reduce third-party surveillance.
- As of March 31, 2022, cash equivalents were $485,743 compared to $463,620 in the year ended December 31, 2021.
- Currently, 87% of North America's population can find data about themselves in Reklaim once their identity has been verified.
- Reklaim has over 320 million user data profiles in its ecosystem from approx 30,000 different partners.
"Data privacy remains at the forefront for governments, technology firms, and consumers," said Reklaim CEO Neil Sweeney. While we are seeing this trend manifest in our growing revenue line, we have begun the acceleration of reducing our cost structure. As we signaled in Q4, after two years of building scale, distribution, and a dominant consumer-facing brand, 2022 was about streamlining costs to be cash flow neutral by the end of Q2. Combining these two trends, revenue growth and a cash-neutral position, will set Reklaim up for positive operating leverage. We are excited about the progress we have made so far and look forward to providing more updates in the future on how we are tracking.
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 Ltd.
Reklaim is driven by consumer data and the evolution of privacy. Offering compliant, first-party data to Fortune 500 brands, platforms, and data companies, Reklaim allows consumers to visit the platform, confirm their identity, and unveil data that has been collected and sold without the consumer's explicit consent for years. Reklaim enables consumers to take back control of this data by setting up a Reklaim account where, should they choose to, they can be compensated for their data or choose to protect it via a suite of privacy tools. To view more information about Reklaim, visit https://investors.reklaimyours.com
For further information, please contact:
Ira Levy, CFO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the TSX Venture Exchange policies) accept responsibility for this news release's adequacy or accuracy.
Forward-Looking and Other Cautionary Statements
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving several risks and uncertainties and are not guarantees of the Company's future performance. Actual results and future events could differ materially from those anticipated in such information. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Company may not receive the approval of the TSXV for the Name Change or the Amendment; and the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company's operations and economic activity in general; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company's profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, the Company does not intend and undertakes no obligation to update any forward-looking statements to reflect, in particular, new information or future events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125867