RIWI Posts a Record Quarter: Revenue Rises by 96% and Profits Grow by 110%
Toronto, Ontario--(Newsfile Corp. - April 28, 2020) - RIWI Corp. (CSE: RIW) (OTC Pink: RWCRF) (the "Company" or "RIWI"), a global trend-tracking and prediction technology firm, reported its financial results for the three months ended March 31, 2020. 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 First Quarter of 2020 (in U.S. Dollars):
• RIWI's revenue was its highest in the Company's history. Revenue grew by 96% to $1,322,216 compared to $673,575 in the first quarter of 2019.
• The Company had a profitable quarter, generating net income of $498,437, an increase of 110%, compared to the first quarter of 2019.
• RIWI generated $128,002 in cash from operations for the three months ended March 31, 2020, ending the quarter with over $3.2 million in cash.
• On March 26, 2020, RIWI announced that it signed an agreement with ThinkData Works Inc. valued at $1,037,200 to service a Fortune 500 healthcare client, which needs RIWI data gathered from 16 countries facing challenges posed by COVID-19.
• On April 6, 2020, RIWI was recognized by the Financial Times as one of the top 500 companies in its first annual ranking of The Americas' Fastest Growing Companies 2020. RIWI is proud to be part of the approximately 10 percent of public companies on this ranking.
"I am pleased to report our continued growth, while also increasing our profits and cash in the bank," said Neil Seeman, RIWI's Chief Executive Officer. "We remain committed to expanding our recurring-revenue business model, including our ongoing subscription-based services and long-term renewable contracts."
"The COVID-19 pandemic has increased the number of sales opportunities in our pipeline from customers requesting data capture solutions for which RIWI technologies can provide a unique, predictive lens into business trends, public health risks, international security and consumer activity in all areas of the world. The pandemic has not interrupted our core business strategy of hiring new sales personnel, increasing our sales opportunities and diversifying our client base while increasing recurring revenues," added Mr. Seeman.
RIWI's unaudited interim Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2020, are available via RIWI's website at https://riwi.com and on SEDAR at www.sedar.com.
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
firstname.lastname@example.org | +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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