RIWI Audited Financials Show Record Annual Revenue, with Year-Over-Year Growth of 47% and 3 Consecutive Years of Profitability
Toronto, Ontario--(Newsfile Corp. - March 3, 2021) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) (the "Company" or "RIWI"), a global trend-tracking and prediction technology firm, reported its financial results for the year ended December 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 (in U.S. Dollars):
- Revenues were $4,580,738 for the year ended December 31, 2020, an increase of 47% compared to $3,110,878 for the year ended December 31, 2019. The 2020 revenue is the highest in RIWI's history.
- RIWI's earnings before interest and taxes were $914,335 for the year ended December 31, 2020, an increase of 32% compared to $693,184 during the year ended December 31, 2019. Due to our three consecutive years of profitability, RIWI incurred an income tax expense for the first time in 2020. The income tax expense of $270,581 caused our 2020 net income to be lower than in 2019, when we had a tax recovery of $184,000. Net income was $656,534 for the year ended December 31, 2020, compared to $909,816 during the year ended December 31, 2019.
- RIWI had record annual revenues even during COVID-19, which caused business setbacks in many industry sectors globally. As promised, RIWI invested in sales personnel, sales-related marketing, and sales and technical partnership initiatives in 2020 to ensure long-term growth.
- On July 27, 2020, RIWI began trading its common shares on the TSX Venture Exchange ("TSXV"). This advances management's commitment to expand our investor base and steadily increase our global visibility in the capital markets. RIWI was designated a "Tier 1 Technology Issuer," the TSXV's premier tier and reserved for the TSXV's most advanced companies with the most significant financial resources.
- During 2020, RIWI renewed two long-term agreements with top international firms, demonstrating RIWI's ongoing value to these companies. Both of these new agreements enable all country and analyst teams at these client organizations to issue rapid-response task orders for RIWI surveys and audience analytics in any part of the world. Further, RIWI's long-term agreements for G7 government agencies focused on international peace and security, as well G7 agencies focused on consumer and economic activity data, continue uninterrupted and are expected to continue for many years.
Financial Summary (in U.S. Dollars):
|Revenues||$ 4,580,738||$ 3,110,878|
|Income before taxes||927,115||725,816|
|Income tax (expense)/recovery||(270,581)||184,000|
|Net income and comprehensive income||656,534||909,816|
"We promised our shareholders and committed to ourselves that we would deliver strong annual growth and create a solid foundation for a sustainable data company that is built to last," said Neil Seeman, RIWI's Chief Executive Officer. "Our 2020 annual results show strong revenue growth, more cash in the bank and our third consecutive profitable year. RIWI will continue to seek continued growth by focusing our sales efforts on long-term, high-quality revenues with clients whose data collection needs are ongoing in nature."
"While COVID-19 creates a series of new logistical challenges, we are focused on taking advantage of the opportunities available to us right now, understanding that doubling down on our sales efforts and sales focus will put us in the best position to thrive in the long run. RIWI has hired salespeople since the beginning of 2020, and our cash reserves enable us to manage unexpected events amid a turbulent economy," added Mr. Seeman.
RIWI Corp. from 2015 to 2020 (in U.S. Dollars)
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RIWI's audited annual Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2020 are available via RIWI's website at https://riwi.com and on SEDAR at www.sedar.com.
RIWI engages Barwicki Investor Relations
RIWI has engaged Barwicki Investor Relations to grow its relationship with the investment community. Andrew Barwicki founded the firm in 2006 and he has over 28 years of experience in capital markets and investor relations. http://barwicki.com.
RIWI Grants Stock Options
RIWI has granted an aggregate of 145,140 stock options ("Options") to non-executive, independent directors of the Company pursuant to the Company's new stock option plan. The Options are exercisable at a price of CAD$2.47 per share, expire on March 3, 2026, and will vest 25% on each of the following dates: March 31, 2021; June 30, 2021; September 30, 2021; and December 31, 2021. These Options are subject to the approval of RIWI's new stock option plan which requires disinterested shareholder approval at the Company's next annual shareholder's meeting, to be held on April 29, 2021.
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:
Barwicki Investor Relations Inc.
Neither the 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.
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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