CALGARY, Alberta, April 13, 2018 (GLOBE NEWSWIRE) -- Trakopolis IoT Corp. ("Trakopolis" or the "Company") (TSXV:TRAK) is pleased to report its financial and operating results for the year ended December 31, 2017.
"2017 produced record total revenue and saw a continued increase in monthly recurring revenue. We continue to be successful in the enterprise segment and that contributed significantly to our top line and subscription revenue growth. Our success in the large enterprise customer segment demonstrates Trakopolis is capable of achieving material sales growth over the near term," stated Brent Moore, CEO of Trakopolis.
"Looking ahead, we're also very pleased with our investment in our expanding network of channel partnerships and the establishment of new sales channels. Partnering with major corporations demonstrates that Trakopolis has built an enterprise grade platform and this is consistent with our long-held strategy of collaboration. Our ability to work with market leaders in different segments, combined with our customizable, hardware agnostic platform has allowed us to differentiate our services offering in the global safety and productivity market. We look forward to working with clients to deliver, comprehensive, end-to-end industrial internet of things solutions."
Fourth quarter and Year-end financial highlights include:
- Subscription sales of $1.158 million for Q4 2017, which represents 17% growth quarter-over-quarter and a 38% increase compared to Q4 2016.
- Monthly subscription sales of $0.4 million for December 2017, representing, 42% increase compared to December 2016.
- Total revenue of $1.824 million and $9.501 million for the quarter and the year ended December 31, 2017, representing 50% growth compared to Q4 2016 and 98% growth compared to the twelve months ended December 31, 2016.
- Hardware and other sales revenue of $0.666 million and $5.557 million for the quarter and year ended December 31, 2017, representing an 79% increase compared with Q4 2016 and a 271% increase compared to the twelve months ended December 31, 2016.
- An increase in our enterprise subscriber base from 38% in Q3 2017 to 43% of our subscriber base in Q4 2017.
- A net loss of $4.095 million was recorded for the year ended December 31, 2017, compared to a loss for the prior year period of $6.732 million. The net loss in the prior year included $3.285 million of transaction costs related to the reverse takeover of a TSXV listed company of which $3.009 million was non-cash.
- Net addition of 1,412 subscribers in Q4 2017 and the addition of 3,440 subscribers for the year ended December 31, 2017, this represents 10% growth quarter-over-quarter and a 28% increase compared to the prior year period.
- Average revenue per unit of $25.76 as at December 2017, representing a 10% increase compared to the prior year period.
Trakopolis’ fourth quarter and year-end financial statements and MD&A have been posted to the Company’s website and can be accessed at http://trakopoliscorp.com/investors/. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.
Trakopolis is a Software as a Service (SaaS) company with proprietary, cloud-based solutions for real-time tracking, data analysis and management of corporate assets such as equipment, devices, vehicles and workers. The Company's asset management platform works across a variety of networks and devices. Trakopolis has a diversified revenue stream from many verticals including oil and gas, forestry, transportation, construction, rentals, urban services, mining, government and others.
For further information, please contact:
Brent Moore, President and Chief Executive Officer
Trakopolis IoT Corp.
Telephone: (403) 450-7854
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding: the ability of the Company to achieve material sales growth. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the ability of the Company to retain or attract qualified personnel to successfully implement products and services following the sales process; those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
This news release contains references to certain financial measures that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other entities. These non-GAAP financial performance measures should be viewed as a supplement to, and not a substitute for, the Company’s results of operations reported under IFRS. These financial measures are identified and defined below:
“Recurring Revenue” includes monthly software subscriptions, and resale of cellular and satellite data. Recurring revenue is recognized monthly as services are delivered and is derived from the subscription revenue category within the Company's financial statements. The Company believes that Recurring Revenue provides useful information to investors because it shows the long-term nature of recurring service revenue.
A “Subscriber” is defined as a customer's individual asset which is monitored by a telematics device. A Subscriber is an important metric for our investors because it provides an indication of our ability to generate Recurring Revenue from providing recurring service to our customers.
"Average Revenue Per Unit" is calculated monthly as Recurring Revenue divided by the average number of Subscribers during the month. We believe ARPU helps to identify trends and to indicate whether we have been successful in attracting and retaining higher value Subscribers.
Please refer to the Company’s December 31, 2017 MD&A dated April 12, 2018 for additional information regarding these non-GAAP measures.
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.
Source:Trakopolis IoT Corp.