TORONTO, ONTARIO--(Marketwired - Nov. 28, 2017) - Artificial Intelligence company, AnalytixInsight Inc. (the "Company" or "AnalytixInsight") (TSX VENTURE:ALY)(ATIXF) today reported record revenues and the Company's first operating profit for the third quarter ended September 30, 2017.
2017 Third Quarter Financial Highlights:
- The Company's revenue for the third quarter (excluding Marketwall) was the highest in the Company's history at $1,716,119, a six-fold increase compared with the same period in the previous year of $281,106, and a 77% increase over Q2 2017 revenues of $967,946.
- The Company's revenue for the nine months ended September 30, 2017 was $3,018,483 compared to $778,193 for the same period in the previous year.
- The Company achieved operating profit during the quarter, reporting net income of $320,607 compared to net loss of $(377,235) for the same period in the previous year.
- Basic earnings per share for the third quarter was $0.01, compared to a loss of $(0.01) for the same period in the previous year.
- Marketwall's revenue for the third quarter was $854,588, which compares to $452,281 during the same period in the previous year. AnalytixInsight owns 49% of Marketwall, which is considered an associated company as its financial results are not consolidated with the Company's financial results.
- Marketwall's revenue for the nine months ended September 30, 2017 was $3,482,977 compared to $1,031,512 for the same period in the previous year.
- Recently acquired Euclides Technologies Inc. ("Euclides") currently has an order backlog of approximately $3.5 million.
- During the third quarter, the Company entered into content partnership agreements with Thomson Reuters and Africa Investor to distribute the Company's high quality financial research.
- The Company continues to advance its recently announced Blockchain initiatives related to developments in its distributed ledger platform for CapitalCube and Marketwall.
Selected Financial Information
|$ Canadian (unaudited)||Three months ended |
|Nine months ended |
|Marketwall Revenue (Associated company, 49% owned, non-consolidated)||854,588||452,281||3,482,977||1,031,512|
The Company achieved record financial results during the third quarter, including operating profitability - the first in the Company's history. During the quarter, the Company added Thomson Reuters and Africa Investor as new content distribution partners. They join the Company's growing network of content partnerships which also includes Euronext NV, Yahoo Finance and The Wall Street Journal. The Company works with its content partners to deliver value added financial analysis and content, and to market and sell CapitalCube's subscription licenses to various investors, brokers and financial institutions. The Company's finance portal CapitalCube.com continued to average approximately 2 million user sessions per month through various distribution channels. The Company's Euclides operating division continued to win new contracts during the quarter, and has a current order backlog of approximately $3.5 million.
Marketwall's revenue for the third quarter was $854,588 compared to $452,281 in the same period in the previous year. AnalytixInsight owns 49% of Marketwall which is considered an associated company as its financial results are not consolidated with the Company's financial results. The Company and Intesa Sanpaolo expect to spin-out Marketwall following the completion of Marketwall's product integration within Intesa Sanpaolo's mobile platform. The completion of this integration is expected during the first half of 2018, and is expected to result in the migration of over eight million retail banking customers of Intesa Sanpaolo to Marketwall.
Further to the Company's announcement on November 14, 2017, the Company has initiated discussions with Marketwall regarding its Blockchain initiatives to reduce transaction costs and trade settlement times for Marketwall through the development of a distributed ledger platform. This initiative is expected to benefit Marketwall's partners including MarketHub and Samsung. MarketHub is Intesa Sanpaolo's established trading platform whose 2016 trading volume exceeded EUR119 Billion on an average of 26,000 daily transactions.
Prakash Hariharan, President & CEO, commented: "This is a milestone quarter for Company as we achieved record financial results and operating profitability. We are very pleased with the performance of the recently acquired Euclides Technologies and are pleased to have added new CapitalCube content partners during the quarter. We are actively pursuing our Blockchain initiatives with our partners and we are very encouraged with the potential of these projects."
ABOUT ANALYTIXINSIGHT INC. (www.AnalytixInsight.com)
AnalytixInsight Inc.'s artificial intelligence platform transforms data into narratives. AnalytixInsight's online portal CapitalCube (www.capitalcube.com) algorithmically analyzes market price data and regulatory filings to create insightful, actionable narratives and research on approximately 50,000 global companies and ETFs, providing high-quality financial research and content for investors, information providers, finance portals and media. AnalytixInsight holds a 49% interest in Marketwall, a mobile platform for banking and stock trading (www.marketwallcorporate.com). AnalytixInsight owns Euclides Technologies Inc. (www.euclidestech.com), a workflow analytics systems integrator.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Company's ability to apply its platform to different business verticals, the growth of the Company's business operations, the licensing revenue stream to be received by the Company, the use of the Company's content by various parties, Marketwall's ability to integrate with Intesa Sanpaolo, the ability to spin-out Marketwall, the Company' s ability to execute the backlog of orders, the impact of the deconsolidation of Marketwall, the Company's licensing partnerships, the Company's ability to develop and execute on its blockchain initiatives, and the use by certain parties of CapitalCube and Marketwall App. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AnalytixInsight Inc., as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the Company's technology and revenue generation; risks associated with operation in the technology sector; ability to successfully integrate new technology and employees; foreign operations risks; and other risks inherent in the technology industry. Although AnalytixInsight has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. AnalytixInsight does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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