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UPSNAP ANNOUNCES Q3 2023 FINANCIAL RESULTS

CNW Group
·2 min read

TORONTO, Nov. 29, 2023 /CNW/ - UpSnap Inc. (CSE: UP) ("UpSnap" or the "Company"), a leading provider of mobile advertising solutions, today announced its third quarter (Q3) financial results for the three-month and nine-month periods ended September 30, 2023.

Q3 2023 Financial Highlights

  • Total operating revenue was $215,000 for three months ended September 30, 2023, compared to $222,000 for the three months ended September 30, 2022. Total operating revenue for the nine months ended September 30, 2023 was $675,000 compared to $662,000 for the same period in 2023.

  • Total operating costs for three months ended September 30, 2023, was $340,000 compared to $357,000 for three months ended September 30, 2022. Total operating costs for the nine months ended September 30, 2023 was $1.06 million compared to $1.02 million for the same period in 2022.

  • Net loss for the three months ended September 30, 2023, was $153,000 compared to $163,000 for the same period in 2022. Net loss for the nine months ended September 30, 2023 was $472,000 compared to a net loss of $444,000 for the same period in 2022.

  • As September 30, 2023, the Company had a cash and cash equivalents of $166,000 compared to $206,000 on December 31, 2022.

This news release should be read in conjunction with UpSnap's unaudited financial statements and the accompanying notes, as at and for the quarter ended September 30, 2023, together with the related Management Discussion and Analysis. Those documents have been filed with certain securities regulatory authorities in Canada and are available on SEDAR (www.sedar.com) and on the UpSnap website at www.upsnap.com.

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About UpSnap

UpSnap provides highly-targeted, data-driven mobile advertising to attract the ideal audience for brands big and small. Utilizing real-time analytics, UpSnap goes beyond location to deliver app-agnostic and results-driven campaigns that produce qualified, engaged customers. UpSnap tailors each campaign to align with unique business goals, delivering the right customers for more meaningful exposure and better business results.

Caution Regarding Forward Looking Information

Certain information set out in this News Release constitutes forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "hope", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "scheduled", "believe" and similar expressions. The forward- looking information set out in this News Release relates to future events or our future performance and includes: (i) information concerning the positive effect of new leadership on revenue growth; (ii) the effect of broadening the Company's revenue streams on revenue growth and predictability; (iii) the Company's ability to succeed in the mobile advertising market by focusing on the underserved small and medium sized business market.

Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. Forward-looking statements involve substantial known and unknown risks, uncertainties and other factors which cause actual results to vary from those express or implied by such forward looking statements. These statements should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved.

The forward-looking statements contained in this press release are made as of the date hereof and based on what management of the company believes are reasonable assumptions. The Company disclaims any intention or obligation to update or publicly revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws. Furthermore, the Company does not assume responsibility for the accuracy and completeness of the forward-looking statements set out in this news release. The Company's forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements.

The CSE has not reviewed, approved or disapproved the content of this press release

SOURCE UpSnap Inc.

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View original content: http://www.newswire.ca/en/releases/archive/November2023/29/c6386.html