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ARLINGTON, Va., May 02, 2022 (GLOBE NEWSWIRE) — Edge Total Intelligence Inc. CTRL (“edgeTI”, “we”, “our” or the “Company”), a leader in real-time digital operations solutions, announces operating and consolidated results for the fourth quarter and year ended December 31, 2021. Financial information is expressed in United States (US) dollars unless otherwise indicated. Readers should refer to the Company’s audited annual financial statements and related management discussion and analysis for the year ended December 31, 2021 that are posted on its profile on SEDAR (www.sedar.com).
Highlights
- Subscription Revenues Grew 59% to reach $2.27 Million
- Completed Migration to SaaS-like Subscription Model featuring Recurring Revenue
- Completed Reverse Acquisition and Raise of $3.8 Million net of share issuance costs
- Release of DevOps automation and low-code capabilities enabled customer expansion and new opportunities.
Q4, | Year Ended December 31, | |||||||||||
Selected Quarterly and Annual Information | 2021 | 2020 | 2021 | 2020 | ||||||||
Revenue | $ | 890,213 | $ | 1,335,533 | $ | 4,087,791 | $ | 6,116,092 | ||||
Cost of revenue | 376,178 | 314,785 | 1,412,225 | 1,328,304 | ||||||||
Gross profit | 514,035 | 1,020,748 | 2,675,566 | 4,787,788 | ||||||||
Gross margin % | 58% | 76% | 65% | 78% | ||||||||
Selling and marketing expenses | 364,273 | 213,970 | 1,471,346 | 1,399,647 | ||||||||
Administrative expenses | 500,110 | 464,648 | 2,119,984 | 1,701,108 | ||||||||
Research and development expenses | 280,483 | 418,315 | 1,128,388 | 990,324 | ||||||||
Impairment | 2,349,000 | – | 2,349,000 | – | ||||||||
Other (income) expenses | (106,518) | (229,734) | (57,931) | 166,085 | ||||||||
3,387,348 | 867,199 | 7,010,787 | 4,257,164 | |||||||||
Operating income (loss) | (2,873,313) | 153,549 | (4,335,221) | 530,624 | ||||||||
Reverse acquisition expenses | 5,198,395 | – | 5,198,395 | – | ||||||||
Interest | 273,696 | 273,273 | 1,033,252 | 976,129 | ||||||||
Change in fair value of warrant liability | 48,122 | (2,384,548) | 48,122 | (2,384,548) | ||||||||
Foreign exchange loss | … |
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