Edge Total Intelligence Inc Reports Results for Fourth Quarter and Full Year 202… – Press Release

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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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