REKLAIM LTD ANNOUNCES Q1 2023 RESULTS WITH RECORD REVENUE AND A 169% INCREASE IN GROSS MARGINS
With 91% recurring revenue and reduced operating expenses of 60% year-over-year, Reklaim is positioned for a profitable 2023.
New York, New York, May 8, 2023 – Reklaim Ltd. (TSXV: MYID) (OTC: MYIDF) (the “Company”) the destination for consumers to access and reclaim their data, announces the filing of its Q1 2023 financial results.
Reklaim Highlights for Q1-2023
Q1 2023 revenue grew to $728,304, an 86% increase over Q1 2022.
A second consecutive quarter of record revenue growth.
Q1 2023 revenue exceeded Q4 2022 revenue, seasonally the highest quarter of the year, by 1%, marking a new record revenue quarter for the Company.
The Company increased its gross margin by 169% from Q4-2022 to Q1-2023, from 26% to 71% in the past 90 days.
Expanded the sale of Reklaim data internationally.
Recurring revenue of 91% in Q1-2023, up from 70% in Q1-2022.
Platform revenue, which represents 74% of total revenue, grew by 115% in Q1-2023 vs. Q1-2022.
Reduced operating expenses by 60% in Q1-2023 vs. Q1-2022.
Improved EBITDA 96% in Q1-2023 vs. Q1-2022 and 84% from Q4-2022.
New revenue product ‘Deals,’ an end-to-end vertically integrated media buy for brands and agencies, contributed 7% to total revenue in Q1-2023 in its first month, positioning it as a new revenue vertical for the Company.
"The 2023 calendar year is picking up where we left off in Q4-2022 with gross margins expanding 169% over the past 90 days and Q1-2023 revenue; usually the slowest quarter of the year, hitting a new record quarter for us," said Reklaim CEO Neil Sweeney. “With recurring revenue now at 91% and operating expenses down 60% year-over-year, we are positioned well for a profitable 2023.”
“The global data market continues pivoting to consumer inclusion and privacy. Reklaim is positioned to take advantage of this massive opportunity as Fortune 500 brands look to replace historical data providers with ones that can adhere to new privacy standards”, said Sweeney. “We look forward to continuing our growth and profitability trajectory in Q2 and 2023.”
Full financial results, reported in CAD dollars, and Management's Discussion and Analysis are posted to SEDAR (www.sedar.com) and on the Company's investor relations website: investors.reklaimyours.com.
About Reklaim Ltd
Reklaim Ltd. (TSXV: MYID, OTCQB: MYIDF) is driven by consumer data and the evolution of privacy. Offering compliant, zero-party data to Fortune 500 brands, platforms, and data companies, Reklaim allows consumers to visit the platform, confirm their identity, and unveil data that has been collected and sold without the consumer's explicit consent for years. Reklaim enables consumers to take back control of this data by setting up a Reklaim account where, should they choose to, they can be compensated for their data or choose to protect it via a suite of privacy tools.
To view more information about Reklaim, visit https://investors.reklaimyours.com
For further information, please contact:
Ira Levy, CFO1-855-908-DATAE: investorrelations@reklaimyours.com
