MONTREAL, May 31, 2019
- 22% year-over-year growth in TotalSocial revenue
- EBITDA improved by 21% from Q1 2018
- Non-GAAP Adjusted EBITDA improved by 41% from Q1 2018
MONTREAL, May 31, 2019 /CNW/ -- Engagement Labs Inc. (TSXV: EL) released results for its first quarter ended March 31, 2019. Condensed interim consolidated Financial Statements and Management Report are available on SEDAR's website at www.sedar.com.
First Quarter Financial Highlights
- Total company revenue was $911,368 for Q1 2019, of which $878,302 is TotalSocial® revenue, representing a 22% increase in TotalSocial revenue vs Q1 2018 ($720,364).
- Operating expenses have decreased to $1,394,357 in Q1 2019, down 17% or $291,366 from $1,685,723 in Q1 2018.
- Gross margin decreased to 43% in Q1 2019, from 48% in Q1 2018.
- Net loss before income taxes has decreased to -$1,269,136 in Q1 2019, down 11% or -$155,077 from -$1,424,213 in Q1 2018.
- EBITDA loss of -$851,591 for Q1 2019, representing an improvement of $221,700, from -$1,073,291 for Q1 2018.
- Non-GAAP Adjusted EBITDA loss of -$545,096 for Q1 2019, representing an improvement of $380,673 from -$925,769 for Q1 2018.
- Basic and diluted income per share was ($0.01) for Q1 2019 compared to ($0.01) for Q1 2018.
- As at March 31, 2019, the Company had cash (excluding restricted cash) of $434,280, compared to $906,455 as of December 31, 2018.
"In 2018, we began to focus 100% of our efforts and resources to our TotalSocial platform and transitioning away in the short-term from legacy products and revenues," said Ed Keller, CEO. "That investment and long-term strategy is paying off with decreases in our operating expenses and growth in our TotalSocial revenues."
About Engagement Labs
Engagement Labs (TSXV: EL) is an industry-leading data and analytics firm that provides social intelligence for Fortune 500 brands and companies.
To learn more visit www.engagementlabs.com
Disclaimer in regard to Forward-looking Statements
Certain statements included herein constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. Except as required by law, Engagement Labs does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Engagement Labs
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