- INEO achieved 72% increase in year-over-year revenue and 202% increase in gross profit in third quarter 2022.
- Despite the current challenging macroeconomic environment INEO is experiencing an increase in its sales activity.
- INEO’s direct sales efforts have resulted in the Company signing a Master Services Agreement with a large retailer and being selected as a preferred vendor for EAS (Electronic Article Surveillance) products by a retail dealer association which has approximately 500 franchisee locations across Canada.
SURREY, BC, May 30, 2022 /PRNewswire/ – INEO Tech Corp. (TSXV:INEO) (OTCQB:INEOF) (the “Company” or “INEO“), the innovative developer and operator of the INEO Media Network, a digital advertising and analytics solution for retailers, today announced it has filed its Interim Consolidated Quarterly Financial Statements and Management’s Discussion and Analysis on SEDAR.com for the Company’s fiscal third quarter ended March 31, 2022.
“We are pleased with our fiscal third quarter results in which we reported a 72% increase in revenue and a 202% increase in gross profit,” said Greg WatkinChairman and Founder of INEO. “The third quarter was quite eventful for INEO as we completed our acquisition of Securitytags.com, partnered with another programmatic advertising platform in Vistar Media, and released a new product in the INEO Media Player. Furthermore, I am pleased to announce we’ve made significant progress on both our direct sales channel and through our partnership with Prosegur. More importantly, we are excited that our direct sales efforts have resulted in the signing of a Master Services Agreement with a large retailer which has over 1,000 retail locations across the United Statesand we were also recently selected as a preferred vendor for EAS (Electronic Article Surveillance) products by a retail dealer association which has approximately 500 franchisee locations across CanadaMeanwhile, our partnership with Prosegur has expanded INEO’s sale activities to numerous retail chains across the globe. We look forward to reporting on these opportunities in the coming quarters as we expand our Media Network worldwide.”
- INEO generated $335,568 of revenue for the three months ended March 31, 2022representing an increase of 72% as compared to revenue of $195,518 for the three months ended March 31, 2021.
- INEO generated gross profit for the three months ended March 31, 2022 of $203,550as compared to gross profit of $67,358 for the quarter ended March 31, 2021representing an increase of 202%, driven by an increase in higher margin INEO loss prevention products.
- INEO achieved gross margin percentage of 60.7% for the three months ended March 31, 2022compared to gross margin percentage of 34.5% for the quarter ended March 31, 2021. The increase in gross margin percentage was attributed to the increase in INEO loss prevention products.
- Net loss and comprehensive loss for the three months ended March 31, 2022 was $773,982 or $0.01 per share compared to net loss of $576,400 or $0.01 per share for the three months ended March 31, 2021.
- EBITDA loss for the three months ended March 31, 2022 was $726,099compared to EBITDA loss of $540,266 for the three months ended March 31, 2021.
- INEO had $2,574,594 of cash and cash equivalents at March 31, 2022compared to $5,199,328 of cash and cash equivalents at June 30, 2021.
- As at March 31, 2022the Company had 60,190,138 shares issued and outstanding.
- On January 20, 2022 INEO announced it had acquired the assets of E-Commerce company, Securitytags.com from Vitag PTY Ltd., a leading Australian-based provider of Electronic Article Surveillance (EAS) anti-theft products for retailers. Under the terms of the purchase agreement, INEO acquired the Securitytags.com domain name, website, inventory, customer list and social media accounts.
- On February 10, 2022 INEO announced a partnership with Vistar Media, the leading provider of programmatic technology for digital out-of-home (DOOH). With this agreement, all of the digital display screens in the INEO Media Network, including those in INEO’s patented INEO Welcoming Systems, are accessible on Vistar’s programmatic advertising platform. Brands and marketers who utilize the Vistar Media platform are able to purchase INEO’s unique advertising inventory, located at the front entrance of retail stores.
- On March 15, 2022 INEO announced the appointment of Bernie Ryle as Chief Financial Officer. Bernie has responsibility for all finance, accounting, financial reporting, audit, tax and capital planning functions. She assumed the Chief Financial …