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REKLAIM LTD Announces Q4 & 2023 Outcomes: Achieving Profitability with $872K in Profit and a 74% Surge in Annual Revenue
Remarkable $872K Profit Marks a $5M Improvement Over the Past 12 Months.
NEW YORK, April 9, 2024 /CNW/ - Reklaim, (TSXV:MYID) (OTC:MYIDF) ("Reklaim"), the leading platform empowering consumers to access and reclaim their data, announces the release of its 2023 annual audited financial results for the year ending December 31, 2023.
Key Highlights from Reklaim's 2023 Performance:
Remarkable Financial Growth:
Reklaim achieved 74% year-over-year revenue growth, reaching $4,111,927 in 2023 compared to $2,361,110 in 2022.
Recorded profit of $872,139 for 2023, a substantial improvement from a loss of ($4,147,069) in 2022, representing a remarkable $5,019,208 turnaround over the past 12 months.
Gross margins surged to 77% in 2023, reflecting an impressive 83% improvement compared to -6% in 2022.
Reklaim demonstrated a consistent growth trajectory in Cash Flow From Operations over the year, reaching $58,513 in 2024 vs. -$3,331,098 in 2022, a significant enhancement of $3,389,611 compared to the previous fiscal year.
Record-Breaking Q4 Performance:
Q4 2023 revenue reached an all-time high of $1,416,230, marking an impressive 97% surge compared to the same period in 2022.
Sequentially, Q4 2023 revenue increased to $1,416,230 from $923,966 in Q3 2023, demonstrating a robust 53% growth.
Recurring Revenue and Operational Efficiency:
Achieved a recurring revenue rate of 92% in 2023, a notable increase from 86% in ...