InsuraGuest Technologies (TSXV: ISGI) this morning released a business outlook for 2023 in conjunction with the filing of their fiscal year financing results for the period ended June 30, 2022. The company highlighted the announcement by pointing to revenues that grew 235% on a year over year basis.
Filed on Friday evening, the company reported fiscal year 2022 revenues of $345,245, which resulted in gross profits of $248,957. Revenues for the year came from three segments, with revenues from event-based programs amounting to $184,338, while revenues from short term rental guest programs grew to $153,447.
The company added that the number of vacation rental properties using the firms insuratech product offerings had more than doubled since the first quarter of 2022, although specifics were not provided.
In terms of outlook,. the company states that they “believe there is tremendous opportunity” within its participant events product segment, while it also expects significant growth from its subscription-based products which were added in June, near-to the firms year end. It’s legacy business focus of hotels meanwhile is also expected to grow, with “qualified conversations with hotel groups” currently in progress.
“We have proven our technology stack by launching new products along with adding and growing a significant number of properties over last year. Our insurtech technology stack and products continue to be recognized as an industry leader in the vacation rental, hotels, and participant events sectors. This path will allow our customer base to grow and create additional revenue well into the future. As a result, we are now increasing marketing and sales dollars for further expansion of our successful model,” commented President Reed Wright.
Expenses for the year amounted to $1.7 million, lead by consulting fees of $0.5 million. Overall, the company posted a loss for the year of $1.5 million. The firm’s cash balance meanwhile presently sits at $0.6 million, while total liabilities came in at $0.3 million.
InsuraGuest Technologies last traded at $0.125 on the TSX Venture.
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