Kneat.com, Inc. (TSXV: KSI) on Tuesday shared its financial results for Q2 2021, highlighting a quarterly revenue of $3.1 million. This is an increase from both Q1 2021 revenue of $2.4 million and Q2 2020 revenue of $1.5 million.
Breaking the quarterly revenue figure down, the firms software-as-a-service (SaaS) business contributed $1.7 million, up from last quarter’s $1.3 million and last year’s $0.6 million.
The software firm also shared that its annual recurring revenue at the end of the quarter is at $8.0 million, $7.3 million of which is attributable to SaaS license fees. This revenue figure was $5.7 million last quarter and $3.3 million last year.
Gross margin for the quarter is at 55.7%, a climb from last quarter’s 46.2% and last year’s 33.0%. Accordingly, the company’s net loss improved to $1.7 million this quarter from Q1 2021’s net loss of $4.07 million and Q2 2020’s net loss of $2.3 million. The quarterly loss translates to $0.02 per share.
The company also ended the quarter with a cash balance of $26.1 million from a starting balance of $8.7 million. The inflow for the quarter is largely attributable to proceeds from public equity financing amounting to $20.1 million. Current liabilities came in at $8.2 million at quarter’s end.
Kneat.com, inc. last traded at $3.34 on the TSX Venture.
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