Kneat.com, Inc. (TSXV: KSI) announced Tuesday evening its financial results for Q1 2021, highlighting revenue of $2.36 million. The company relays that this is a 147% increase from the $0.95 million revenue recognized in the comparable period last year.
Revenues from its software-as-a-service (SaaS) business were at $1.29 million for Q1 2021, comprising more than half of the company’s total revenue. This figure is a notable increase from last year’s $0.41 million. Annualized recurring revenue meanwhile has hit $5.74 million as of the quarter end.
Gross profit for the quarter was at $1.09 million, a climb from $0.05 million for the same period last year. Kneat recorded a net loss of $4.07 million for Q1 2021, compared to a net loss of $0.46 million last year. The company attributes the increase in net loss to unrealized foreign currency movements that resulted in a foreign currency loss of $1.97 million in Q1.
Kneat.com, inc. last traded at $2.98 on the TSX Venture.
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