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Toronto, Ontario -- May 28, 2020 -- NewsGenie --Quisitive Technology Solutions Inc. (TSXV: QUIS) announced impressive Q1 2020 results, with revenues reaching $10.9 million, a 171% increase year-over-year. Adjusted EBITDA stood at $1.1 million, representing 10% of revenue.
CEO Mike Reinhart highlighted the Menlo Technologies acquisition and the launch of LedgerPay as key drivers. The Menlo acquisition expanded Quisitive's reach across Microsoft's cloud platform, while LedgerPay, a secure payment processing platform, offers brick-and-mortar retailers enhanced customer insights.
Key financial highlights for the quarter include a gross margin of $4 million (37%) and a net loss of $4.3 million, which includes a $3.1 million loss related to the convertible debt from the Menlo acquisition.
Additional Q1 accomplishments include a managed cloud services agreement with a leading healthcare company, growth in managed services and SaaS subscription billings, recognition as a finalist for top mergers and acquisitions in North Texas, and the strategic partnership between LedgerPay and dunnhumby. Quisitive also launched On-Ramp to Azure, a new subscription-based service, and contributed to COVID-19 diagnostic software development.
Quisitive's executive team hosted a conference call on May 29, 2020, to further discuss the financial results.
Quisitive Reports Significant Revenue Growth in Q1 2020
Toronto, Ontario -- May 28, 2020 -- NewsGenie --Quisitive Technology Solutions Inc. (TSXV: QUIS) announced impressive Q1 2020 results, with revenues reaching $10.9 million, a 171% increase year-over-year. Adjusted EBITDA stood at $1.1 million, representing 10% of revenue.
CEO Mike Reinhart highlighted the Menlo Technologies acquisition and the launch of LedgerPay as key drivers. The Menlo acquisition expanded Quisitive's reach across Microsoft's cloud platform, while LedgerPay, a secure payment processing platform, offers brick-and-mortar retailers enhanced customer insights.
Key financial highlights for the quarter include a gross margin of $4 million (37%) and a net loss of $4.3 million, which includes a $3.1 million loss related to the convertible debt from the Menlo acquisition.
Additional Q1 accomplishments include a managed cloud services agreement with a leading healthcare company, growth in managed services and SaaS subscription billings, recognition as a finalist for top mergers and acquisitions in North Texas, and the strategic partnership between LedgerPay and dunnhumby. Quisitive also launched On-Ramp to Azure, a new subscription-based service, and contributed to COVID-19 diagnostic software development.
Quisitive's executive team hosted a conference call on May 29, 2020, to further discuss the financial results.