Quisitive Achieves Record-Breaking Revenue Growth in Q3 2019
Toronto -- November 25, 2019 -- NewsGenie -- Quisitive Technology Solutions Inc. (TSXV:QUIS) reported record quarterly revenues of $5.3 million, a 65% year-over-year increase, and an adjusted EBITDA of $855,011 for the quarter ended September 30, 2019.
"Our second quarter market recognition and acquisition transaction were the catalysts for the revenue impact we demonstrated in our third quarter," said Mike Murphy, CFO. "The momentum we had coming into this quarter contributed to the significant increase in enterprise consulting engagements and record revenues."
Key financial highlights for Q3 2019 include:
- Revenue increased by 65% to $5,337,191 compared to the same quarter in 2018.
- Gross margin reached $2,575,841, representing 48% of revenue, a 139% increase from $1,078,420 in Q3 2018.
- Adjusted EBITDA stood at $855,011, or 16% of revenue, a significant improvement from a loss of ($610,829) in the prior year.
For the first nine months of 2019:
- Revenue grew by 78% to $13,527,806.
- Gross margin was $6,027,836, or 45% of revenue.
- Adjusted EBITDA reached $1,352,744, or 10% of revenue.
Business highlights include the acquisition of Corporate Renaissance Group (CRG), expanding Quisitive's geographic presence and adding expertise in Microsoft Dynamics. The company also achieved Microsoft Azure Cloud Solution Provider designation for Government customers and launched initiatives with Microsoft to drive Microsoft Teams adoption.
Quisitive's client wins included a modern application development project in healthcare manufacturing/retail and a modern data warehouse project for a public utility.
Mike Reinhart, CEO of Quisitive, can be contacted for further information at mike@reinhart@quisitive.com.