Quisitive Achieves Strong Revenue Growth in Q4 2018
Toronto -- April 30, 2019 -- NewsGenie -- Quisitive Technology Solutions Inc. (TSXV: QUIS) announced it finished the year on a strong run rate, reporting a 20.7% quarterly revenue increase in the fourth quarter. The company's FY2018 revenue reached $12,606,724, with $6,451,867 from repeat customers. Gross margin for the year was $4,673,424, or 37.1%.
Despite the revenue growth, Quisitive reported a net loss of $6,610,200, or $0.09 per share, which included $2,182,204 in non-cash expenses related to a Qualifying Transaction, $1,488,101 in amortization, $403,864 in stock-based compensation, and $327,463 in acquisition-related expenses. The adjusted EBITDA loss for the year was ($952,554), or (7.6%) of revenue.
In Q4, revenue was $3,902,545, marking the 20.7% increase. The company completed 30 Azure Assessments, leading to 22 new projects in Azure Migration, Modern BI, Azure DevOp, and Office 365 implementations. The gross margin for the quarter was $1,584,376, or 40.6%. Net loss for the quarter was $1,664,565, or $0.02 loss per share.
CEO Mike Reinhart stated that Quisitive capitalized on a strong pipeline in Q3, engaging with 35 enterprise clients to exceed profitability targets in Q4. This momentum allowed the company to close the year strong. An investor conference call was held on May 1, 2019.
Adjusted EBITDA loss for the quarter was ($202,307) or (2.2%) of revenue. The company's financial statements are available on SEDAR. Adjusted EBITDA loss for the quarter ended December 31, 2018 was $200,307 or (5.1%). Adjusted EBITDA loss for the year ended December 31, 2018 was $952,554 or (7.6%).