Quisitive Achieves 47% Revenue Growth in 2019, Eyes Further Expansion
Toronto -- April 28 2020 -- NewsGenie -- Quisitive Technology Solutions, Inc. (TSXV:QUIS), a Microsoft solutions provider, announced a 47% year-over-year revenue increase for 2019, reaching $18,525,288. Adjusted EBITDA stood at $1,269,240, or 7% of revenue.
Mike Murphy, Quisitive CFO, stated that the company's strong cash position, driven by 2019 growth and recurring revenues, positions it well for both organic and acquisition-based growth in 2020.
Key Financial Highlights for FY2019:
- Revenue: $18,525,288 (vs. $12,606,724 in 2018)
- Gross Margin: $7,937,076 or 43% (vs. $4,673,424 or 37.1% in 2018)
- Net Loss: $7,376,707 (includes earn-out settlement, amortization, stock-based compensation, depreciation, and acquisition-related expenses)
- Adjusted EBITDA: $1,269,240 or 7% (vs. -$952,554 or -7.6% in 2018)
Key Financial Highlights for Q4 2019:
- Revenue: $5,404,860 (39% growth over Q4 2018)
- Gross Margin: $2,316,619 or 43% of revenue (46% increase over Q4 2018)
- Adjusted EBITDA: $323,876 or 6% of revenue.
Q1 2020 Preliminary Results:
- Net Revenue: Expected $10.9\u201311.1 million (vs. $4.0 million in Q1 2019)
- Gross Profit: Expected $4.1\u20134.3 million (vs. $1.6 million in Q1 2019)
- Adjusted EBITDA: Expected $1.0\u20131.2 million (vs. -$0.65 million in Q1 2019)
These results include Menlo Technologies, Inc. acquired on January 2, 2020. CEO Mike Reinhart anticipates continued growth in 2020 through acquisitions and investments, despite potential COVID-19 impacts. The company's acquisition pipeline remains strong.
Business Highlights Subsequent to 2019 Year End:
- Acquisition of Menlo Technologies, Inc.
- Cloud services agreement with a major healthcare company.
- Release of LedgerPay.
- Strategic partnership with Rev19.
Quisitive will host a conference call on April 29, 2020, at 8:30 am ET to discuss the results. Details are available in the press release and on the company's website.
Quisitive is a Microsoft solutions provider offering services in Microsoft Azure, Dynamics, and O365, along with SaaS solutions like CRG emPerform and LedgerPay. They operate globally with offices across North America and India.