DENVER and VANCOUVER, British Columbia, June 03, 2022 (GLOBE NEWSWIRE) — SPOTLITE360 IOT SOLUTIONS, INC. (“SpotLite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt: 87A) is pleased to announce that it has released financial and operational results for the first quarter of 2022 (“Q1 22”). Readers are encouraged to review the March 31, 2022 Consolidated Financial Statements and Management’s Discussion & Analysis (MD&A) which were filed on SEDAR (www.sedar.com) on May 30, 2022. All results are expressed in Canadian dollars unless otherwise specified.
SpotLite360 posted a significant increase of $0.745 million in Q1 22, up from $0.199 million in Q4 21, for total revenue of $0.944 million in Q1 22 with continued investment in operations, sales, product development and delivery of enterprise scalable solutions. The Company recognized a loss of $548,164 or $(0.01) per share. The majority of expenses were related to consulting fees, marketing fees, salaries and share based compensation. On a non-GAAP accounting basis, the Company was near break-even.
James Greenwell, President and CEO commented, “We are very excited to show these results and further validate our strategy of delivering supply chain transparency, trust and proof of sustainability claims to both customers and consumers. Our portfolio of enterprise scalable SaaS-based software and solutions provides tracing, tracking and visibility across the entire supply chain. Given our strong pipeline and a current backlog of contracted business of more than $12 million, the Company anticipates further growth throughout the balance of fiscal 2022.”
Financial Highlights for the three months ended March 31, 2022 (“Q1 22”)
Revenue for Q1 22 of $0.944 million vs $0.199 million for the three months ended December 31, 2021 (“Q4 21”). The increase was the result of revenue generated from the start of a new customer implementation that is anticipated to generate more than $12 million in revenue throughout 2022.
Q1 22 net loss improved to $0.548 million or $(0.01)/share compared to a net loss of $1.086 million or ($0.02)/share for the three months ended December 31, 2021.
Adjusted EBITDA improved with a loss for the Q1 22 of $0.009 million compared to a $0.665 million loss for Q4 21.
Backlog value of executed contracts entering Q2 22 remained over $12 million with project implementations underway. As outlined in the April 7, 2022 press release, expansion of office openings has begun with operations now in Arizona and Oklahoma.
A decrease in expenses related to CSE listing costs.
Marketing efforts included updates to the Company’s website and marketing materials.
Increased sales activities have led to growth in pipeline opportunities.
Additional product and service offerings have been incorporated for future implementations. New project announcements are expected in coming months.
In such a fragmented market, the Company anticipates additional opportunities for mergers and acquisitions to materialize.
C$(000s) (except per share)
Three-month Period Ended
March 31, 2022
December 31, 2021
Revenue
$994
$199
Income (loss) for the period
($548)
($1,086)
Income (loss) per share
($0.01)
($0.02)
Adjusted EBITDA (Loss)*
($0.009)
($0.665)
The vision of building an enterprise scalable SaaS based technology company targeting the supply chain, remains a high priority. Customer implementations are leveraging SpotLite360 solutions to create visibility into mission critical supply chain activities. Leveraging IOT, sensors, the cloud, software, and blockchain enable real-time and near real-time supply chain decisions to be made. SpotLite360 continues to create an automated, smart, fully connected digital supply chain environment across its target industries.