Significant Cost Reduction & Continued Path to Profitability
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2023) - Jasper Commerce Inc. (TSXV: JPIM) ("Jasper" or "the Company"), a leading provider of Product Information Management solutions, today announced its financial results for the fourth quarter of fiscal 2023 ("Q4 2023") and for the fiscal year ending July 31, 2023. All amounts are expressed in Canadian dollars unless otherwise specified.
Jasper reported a net loss before tax of $357,656 for Q4 2023. This shows improvement over a loss of $622,978 in Q3 2023 and a substantial improvement over a loss of $886,455 in Q4 2022. The decreased loss in Q4 2023 largely stemmed from a drop in operating expenses, from $966,493 in the previous quarter to $710,750 in Q4 2023. Expenses fell in all categories reflecting success in execution of Jasper's breakeven strategic plan announced in Q2 2023.
The recognized software subscription revenue for the quarter was $332,892, a 6% increase from $314,460 in the prior quarter, and flat from $332,627 in subscription revenue in Q4, 2022. Professional services revenue fell to $20,202 in the quarter, down from $29,055 in the prior quarter, and from $40,171 in Q4, 2022. This is reflective of Jasper's strategic move away from unprofitable business as it prioritized cost reduction and a push to profitability.
The total revenue for Q4 2023 was $353,094, a slight increase from $343,515 in Q3 2023 and a decline from $372,798 in Q4 2022, mainly due to lower services revenue.
"Jasper Commerce set in motion its transformation plan in December 2022, with the twin goals of reducing operating expenses and growing revenue", commented Ken Gutierrez, Jasper's Interim CEO. "We made great progress this year, and we will continue to focus on improving the results in the 2024 fiscal year."
This news release should be read in conjunction with Jasper's audited financial statements and the accompanying notes, as at and for the quarter and fiscal year ended July 31, 2023. Those documents have been filed with certain securities regulatory authorities in Canada and are available on SEDAR (www.sedarplus.ca) and on the Jasper's website at www.jasperpim.com.
For further inquiries or additional information regarding this announcement, please contact:
Mag Saad, Chairman of the Board, magpsaad@gmail.com, (416) 930-1659
About Jasper Commerce Inc.
Jasper offers a Product Information Management ("PIM") solution that has the objective of empowering eCommerce merchants to manage and merchandise their products from a single source of truth, facilitating them to sell more, sell faster and work smarter. Jasper's PIM is accessible from anywhere via a web-browser and is intended to simplify the process by which online merchants import product data into the PIM. Once uploaded, merchants can add various product data including product attributes, images, videos, marketing information, inventory quantities and price books and efficiently merchandise their products using various features that include, among other things, the ability to adjust product categorization, pricing data and other key metrics. Jasper's PIM also allows for automatic syncing to popular eCommerce storefronts, marketplaces, or other connected channels, whenever new products are added to the PIM.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include statements based on current expectations involving several risks and uncertainties without limitation and are not guarantees of the Company's future performance. Actual results and future events could differ materially from those anticipated in such information. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188928
