Reklaim's Q2 Revenue Highlights Consistent Growth and Strategic Expansion in Deals Revenue
NEW YORK, Aug. 20, 2024 /PRNewswire/ - Reklaim, (TSXV: MYID) (OTC: MYIDF) ("Reklaim"), the leading platform empowering consumers to access and reclaim their data, is pleased to announce its second-quarter results and positive EBITDA for the period ending June 30, 2024.
Key Highlights from Reklaim's Q2-2024 Performance:
- Positive EBITDA: Reklaim achieved a positive EBITDA of $154,290 in Q2 2024, marking a continued profitability trajectory.
- Record Revenue for Q2: Reklaim reported its highest Q2 revenue ever, posting revenue of $1,099,696, a 5% increase over Q2 2023, reflecting strong market demand.
- Significant Cash Flow Improvement: Year-to-date (YTD) positive cash flow from operations reached $258,350, a remarkable improvement compared to $612 for the same period last year.
- Sustained Gross Margins: Reklaim maintained robust gross margins at 80%, underscoring operational efficiency and disciplined cost management.
- Deals Revenue Surge: The company's Deals revenue stream increased by 6% in Q2 and 31% YTD, highlighting Reklaim's ability to diversify and scale its revenue base.
Strategic Achievements and Financial Strength
Reklaim's Q2 2024 results underscore the company's ability to deliver strong financial performance while consistently driving strategic growth. The continued success in the Deals revenue stream, a combination of Reklaim data and publisher inventory in a vertically integrated deal, reflects Reklaim's proactive approach to diversifying its business model, enabling sustained revenue growth and enhanced financial resilience.
The company's ability to maintain high gross margins, alongside a significant increase in cash flow, illustrates Reklaim's commitment to operational excellence and prudent financial stewardship. These results highlight Reklaim's adaptability in navigating a rapidly evolving market landscape, positioning the company for future success.
Leadership Perspective
Neil Sweeney , Founder and CEO of Reklaim, is excited about the company's achievements in Q2 2024. He states, "Our performance this quarter is a testament to Reklaim's strategic vision and our team's focus on execution. We have diversified our revenue streams and strengthened our financial foundation, ensuring we are well-positioned for sustained growth. As we move forward, our commitment to empowering consumers and driving innovation remains stronger than ever."
Looking Ahead
Reklaim continues empowering consumers to take control of their data while expanding its AI privacy initiatives. Investors are encouraged to read Reklaim's MD&A for more detail on market trends and their impact on Reklaim.
Full financial results, reported in CAD dollars, and Management's Discussion and Analysis are posted to SEDAR (www.sedar.com) and on the Company's investor relations website: investors.reklaimyours.com. We encourage you to review these results to gain a comprehensive understanding of Reklaim's financial performance and strategic direction.
About Reklaim
Reklaim is committed to navigating the evolving landscape of consumer data privacy. We provide compliant, zero-party data solutions to Fortune 500 brands, platforms, and data companies. Our platform empowers consumers to reclaim control over their data, enabling them to view and manage information collected with direct authorization. Moreover, users can be compensated for their data through a Reklaim account. Discover more about Reklaim at https://investors.reklaimyours.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will," "may," "should," "anticipate," "expects," and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the closing of the Debt Settlement and TSXV approval of the Debt Settlement, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions in preparing forward-looking information may prove incorrect. Events or circumstances may cause actual results to differ materially from those predicted due to numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Although considered reasonable by management during preparation, such information may prove incorrect, and actual results may differ materially from those anticipated. This cautionary statement expressly qualifies forward-looking statements contained in this news release. The forward-looking statements in this news release are made as of the date of this news release. The Company will only update or revise any included forward-looking statements as expressly required by Canadian securities law.
SOURCE Reklaim Ltd.
