Q3 Marks a 61% Year-over-Year Revenue Increase and Significant Progress in Financial Performance
NEW YORK, Nov. 14, 2024 /PRNewswire/ - Reklaim, (TSXV: MYID) (OTC: MYIDF) ("Reklaim"), the leading platform empowering consumers to access and reclaim their data, is pleased to announce its third-quarter results and positive EBITDA for the period ending September 30, 2024.
Key Highlights from Reklaim's Q3 2024 Performance:
- Record Q3 Revenue: Achieved $1,487,321 for Q3 2024, up 61% year-over-year, with a nine-month total of $3,315,204, a 23% increase from 2023.
- Positive EBITDA Growth: Reported $359,978 for Q3, reflecting a 106% increase from Q3 2023. Year-to-date EBITDA at $418,441, impacted by early-year investments in the sales team.
- Enhanced Gross Margins: Improved to 82% for Q3 and 81% year-to-date, marking a 2-3% increase over 2023.
- Significant Cash Flow Improvement: Positive YTD cash flow of $260,062, a 1020% increase compared to the prior year.
Strategic Achievements and Financial Strength
Reklaim's strategic focus on diversifying revenue streams has led to substantial growth across its 'Platform' and 'Deals' segments, with 'Deals' revenue surging by 3403% in Q3 2024 compared to 2023. This adaptability underscores Reklaim's ability to navigate an evolving market landscape, ensuring continued operational excellence and strategic momentum.
Neil Sweeney, Founder and CEO of Reklaim, shared, "Our Q3 2024 results affirm our strategic direction and execution capabilities. By diversifying revenue and strengthening our financial base, we're poised for continued growth. Reklaim remains steadfast in empowering consumers and driving forward in a data-driven landscape."
Looking Ahead
Reklaim continues to empower consumers to take control of their data while expanding its AI privacy initiatives. For more details on our market insights and our CEO Quarterly Letter, please review Reklaim's MD&A.
Additional
Reklaim successfully completed the conversion of $100,000 of debt into 1,111,111 shares at a deemed price of $0.09 per share on October 11, 2024, as previously disclosed in our October 10, 2024, press release.
About Reklaim
Reklaim navigates the evolving consumer data privacy landscape, providing privacy-compliant data solutions for Fortune 500 brands, platforms, and data companies. Our platform allows consumers to reclaim control over their data and be compensated through their Reklaim account. Learn more at investors.reklaimyours.com.
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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.
