Toronto, Ontario--(Newsfile Corp. - November 29, 2024) - AnalytixInsight Inc. (TSXV: ALY) ("AnalytixInsight", or the "Company") today announced its financial results for the third quarter of 2024, covering the nine-month period ended September 30, 2024.
Key Financial Highlights:
For the quarter ended September 30, 2024, AnalytixInsight revenue was $52,039 with a net loss for the nine month period of ($533,512) compared to September 30, 2023, revenue of $93,932 with a net loss for the nine month period of ($1,890,120). This change was due partially to the removal of Euclides revenue from service contracts as compared to prior year with no change in the number of CapitalCube enterprise customers and a significant number of employee options' cancellations resulting in an adjustment of share compensation expense.
For the nine months ended September 30, 2024, MarketWall (including InvestoPro) revenue was $6,937,531 with a net income of $653,436 compared to nine months ended September 30, 2023 revenue of $8,141,879 and net income of $2,105,287.
Some additional highlights for MarketWall include Intesa Sanpaolo extending the licensing deal of Investo, with a two-year extension until December 31, 2026 at EUR 4 million/year and InvestoPro (licensed broker dealer exchange) expanding its assets under custody to €131million.
AnalytixInsight's ownership of MarketWall is 49% and thus MarketWall is not consolidated in AnalytixInsight's financial results. MarketWall's financial results include the consolidation of its wholly-owned subsidiary InvestoPro.
Management Commentary
"Q3 was a challenging period, during which we streamlined our operations as much as possible, while working towards a settlement on our legal issues, as was completed in September with the final dismissal of the original court filing this week on November 25th," commented Natalie Hirsch, Interim CEO. "We used the time to resurrect sales efforts on CapitalCube and start identifying ways to sell our fundamental analysis attributes and scoring to a newer group of customers which we hope to realize in Q4."
AGM Postponement
AnalytixInsight, a corporation governed by the laws of Ontario, announces that it will be unable to hold its Annual General Meeting ("AGM") within the 15-month period required under the Business Corporations Act (Ontario) and the policies of the TSX Venture Exchange (TSXV).
The Company's last AGM was held on August 31, 2023, and in accordance with corporate governance requirements, the next AGM is due to be held by November 30, 2024. However, due to the time required for key preparations, the Company will not be able to convene the AGM by this deadline.
In response to evolving business conditions, the Company has implemented a series of strategic management and operational changes designed to strengthen its financial position and support continued growth. These efforts are expected to enable the Company to hold the AGM within the next six months.
The Company understands the importance of holding the AGM in a timely manner to ensure ongoing shareholder engagement and compliance with regulatory requirements. It is actively addressing the remaining matters and will provide shareholders with an updated timeline for the AGM once the necessary preparations are completed.
The Company appreciates the continued support and understanding of its shareholders during this period of transition.
Dismissal Order
The Company is pleased to inform its shareholders that the Ontario Superior Court of Justice has issued a dismissal order on November 25, bringing the case with previous management of the Company to a successful conclusion.
Option Expiry Clarification
Additionally, the Company would like to clarify the terms of the options granted to certain advisors and announced in the November 18, 2024 news release. The Company announced that the options would expire five years from the date of grant, however the Company would like to clarify that the options will actually expire three years from the date of grant.
ABOUT ANALYTIXINSIGHT
AnalytixInsight is a data analytics and enterprise software solutions provider. AnalytixInsight develops and markets cloud-based platforms providing financial content, company analysis and stock research solutions to the financial services industry. AnalytixInsight holds a 49% interest in MarketWall S.R.L., a developer of fintech solutions for financial institutions in Italy.
CONTACT INFORMATION:
Natalie Hirsch
Interim CEO
AnalytixInsight Inc.
natalie.hirsch@analytixinsight.com
Tel: 647-955-2933
Neither THE 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.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking information" within the meaning of applicable securities laws and the respective policies, regulations and rules under such laws ("forward-looking statements"). These forward-looking statements generally are identified by words such as "anticipate", "expect", "intend", "will" and similar expressions, although not all forward-looking statements contain these identifying words. Specific forward-looking statements in this news release include, but are not limited to, statements regarding the postponement of the annual general meeting. Although the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this news release including, without limitation, general business, economic, competitive, geopolitical and social uncertainties; the Company's technology and revenue generation; risks associated with operation in the technology sector; the Company's ability to successfully develop a go-forward strategy, raise capital, and extract value from MarketWall; foreign operations risks; the risk that funding options are not available to the Company, on reasonable terms or at all, to address its funding needs; the receipt of necessary regulatory, court, and corporate approvals to pursue funding options; the risk that the previously disclosed court-ordered inspector may uncover unexpected issues and/or the investigation may not be completed in a timely manner or at all, the risk that the issues to be addressed by the previously disclosed interim orders and the court-ordered inspector are not resolved in a timely manner or at all, and other risks inherent in the technology industry. Additionally, there are uncertainties inherent in forward-looking information, including factors beyond the Company's control. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary note. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232025
SOURCE: AnalytixInsight Inc.
