(TSXV-PGV)
TORONTO, April 29,
2022 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV)
("Prodigy" or the "Company") today announced its financial results
for the three months and year ended December
31, 2021.
"Prodigy continues to actively build its pipeline for its
tunlTM open banking and IDVerifactTM
digital identity platforms. While tight conditions in the
technology talent market weighed on financial performance,
indicators of a turnaround in that space are emerging," said
Tom Beckerman, Prodigy's Chairman
and CEO. "Prodigy continues to focus its resources on its
drive to build recurring revenue with our leading-edge platforms
and related services."
Fourth Quarter 2021 Financial
Results
- Revenue for the three months ended December 31, 2021 totalled $3,484,532 as compared to $3,603,183 for the three months ended
December 31, 2020, a decrease of
3%.
- Gross profit for the three months ended December 31, 2021 of $1,134,560 as compared to $1,048,504 for the three months ended
December 31, 2020, an increase of
8%.
- Operating expenses for the three months ended December 31, 2021 of $1,539,772 as compared to $629,120 for the three months ended December 31, 2020, an increase of 145%.
- Net loss for the three months ended December 31, 2021 totalled $416,296 as compared to net income of
$309,540 for the three months ended
December 31, 2020.
- Adjusted EBITDA for the three months ended December 31, 2021 totalled negative $144,623 as compared to positive $532,789 for the three months ended December 31, 2020.
- The Company had working capital of $3,143,145 as of December
31, 2021 compared to $2,715,694 as of December
31, 2020.
Full Year 2021 Financial
Results
- Revenue for the year ended December 31,
2021 totalled $13,461,991 as
compared to $15,968,507 for the year
ended December 31, 2020, a decrease
of 16%.
- Gross profit for the year ended December
31, 2021 of $3,982,664 as
compared to $4,523,923 for the year
ended December 31, 2020, a decrease
of 12%.
- Operating expenses for the year ended December 31, 2021 of $4,843,810 as compared to $3,772,589 for the year ended December 31, 2020, an increase of 28%.
- Net loss for the year ended December 31,
2021 totalled $871,668 as
compared to net income of $524,774
for the year ended December 31,
2020.
- Adjusted EBITDA for the year ended December 31, 2021 totalled negative $189,145 as compared to positive $1,094,553 for the year ended December 31, 2020.
|
Three months
ended
December 31
|
Year ended
December 31
|
|
2021
$
|
2020
$
|
2021
$
|
2020
$
|
|
|
|
|
|
Revenue
|
3,484,532
|
3,603,183
|
13,461,991
|
15,968,507
|
Gross
Profit
|
1,134,560
|
1,048,504
|
3,982,664
|
4,523,923
|
Expenses
|
1,539,772
|
629,120
|
4,843,810
|
3,772,589
|
Net and
comprehensive income (loss) for the period
|
(416,296)
|
309,540
|
(871,668)
|
524,774
|
Net income (loss)
per share – basic and diluted
|
(0.00)
|
0.00
|
(0.01)
|
0.00
|
Adjusted
EBITDA(1)
|
(144,623)
|
532,789
|
(189,145)
|
1,094,553
|
(1)
|
Adjusted EBITDA is a
non-IFRS financial measure, which is defined as earnings before
income tax expense, finance costs, depreciation and amortization
and share-based compensation. We exclude these items because they
affect the comparability of our financial results and could
potentially distort the analysis of trends in our business
performance. Adjusted EBITDA is used by management to assess our
operating performance. The presentation of Adjusted EBITDA is to
provide additional useful information to investors and analysts and
the measure does not have any standardized meaning under IFRS.
Adjusted EBITDA should therefore not be considered in isolation or
used in substitute for measures of performance prepared in
accordance with IFRS. Other issuers may calculate Adjusted EBITDA
differently.
|
(2)
|
For further information
regarding non-IFRS financial measures including a quantitative
reconciliation of Adjusted EBITDA, please see the Company's
Management's Discussion and Analysis for the year ended December
31, 2021 under the heading "Non-IFRS Financial
Measures".
|
|
|
The complete audited financial statements and associated
Management's Discussion and Analysis are available under the
Company's profile at www.sedar.com or the Company's website at
www.prodigy.ventures.
About Prodigy Ventures Inc.
Prodigy delivers Fintech innovation. The Company provides
leading edge platforms, including IDVerifact™ for digital identity,
and tunl.™ for open banking and customer chat support, coupled with
seamless integration of our partners best-of-breed Fintech
platforms. Our services business, Prodigy Labs™, integrates and
customizes our platforms for unique enterprise customer
requirements, and provides technology services for digital
identity, open banking, payments and digital transformation.
Digital transformation services include strategy, architecture,
design, project management, agile development, quality engineering
and staff augmentation. Prodigy has been recognized as one of
Canada's fastest growing companies
with multiple awards.
Forward-Looking and Cautionary Statements
Certain information set out in this news release constitutes
forward-looking information. Forward looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "intend", "could", "might", "should", "believe" and similar
expressions. Although the Company believes that the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, and that information obtained from third
party sources is reliable, they can give no assurance that those
expectations will prove to have been correct. Readers are cautioned
not to place undue reliance on forward-looking statements included
in this document, as there can be no assurance that the plans,
intentions or expectations upon which the forward-looking
statements are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties that contribute to the possibility that the
predictions, forecasts, projections and other forward-looking
statements will not occur, which may cause actual results in future
periods to differ materially from any estimates or projections of
future performance or results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, risk factors set forth in the Company's
Management's Discussion and Analysis for the year ended
December 31, 2021, a copy of which is
filed on SEDAR at www.sedar.com. Readers are cautioned that this
list of risk factors should not be construed as exhaustive. These
statements are made as at the date hereof and unless otherwise
required by law, the Company does not intend, or assume any
obligation, to update these forward-looking statements.
Non-IFRS Financial Measures
Our financial statements are prepared in accordance with
International Financial Reporting Standards ("IFRS"). Certain
financial measures in this press release are not prescribed by
IFRS. These non-IFRS financial measures are included because
management uses the information to analyze operating performance.
These non-IFRS financial measures do not have any standardized
meaning and are therefore unlikely to be comparable to similar
measures presented by other companies. Except as otherwise
indicated, these non-IFRS measures are calculated and disclosed on
a consistent basis from period to period.
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.
SOURCE Prodigy Ventures Inc.