Canada NewsWire
OTTAWA, ON, Feb. 15, 2022
Microsoft DEM is the leading recurring revenue stream as Vantage DX momentum grows.
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./
OTTAWA, ON, Feb. 15, 2022 /CNW/ - Martello Technologies Group Inc., ("Martello" or the "Company") (TSXV: MTLO), a leading developer of enterprise digital experience monitoring ("DEM") solutions for thousands of customers around the world, today released financial results for the three months ended December 31, 2021. Martello software provides businesses with actionable insights on the performance and user experience of cloud services such as video conferencing and unified communications (UC), with a focus on Microsoft 365 and Microsoft Teams.
"Momentum continues to grow for our Vantage DX product, with more than half a million users trialing or having purchased the product, over half of which represent new potential customers for Martello which gives us confidence that Vantage DX meets market needs and is differentiated competitively", said John Proctor, President and CEO of Martello. "We are also working with Microsoft to identify the partners in their ecosystem best positioned to bring Vantage DX to enterprises, in order to optimize their Microsoft Teams user experience, lowering their total cost of ownership and improving productivity. Though Martello's performance over the last year has been challenging amidst longer sales cycles related to COVID-19 and efforts on the new product offering, this significant increase in commercial activity since the launch of Vantage DX is very encouraging."
Q3 FY22 Financial Highlights
Martello Technologies Group Inc. | |||||||||
Unaudited | |||||||||
(in Canadian dollars) | |||||||||
Financial Highlights | December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||
(in 000's) | |||||||||
(Three months ended) | (Nine months ended) | ||||||||
Sales | $ | 4,455 | 4,633 | 13,269 | 12,355 | ||||
Cost of Goods Sold | 433 | 309 | 1,209 | 716 | |||||
Gross Margin | 4,021 | 4,324 | 12,059 | 11,639 | |||||
Gross Margin | % | 90.3% | 93.3% | 90.9% | 94.2% | ||||
Operating Expenses | 5,526 | 5,449 | 16,357 | 14,436 | |||||
Loss from operations | (1,505) | (1,125) | (4,298) | (2,797) | |||||
Other income/(expense) | (742) | (240) | (1,877) | (1,244) | |||||
Loss from continuing operations before income tax | (2,247) | (1,365) | (6,175) | (4,041) | |||||
Income tax recovery | 75 | (94) | 116 | (113) | |||||
Net loss from continuing operations | (2,173) | (1,459) | (6,059) | (4,154) | |||||
Loss from discontinued operations, net of tax | - | - | - | (320) | |||||
Net loss | (2,173) | (1,459) | (6,059) | (4,474) | |||||
Total Comprehensive loss | $ | (2,794) | (985) | (6,735) | (3,181) | ||||
EBITDA (1) | $ | (1,069) | (223) | (2,796) | (1,093) | ||||
Adjusted EBITDA(1) | $ | (777) | (262) | (2,030) | 241 | ||||
(1) Non-IFRS measure. See "Non-IFRS Financial Measures". |
Q3 FY22 Business and Segment Highlights
Conference Call Details
Martello will host a conference call with John Proctor, President & CEO and Kim Butler, Interim CFO at 8:00 AM Eastern Time on Wednesday, February 16, 2022 to discuss the Q3 FY22 financial results.
Canada/USA Toll Free: 1-800-319-4610
International Toll: +1-604-638-5340
Callers should dial in 5 – 10 min prior to the scheduled start time and ask to join the Martello call. An audio recording of the call will be available on February 16, 2022 at https://martellotech.investorroom.com/quarterly-results.
The financial statements, notes and Management Discussion and Analysis ("MD&A") are available under the Company's profile on SEDAR at www.sedar.com, and on Martello's website at www.martellotech.com. The financial statements include the wholly-owned subsidiaries of Martello. All amounts are reported in Canadian dollars.
Three institutional investment firms provide research coverage of Martello. The Company does not endorse the research of third-party institutions.
Upcoming Activities
The next issue of Martello's quarterly Investor Newsletter will be sent to subscribers in March 2022. To join the mailing list, complete the Subscribe form on Martello's website.
This press release does not constitute an offer of the securities of the Company for sale in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, (the "1933 Act") as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under the 1933 Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Martello Technologies Group
Martello Technologies Group Inc. (TSXV: MTLO) is a technology company that provides digital experience monitoring (DEM) solutions. The company's products provide monitoring and analytics on the performance and user experience of critical cloud business applications, while giving IT teams and service providers control and visibility of their entire IT infrastructure. Martello's software products include Vantage DX, which provides Microsoft 365 and Microsoft Teams end user experience monitoring and analytics. Martello is a public company headquartered in Ottawa, Canada with employees in Europe, North America and the Asia Pacific region. Learn more at http://www.martellotech.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods and " includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including reducing the time that prospects spend in trials to accelerate bookings and the conversion of Vantage DX trials into paid subscriptions.
Forward-looking information is neither a statement of historical fact nor assurance of future performance. Instead, forward-looking information is based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking information relates to the future, such statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking information. Therefore, you should not rely on any of the forward-looking information. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking information include, among others, the following:
Any forward-looking information provided by the Company in this news release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
SOURCE Martello Technologies Group Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2022/15/c4448.html