Prodigy Ventures Inc. Reports Q1 2022 Results

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Prodigy Ventures Inc. Reports Q1 2022 Results

Canada NewsWire

TORONTO, May 20, 2022 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced its financial results for the three months ended March 31, 2022.

"Prodigy is seeing increased demand for its technology services, despite ongoing tight conditions in the talent market," said Tom Beckerman, Prodigy's Chairman and CEO.  "The Company's pipeline for its tunlTM open banking and IDVerifactTM digital identity platforms also continues to grow, adding opportunities for additional high margin recurring revenue."

First Quarter 2022 Financial Results

  • Revenue for the three months ended March 31, 2022 totalled $3,377,315 as compared to $3,328,987 for the three months ended March 31, 2021, an increase of 1%.
  • Gross profit for the three months ended March 31, 2022 of $1,161,024 as compared to $906,119 for the three months ended March 31, 2021, an increase of 28%.
  • Operating expenses for the three months ended March 31, 2022 of $1,428,580 as compared to $873,827 for the three months ended March 31, 2021, an increase of 63%.
  • Net loss for the three months ended March 31, 2022 totalled $303,167 as compared to net income of $19,092 for the three months ended March 31, 2021.
  • Adjusted EBITDA for the three months ended March 31, 2022 totalled $5,622 as compared to $118,391 for the three months ended March 31, 2021.
  • The Company had working capital of $2,894,547 as of March 31, 2022 compared to $3,143,145 as of December 31, 2021.


Three months ended
March 31




2022

$

2021

$






Revenue



3,377,315

3,328,987

Gross Profit



1,161,024

906,119

Expenses



1,428,580

873,827

Net and comprehensive income (loss) for the period



(303,167)

19,092

Net income (loss) per share – basic and diluted



(0.00)

0.00

Adjusted EBITDA(1)



5,622

118,391






     (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 three months ended March 31, 2022 under the
              heading "Non-IFRS Financial Measures".


The complete unaudited 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 three months ended March 31, 2022, 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.

Cision View original content: http://www.newswire.ca/en/releases/archive/May2022/20/c9825.html

Copyright CNW Group 2022

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