Givex Corp (TSX:GIVX, OTCQX:GIVXF) said it is heading into 2023 with impressive momentum after a strong performance in the nine months ending September 30, 2022, including a 29% increase in revenue compared to the corresponding period a year earlier.
The global fintech company said it saw an increase of 22,000 new merchant locations during the nine-month period while cashflows provided by operating activities reached $2.1 million.
"While we are a nearly 23-year-old company, we are not resting on our laurels – we are just getting started," said Don Gray, CEO of Givex in a statement.
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"We are satisfied with our results for the first nine months of 2022, and we will continue making strategic acquisitions that introduce new products and expand our footprint. We are also focused on expanding the depth of our relationships with existing clients and building new relationships with new clients," he added.
The company said it kicked off 2022 by broadening the base of US investors after starting to trade on OTCQX. Givex also made three acquisitions in 2022, namely Kalex Equipment Services in January, Loyalty Lane Inc in February, and Counter Solutions Holdings Limited in August, adding new products and services to its portfolio.
In 2022, the company achieved key wins in the regions it operates within. Among them, developing custom gift card programs for several notable fashion, retail, grocery, restaurant hotel brands with 3,000 new locations in Australia and New Zealand and launching a gift card marketplace inside Brazilian transportation app Cittamobi's digital wallet with leading Latin American online food delivery service iFood.
Other achievements include agreements with new multi-unit, full-service and fast-casual restaurant clients in Hong Kong for gift cards and Customer WebSuite to sell digital gift cards online; 15 new professional US sports teams utilizing various Givex products and launching GivexPOS in 21 Prime Pubs locations, expanding the relationship with longtime client Foodtastic.
"I expect the growth rate for the first nine months of the year will be reflected in our normally strong 4th quarter," added CEO Gray. "The Givex team has continued to thrive in a remote work environment, and as a result we have been able to start reducing the percentage of Gross Profit used for payroll. This percentage is a key marker for Givex to stay profitable and cash positive."
Givex provides merchants with customer engagement, point of sale and payment solutions, all in a single platform. It is integrated with 1,000-plus technology partners, creating a fully end-to-end solution that delivers powerful customer insights. The company's platform is used by some of the world's largest brands, comprising approximately 118,000 locations across more than 100 countries.
Contact the author at jon.hopkins@proactiveinvestors.com