Perk Labs Inc said during fiscal 2022 it diversified its revenue sources to establish a long-term pathway to profitability as it expands and grows.
In a statement accompanying its fiscal year 2022 results, the company noted that, despite being in the early stages of revenue generation, it made great strides toward increasing its gross margins from about 5% to about 30%.
“The improvement in gross margins was achieved by introducing new high-margin revenue streams and signing new customers to its subscription-based model for three core product offerings: digital dine-in, online ordering, and custom-branded loyalty app,” the company said.
READ: Perk Labs names Andrew Bailes as interim CFO as it prepares for merger with Getit Technologies
“Overall, the success of these efforts demonstrates the company's ability to innovate and achieve sustainable growth in the long term as it continues to commercialize its technology.”
The company highlighted its investments in research and development and significant improvements to its platform during 2022, with new product offerings and features including Point-Of-Sale (POS) integrations; Order Now, Pay Later; a reservation system; and a standalone downloadable merchant application that serves as a “mini-POS”.
For fiscal 2022, ended November 30, 2022, the company reported revenue of $31,587, up from $28,947 in the 2021 fiscal year.
For the year, the company posted a net loss of $3,374,287, up from $1,487,312, which Perk Labs attributed to the decline and sale of the publicly-listed shares the company held in Hero Innovation Group (CSE:HRO) Inc.
2023 outlook
Looking ahead to 2023, the company noted it was working towards a successful merger with Getit Technologies Inc to expand its revenue-generating capabilities and accelerate customer acquisition.
The company also said it plans to pursue a merger and acquisition strategy to gain further market share while improving its products by introducing new technologies such as recent breakthroughs in artificial intelligence to provide more personalized and targeted solutions to customers and end-users.
“With these initiatives in place, the company is well-positioned to build on the progress it made in 2022 and continue to grow and expand,” Perk Labs said.
Perk Labs is the owner of Perk Hero, the mobile commerce platform on a mission to empower business owners with the digital tools to provide their customers with dining experiences that are more engaging, convenient and rewarding.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie