Givex Corp (TSX:GIVX, OTCQX:GIVXF) posted its financial results for the three-month period and fiscal year ending December 31, showing both revenue growth and a narrowed quarterly loss.
Quarterly revenue increased 40% year-over-year to $21.3 million from $15.2 million, and adjusted EBITDA improved 25% to $3 million from $2.4 million.
For the full year, revenue grew 32% in 2022 to $72.9 million, and location count now exceeds 122,000, a 22% increase over 2021. Point of sale gross transactional value for the fiscal year increased by 74% to $1.38 billion.
"Our fourth quarter and fiscal year results confirm our continued growth in revenue and customer locations but, more importantly, it shows we were able to reduce our Q4 net loss before tax and net finance costs from $4.6 million in 2021 to $226,000 in 2022, even before adjusting for non-cash items," CEO Don Gray said in a statement.
"This is significant because without these large RSU and option amortizations happening in 2023, Givex is well-positioned to start generating positive net earnings as well as positive EBITDA."
Payroll costs are the key focus to improved EBITDA and positive net earnings, the company said. Givex believes that its ability to reduce employee compensation as a percentage of gross profit is an indicator of its success in managing costs and profitability.
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. Its platform is used by some of the world's largest brands across the globe, comprising approximately 118,000-plus active locations across more than 100 countries.
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