Perk Labs announced its first quarter 2023 financial results, noting its efforts to streamline its operations and pursue strategic growth during the period.
The company’s new CEO Ryan Hardy, who took on the role on March 2, 2023, said the company had made significant progress in these areas and its efforts would be reflected in much more positive results in the next quarter.
“We believe that by focusing on signing new enterprise clients and leveraging the synergies of both Perk and Getit, the company is well positioned to achieve much greater success in the upcoming quarter,” Hardy said in a statement.
“By prioritizing enterprise sales and strategic partnerships, we are confident our efforts will result in improved results and generate significant value for our stakeholders."
In the first quarter, the company narrowed its net loss year-over-year from $406,000 to $152,000.
Perk also decreased its general and administrative expenses from $277,000 in the same quarter in 2021 to $199,000, and its research and development expenses from $203,000 to $105,000 in 1Q 2022. Its sales and marketing expenses were down from $106,000 in the year-ago quarter to $43,000.
Revenue was $2,708 compared to $8,982 in 1Q 2022.
Looking ahead, Perk said its strategic priorities for 2023 included the successful merging of the operations of Perk Hero Software Inc and Getit, securing enterprise customers, continuous improvement of its products and services, growing its licensing and transactional revenue, and investing in sales, marketing, and communication strategies to drive growth.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie