Logiq said it continues to target accretive mergers and acquisitions that would allow it to scale up to its goal of more than $100 million in annual revenue in 2023 and deliver increasing shareholder value.
This comes as the company reported full-year revenue for 2022 of $20.3 million.
This was a 12% decrease year-over-year, which the company attributed to lower digital advertising spend industry-wide and only nine months of contribution from its Battle Bridge acquisition that closed at the end of March 2022.
Its net loss was $24.9 million, or a loss per share of $0.71.
Excluding $10.9 million in depreciation and amortization expense; stock-based compensation of $10.8 million; and $447,159 in bad debt expense, the company said its net loss totalled $2.7 million for the year, which cannot be compared to the previous financial year due to a change in accounting and expense allocation in 2022.
Its fourth quarter revenue, for the period ended December 31, 2022, of $8.4 million was a 22% increase year-over-year and a 121% jump sequentially.
Its net loss was $10.9 million, which also cannot be compared to the year-ago quarter due to the company’s change in accounting and expense allocation.
“Our strong sequential and year-over-year growth in the fourth quarter exceeded expectations, and demonstrated the momentum being generated from the synergies between the Battle Bridge acquisition and our existing DataLogiq digital consumer acquisition platform,” said Logiq CEO Brent Suen in a statement.
“Increasing the depth of our expertise and expanding the range of services has enabled us to better compete for more and larger market opportunities.”
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