Perk Labs Inc reported its second-quarter results after the bell Monday, its first report since Ryan Hardy took the reigns as CEO.
During the quarter, Perk Labs completed its purchase of Getit Technologies, which saw Hardy become CEO and Jonathan Hoyles transition to chief legal officer. The acquisition has pushed Perk Labs into large enterprise businesses and “dramatically increased its product portfolio and its revenues,” the company said in a statement.
"Over the period of Q2, my primary focus has been to streamline the Company's operations and develop a clear and concise strategy for growth. We continue to make significant progress in these areas, quarter over quarter," Hardy said.
"Our strategy and execution of signing new enterprise clients and leveraging the synergies of both Perk and Getit continue to show solid traction and growth for the company in a large enterprise market for custom digital payments and loyalty offerings."
In the six months ended May 31, Perk Labs posted revenue of $42,041, up from $15,003 in the same period of 2022. Net loss narrowed to $843,000 from more than $1.9 million.
General and administrative expenses decreased to $545,000 from $645,000, while research and development expenses fell to $250,000 from $406,000.
Looking ahead, Perk Labs plans to sign and launch a number of enterprise clients in the upcoming quarter and roll out integrations between the Getit and Perk platforms. The company said it remains open to expanding its operations through further M&A activity.
Perk Labs specializes in technology, logistics, and connecting communities. Its digital payments and loyalty software empowers merchants to optimize their business and customer journey.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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