TraceSafe Inc. (CSE:TSF) has announced that it will recognize US$1.3 million in revenue for Q1, 8.7 times higher than the company's first revenue-generating quarter in Q2 2020.
The company noted that its first-quarter 2021 financial highlights will also include upcoming booked sales of $2.4 million to be recognized over the next few months, with booked sales and Q1 revenue now exceeding 2020 full-year revenue.
It also noted immediate additional revenue visibility of $2.1 million-plus, and said current trends are expected to continue into Q2 and throughout 2021 with sales pipeline deals.
The company said it anticipates that its Q1 financials will be filed on SEDAR before May 31, 2021.
READ: Tracesafe announces record 2020 sales numbers of US$3.6 million
The company also noted first-quarter 2021 business highlights including:
- Two-year wearable technology agreement reached with Fred. Olsen Cruise Lines;
- Five-year technology agreement with top tier cruise line customer;
- TraceSafe was chosen by a Fortune 500 firm and global Tier 1 semiconductor manufacturer for wearable safety tech solution across global footprint of 60,000 workers;
- TraceSafe was named a preferred partner of Tritan Software, the cruise industry's number one provider of Health Information and Incident Management software platforms;
- TraceSafe launched a wearable-based time and attendance pilot program for the $2.1 billion USD market;
- TraceSafe was recognized by Singapore Deputy Prime Minister and Finance Minister Heng Swee Keat during the presentation of Singapore's national budget for the financial year April 2021 to March 2022;
- Product developments that led to the TraceSafe platform's ability to process over 15 million contacts per day.
TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low-power Bluetooth beacons and enterprise cloud management. The company's leading cloud management solution ensures both user privacy and comprehensive administrative control.
TraceSafe's patented contact tracing bracelet has already been deployed in mission-critical quarantine applications around the world in partnership with leading governments. In addition to their government work, TraceSafe is developing leading-edge solutions for Enterprise, Healthcare, Education, Government, and large-scale venue management.
Contact the author at jon.hopkins@proactiveinvestors.com